![]() Here are the details of the examples I worked through. ![]() But considering an unsecured personal loan from an Aussie bank is sitting about 13% how do these companies justify a 57% risk loading?Īnd if you are looking at using one of these companies or similar I would strongly encourage you to look for alternatives including the program called NILS – No Interest Loan Schemes:- Click here for the NILS Website Now I understand that people who take these type of loans often have a poor credit reference rating and are therefore the loan must carry a risk loading. ![]() For the record the highest interest rate legal under Australian law is 90%. Whenever is a 70% interest rate justifiable? Why does the Australian Government allow the operation of Loan Sharks within it’s borders. This simply is preying on the poor and vulnerable. Loan Ranger charges the equivalent of an annual percentage rate of 56%.Wallet Wizard charges the equivalent of an annual percentage rate of 69%%.Cash Converters charges the equivalent of an annual percentage rate of 68% but is possibly as high as 76.8% – its a little ambiguous.I have worked through an example of borrowing $1000 from each company and let me summarise the results before giving the details. To read my blog dedicated just to Nimble Click Here Nimble also fits into the blood sucking category. Do everything in your power to not take out a loan with these companies. These companies are financial bloodsuckers that prey on your desperation. We will seek to finalize as son as possible within 14 days of receipt but no longer than 30 days.Ĭontact the financial authority (AFCA) who provide an external dispute resolution service free of charge.Maybe if you are reading this you are considering taking out a “payday” loan with Wallet Wizard, Cash Converters or the Loan Arranger. Offered redress without accepting the complaint.Accepted the compliant and if appropriate offered redress.We will seek to finalize a solution, provided all the required information has been received to make a decision within 48 hours.Ī complaint will be considered substantive if we have We will respond promptly within 24 hours. At this point written confirmation of the details surrounding the complaint may be requested to assist with a full investigation. Your complaint would be dealt with immediately by that person or escalated to the Director of the Company. You can lodge a complaint directly to the Lending Manager by letter, telephone, in person or email. Website: Mail: GPO Box 3, Melbourne VIC 3001Įmail: to do if you have a dispute or complaint: The Loan Arranger is a member of an external dispute resolution scheme, the Australian Financial Complaints Authority (AFCA) which can be engaged if you are unsatisfied with the resolution provided by us.ĪFCA provide a fair and independent financial services complaint resolution free to consumers. We will contact you within 24 hours of receiving your complaint to acknowledge receipt and endeavour to take reasonable steps to resolve as soon as possible via our dispute resolution procedures. If you would like to contact us to provide feedback please contact our Director via one of the following methods:Įmail Level 1, 185 Wakefield Street, Adelaide SA 5000. Whether this be by way of compliment when we have done something to exceed your expectations, or a complaint when we have not met your expectations. We appreciate your feedback to help continually improve our products and services. We invest time and resources to build lasting relationships and work to the highest standard to ensure we provide the best service. The Loan Arranger strives to provide exceptional service to all our valued customers and hope we met or exceeded your expectations.
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