Loan sharks slip through net in Queensland, still blackmailing desperate borrowers
Legal Aid Queensland has revealed that as well as securing short-term loans against cars and homes, payday lenders have staked claims over entire household possessions including beds, electronic equipment and kitchen items.
A document from LAQ also reveals loans as small as $800 have been secured over cars.
The short-term loan industry hit back yesterday, saying such securities were "rare".
Legal aid has provided a parliamentary inquiry with a table revealing how 18 lenders took security over small loans in the past four years.
The details, submitted by Queensland Senior Legal Aid solicitor Catherine Uhr, reveal how one loan for $1000 in 2009 was secured over two cars, while two loans in 2007 were secured over homes.
The industry is lobbying the Federal Government to water down proposed laws for short-term lenders which will introduce a national cap of 2 per cent interest per month on loans under $2000. The new legislation is designed to stop lenders taking out security against loans under $2000.
Financial Counselling Australia executive director Fiona Guthrie said securities over household goods were considered "blackmail securities".
"The lender knows that the price of these goods if sold would be next to nothing - the leverage in having the ability to seize them is simply a form of blackmail," Ms Guthrie said.
A spokesman for Assistant Treasurer Bill Shorten said the issues around securities for small loans was "another example of why the industry needed to be reined in".
"This Government is determined to ensure consumers are protected from unscrupulous practices in the pay day lending industry," he said.
Cash Converters spokesman Glenn Donaldson said it was misleading to suggest taking securities over small loans was the norm for the industry.
"These one off examples aren't indicative of any of our stuff," Mr Donaldson said.
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CAP DOESN'T FIT: Cash Converters chief executive Peter Cumins says the new draft laws amount to a prohibition on small loans. Source: Supplied LOBBYING efforts by payday lenders opposed to new Federal Government regulation of the industry are gaining
Cash Store is the latest entry as a public company in the payday loan space and they have many more advantages by having their business located in Canada rather than the US The US has provided numerous regulatory challenges for payday loan stores.
The new legislation is designed to stop lenders taking out security against loans under $2000. Financial Counselling Australia executive director Fiona Guthrie said securities over household goods were considered "blackmail securities".
"We expect a 'good' number for underlying inflation on Wednesday would be 0.5 to 0.6 percent in the September quarter," Katie Dean from Australia and New Zealand Banking Group said. Page 3 Mike Quigley, head of NBN Co, the Government entity tasked with
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