The short-term lender Money3 says its business is sustainable under the Australian Government's new payday lending rules.
The company has a network of 34 branches, where borrowers can get loans from A$50 to $100 for one month, or loans from $500 to $3000 for three to 12 months.
It was this sort of lending operation that the Government had in mind when it included a cap on payday lending charges in the latest round of amendments to the National Consumer Credit Protection Act.
The cap, which takes effect next February, limits the upfront fee on a finance contract of up...
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