anyone in here have experience in this industry?
short term means lending under $2000 principal for 16 days to 12 months to borrower.
examples include cash converter, nimble, etc…
please share your thoughts and experience….much thank you :)Jacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
No the definition of short term finance is not a loan below $2000. It can be any amount, and the duration can be as short or as long as desired, depending on what the lender is prepared to offer.
If you explain the reason for your question it might make it easier for folks to respond.
just want to know if anyone in here has experience in this industry, this is the finance section of the forum?
okay, so what I should said is the NCCP regulated loans, or small amount loans?
please refer to ASIC website for more info ….
https://www.moneysmart.gov.au/borrowing-and-credit/small-amount-loansKinnon BellParticipant@kinnonJoin Date: 2014Post Count: 151
Only from the other side.
When I worked in lending for one of the banks I would often see people with these kinds of loans. They’d get stuck in a trap with them – not even living week to week but living one week in advance. Something would happen, they’d borrow the money with circa 30-40% interest rates and use their money to repay the loan but then leave themselves short and having to borrow money again digging themselves deeper each time.
They’d then go to the bank to get out of the hole they’re stuck in, but unfortunately more often than not, the bank was unable to assist for various reasons.
I’ve come to detest lenders and loans like these. They don’t do anyone any favours.Jacqui MiddletonParticipant@jacmJoin Date: 2009Post Count: 2,539
the NCCP regulations on this industry is really tough now, decreasing the number of lenders in the industry. I think the industry is lot tougher now due to the bad ones in the industry.
my question is to know more about this industry as i’m thinking of selling my other business to also start in this industry. since it’s also regulated by ASIC, I can’t be in too many different industries as I just can’t duplicate myself to be on top of the regulations.