By Patrick Hatch
A grown up industry baron’s expansion into high interest payday advances has alarmed welfare advocates, whom fear “predatory” lenders are getting to be entrenched in socially areas that are disadvantaged. Club Money payday loan has opened 17 outlets across Victoria since February in 2010, quickly rendering it among the state’s most prominent payday loan providers. Loans as much as $1500 that include a 20 percent “establishment fee” plus interest of 4 percent a month the most costs allowed under legislation that arrived into impact year that is last are compensated in money from Club X shops, a chain that deals in pornography and adult toys.
Club Money, registered as CBX payday loan, is completely owned by 62 year old Kenneth Hill, a millionaire stalwart of Melbourne’s adult industry.
Mr Hill has formerly faced costs on the circulation of unclassified pornography and held business interests into the so called “legal high” industry. Continue reading “A grown up industry baron’s expansion into high interest pay day loans has alarmed welfare advocates”