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MFAA warns brokers against 'predatory' lenders

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Australian Broker | 28 Aug 2013, 07:00 AM Agree 0
The MFAA has issued a verbal warning to commercial finance brokers, saying they've noticed an increase in shady lenders out to rip off clients
  • Old Joe | 28 Aug 2013, 10:02 AM Agree 0
    Phil its important that you get onto how these guys are communicating with brokers via spam email and the distribution of lists that are against the spam act.
  • ozboy | 28 Aug 2013, 10:20 AM Agree 0
    Perhaps the MFAA could offer some insights into how they present their offer and what to look for when dealing with these people. Unfortunately the comment "Basically, the modus operandi is to charge large up-front fees and then not deliver" doesn't narrow it down.
  • Country Broker | 28 Aug 2013, 11:16 AM Agree 0
    This has been going on for years and keeps coming up every so often , best basic approach, if it too good to be true and a hefty up front fee is being charged to get to that "too good to be true" loan , STAY AWAY !

    Clients can always go the ACCC about conduct which is plainly dishonest ( good Luck ) ! ASIC only have NCCP authority .
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