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I have in the past.
I have made money, lost money and even sued a client - which lead to me becoming a lawyer!
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.
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.
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