Dear Predatory Lenders,
This is an open letter to your industry. If yo are currently a non-banking lending institution that offers capital, cash loans or anything of the sort with an effective interest rate greater than 20%: This letter is for you.
For the uninitiated- there are money lenders and financing institutions out there that are only one step above back-ally cats with baseball bats. They charge interest rates and fees that combined blow out to 30%-50%. When questioned about early repayments they chose words very carefully and refer you back to your poorly worded contracts that aren’t just forged with the convoluted hubris of a first-year law student being tricky and sneaky after marathon watching Boston legal on crack.
They don’t have clear branding and lend through holding entities that trade under an ABN registered to an ACN. Whilst this is not illegal or immoral for people choosing anonymity but it makes tracing the lending parent company incredibly difficult.