🌟 [ 15 ]   Loan sharks accused of predatory lending to desperate small business owners [ @ABC News (Australia) ]

A growing number of small business owners are falling prey to online predatory lenders offering them quick cash. Under pressure to to pay debts owed to the tax office and creditors, desperate business owners sign up to contracts they don t understand, with interest charges as high as 300 per cent. While loan sharks offer a quick fix for vulnerable businesses they are not subject to responsible lending laws. The Assistant Treasurer says despite evidence that many borrowers are falling into a debt trap the government has no plans to change the laws. #ABCBusiness Subscribe: [ 🔗 Click ‼️ ] ABC News provides around the clock coverage of news events as they break in Australia and abroad. It s news when you want it, from Australia s most trusted news organisation. For more from ABC News, click here: [ 🔗 Click ‼️ ] Watch more ABC News content ad-free on ABC iview: [ 🔗 Click ‼️ ] Go deeper on our ABC News In-depth channel: [ 🔗 Click ‼️ ] Like ABC News on Facebook: [ 🔗 Click ‼️ ] Follow ABC News on Instagram: [ 🔗 Click ‼️ ] Follow ABC News on X (Twitter): [ 🔗 Click ‼️ ] Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia

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