Wednesday, 3 June 2015

"Pay day loans" loan sharks - ASIC concerns, senate economics

For all my family dysfunction there are things that remain with me to this day that my father was right on. One of those things was "loan sharks" and to never ever get a loan off one of them. Loan sharks are the quickest way to bring yourself undone.

Pay day loans are IMO the latest breed of loan sharks, and the latest breed to never ever get involved in. Unfortunately the newer generations don't seem to realise this. Here we have senate economics going into the problems involved in pay day loans. They target the most vulnerable and uninformed people.

I note "Nimble" has been in trouble with ASIC. David at one point ages ago wanted to get a loan off them, but I convinced him not to. We never found out the actual interest rate they were charging for the prospective loan, but it must have been extremely exorbitant given the payments they wanted in return in the timetable they requested.