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IMAGINE being trapped in a loan that a judge said had a legal interest rate of 120 per cent a year. A loan with “numerous” and “substantial” default fees and “enforcement costs” that multipled until a sheriff was ordered to seize the property that was security for the loan, and change the locks. Or a commercial loanthat started at $500,000 in August 2015 and metastasized to $7.3 million in a little more than two years. The runaway loan was initially listed by aHunter-based financier as having an interest rate of 24 per cent. Soon after a default rate of 48 per cent applied, with interest payments compound…
Read the full article at: https://www.theherald.com.au/story/5999330/revealed-newcastle-loan-sharks-120-per-cent-interest-rate/
