Interested in any experiences you've had.
Is anybody acting as a private lender?
- Thread starter Ace in the Hole
- Start date
Wow - how interesting Terry. Funny how sometimes we have to experience things to know that we are good at it enough to take further action.
thanks for sharing this.
Hi Terry,
Is it difficult to get a credit license, do you need certain qualifications?
BTW, what kind of deal was the loss?
Is it difficult to get a credit license, do you need certain qualifications?
BTW, what kind of deal was the loss?
I was lending well before the new laws in 2009 so no credit licence needed. I have one now and they are easy to get though.
The one deal that went bad eventuated when I stupidly let a client keep some money from the settlement of her property sale to use to pay down other loans. She was then unable to pay me back. It was only $16k but I sued her and she sold her car and paid me back most of the money before the hearing. There was a small loss of a few thousand.
I also had a money lending business in Thailand lending short term small amounts at around 4% per month. But this had never ending problems and I got into problems when a business partner died mid stream.
The one deal that went bad eventuated when I stupidly let a client keep some money from the settlement of her property sale to use to pay down other loans. She was then unable to pay me back. It was only $16k but I sued her and she sold her car and paid me back most of the money before the hearing. There was a small loss of a few thousand.
I also had a money lending business in Thailand lending short term small amounts at around 4% per month. But this had never ending problems and I got into problems when a business partner died mid stream.
I want to read your biography Terry!
Wow - a lazy ~48%/pa.
On UK tv almost every second add is for 'pay cheque' loans. Short term loans to get you through to the next pay day.
They are strikingly popular in the UK.
Cost of funds to the borrower is somewhere around 500-1500%/pa (or more).
I always thought this type of thing would go well in Australia.
Blacky
Being operating my own lending business since 1997.
As Terry mentioned prior to 2009 no Credit License was required for any form of lending however still in 2015 no License is required for non coded loans (or coded loans in certain circumstances).
We established National Short Term Loans Pty Ltd and Short Term Business Loans over 8 years and the volume of enquiry is ridiculous at the moment.
Our rates vary from 1.5-4.5% per month depending on the security and priority ranking.
Settled a loan this afternoon in 2 hours to enable the purchase settlement to proceed making the broker / borrower a few happy chappy.
We do both coded and non coded loans all from our own funds.
Cheers
As Terry mentioned prior to 2009 no Credit License was required for any form of lending however still in 2015 no License is required for non coded loans (or coded loans in certain circumstances).
We established National Short Term Loans Pty Ltd and Short Term Business Loans over 8 years and the volume of enquiry is ridiculous at the moment.
Our rates vary from 1.5-4.5% per month depending on the security and priority ranking.
Settled a loan this afternoon in 2 hours to enable the purchase settlement to proceed making the broker / borrower a few happy chappy.
We do both coded and non coded loans all from our own funds.
Cheers
Peer to peer lending is starting to ramp up in Australia.
http://www.brw.com.au/p/entrepreneurs/former_start_notables_turn_peer_2QFghmZ9lpYQGU9gvi1y9I
From memory, social lending platforms started to appear in the states around the time of the GFC.
Google the term "peer to peer lending Australia" and you will find a few local players.
http://www.brw.com.au/p/entrepreneurs/former_start_notables_turn_peer_2QFghmZ9lpYQGU9gvi1y9I
From memory, social lending platforms started to appear in the states around the time of the GFC.
Google the term "peer to peer lending Australia" and you will find a few local players.
