For those on a low income, and perhaps seeking a low income loan, there is some more news available if you are looking to borrow money but are on a fixed income, a pension, or just depending on the government with centrelink benefits. Lender Cash converters has improved it’s income to date, which translates to those that they will be lending more cash out to customers who wish to obtain a small amount of cash to borrow.
Cash converters is predicting it is expecting to increase it’s lending, and is also saying that is plans to try to grow it’s online lending products.They are also saying that a rate cap(that is a ceiling on how high it can charge interest) and should make the loans more competitive.
For those who are looking to make improvements on their home, there will soon be an option to be able to borrow money to buy solar panels on your home. Sun Power, an american based lender, will be teaming up with the community first credit union, and offer borrowers to be able to buy solar panels for their home to generate their own electricity.
While this is not a new concept in the US, it is in Australia. So although the concept is relatively new, it will be pioneered by an experienced lender, so it should be the first of many solar lending options in Australia.
For the growing online lending market, Finnish lender credit24 has launched an online lending service in Australia, with the objective to offer an alternative to borrowing money from the banks. Credit24 is available throughout all states and territories in Australia, so this is another lender that is looking to obtain some market share in the online lending space. They have previously been successful in launching in other countries such as Estonia, Latvia and Lithuania.