Topic: Cash Plus Money Loan - Biting the sharks - Melbourne Herald Sun
One example from the Consumer Credit Law Centre showed that a person with brain damage that "was readily apparent to the ordinary observer" borrowed $750 from Amazing Loans and was charged $855. Yet Amazing Loans is just one of a long list of fringe financiers and money grubbers who have set up shop in the years since the Keating government deregulated the financial services sector. This isn’t to say that the concept of wrapping "wealth education" around flogging property has stopped - just listen to daytime radio and you’ll hear any number of ads encouraging punters to go to "retirement seminars". When the banks shut down the small personal loan and informed the borrower they would have to take a 'credit card' loan, as that was all they now offered in that 'minor' loan area, it was the death knell for the lower wage earner. So yes, the shark loan company will continue to make good returns as this vunerable group has the numbers - hundreds and thousands of Australian wage earners with NOWHERE else to go. Find Out More
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