“Bikies” making payday loans
December 21, 2008 | industry, international, regulation | Comments (0)In Australia, the restrictions on the payday lending industry have driven the business underground. According to this article, outlaw motorcyle gangs have stepped into the void:
Pawnbrokers Industry Federation former president David Poole, who owns Ashgrove Cash Exchange in north-west Brisbane, said the State Government’s 48 per cent interest rate cap on consumer credit loans had put more than 200 loan centres out of business in the past six months.
As a result, the industry had been driven into the hands of bikies.
Prohibition of services that consumers want has never worked and will never work.
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