ASIC slaps payday lender with ban
ASIC has banned another unlicensed credit provider. This should be a timely warning to all those looking to purchase a home with Vendor Finance; make sure you work with a fully licensed operator, otherwise you put yourself at risk. Always ask if they hold an Australian Credit Licence, if not …. be warned!
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By Adam Smith | 15/06/2012
ASIC has handed a five-year ban to an unlicensed payday lender, saying unlicensed lending poses a risk to the public.
Victorian payday lender Victor Manatakis has been banned by the regulator after an investigation uncovered that his business was conducting credit activities without an ACL. Manatakis’ business, Billpal, was the operator of payday lending business Cashpal. ASIC found that between August and October of 2011, Billpal issued credit contracts despite the fact it held no licence.
ASIC commissioner Peter Kell said the unlicensed lending could pose a risk to the public.
“People in the consumer credit industry need to be aware of the licensing requirements and the implications they will face if they fail to meet these requirements,” Kell said.
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The Vendor Finance Experts provide homes to folks on the Sunshine Coast and in Brisbane by providing Vendor Finance. the Vendor Finance Experts hold an Australian Credit Licence. The Vendor Finance Experts also Joint Venture with existing home owners and investors to sell their homes with Vendor Finance, this can turn a negatively geared property into positively geared property in safe metro locations providing safe secure long term cashflow. Contact The Vendor Finance Experts for a free no obligation consultation today.
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