News
500% interest on festive loans
Monday 27th of December 2004
Consumers' Institute chief executive David Russell said many loan companies charged $20 a week for every $100 borrowed – or 486% a year.
These "Friday night loans" – so-called because of their last-minute nature – generally had to be repaid within a fortnight. Most of those taking out the loans would not be able to meet this timeframe and would incur significant extra charges, Russell...
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