Another finance company shuts up shop

The repayment included all principal and interest owing.

Managing director Scott Masters says his company has been watching developing events since finance companies started collapsing and the global financial crisis began.

"We're not sure what the market's going to do," Masters says. "We're just going to sit on the sidelines."

Savings & Loans, which specialises in providing residential mortgage second mortgages, will remain operational and intends to continue to comply with all the relevant regulations so it has the ability to raise funds from the public in future "just in case there's an opportunity in the market over the next couple of years. The market will change, as we all know," he says.