Amazing interest rates on short-term loans
The tolerance of a certain class of customer in the consumer loan segment, and the related tolerance of a class of investors to fund them is reflected in the details of a new line of credit made available to short-term financier Amazing Loans. Amazing Loans said that they obtained a line of credit of $5 million from Ron Medich Properties Pty Ltd. Amazing Loans will borrow these funds from this investor at an interest rate of 14.5 per cent. Amazing Loans in turn lends out the money at an effective interest rate of 42 per cent to customers of its network of six loan shops scattered around western Sydney. The company provides loans of between $750 and $4,000, with approval and funding promised within 30 minutes.