Some people have asked our opinion of Mango Credit based in North Sydney.
From the onset, it seems like huge interest rates because you’re getting short term loans.
It’s worth researching companies like Mango Credit especially as there are so few customer reviews online. Have they closed shop or disappeared? Perhaps.
Let’s talk about the issues surrounding the payday lending market.
Mango Credit
These guys have a website that seems like it was built in 1997. We’re surprised that Google still allows websites like this to still be online in public.
Mind you, this mortgage broker might be getting all their business from referrals and word of mouth. Strange, as the internet has opened up so many opportunities.
Even yourself…you’ve found us online. But anyway, what you want to know is: are they worth it?
It seems like the ABC has recognized that Mango Credit has crazy high interest rates from their recent publication. Or rather, huge penalty interest rates if you default.
These guys aren’t so much into the payday stuff which is good. They work by doing bridging loans. How is that different?
Well let’s say you want to buy a new house before you sell your old one. They will organize a loan between them. Others use these services if they have moved from overseas.
Their main game is caveat loans. That means there needs to be some security, either in property or by the way of a business. Property is better for them.
It can be hazardous
Because they advertise 2 key metrics that has us concerned, it can be hazardous for borrowers. These are:
- You’ll get approved within 2 hours
- No need for financial or credit check
That is crazy! Don’t’ be shocked at the interest rates that you’ll be offered.
You will, however, need to hand over real estate. It’s the best security there is.
The loans are also short at often less than 12 months. During that time you’ll need to pay the interest. If you do miss a single repayment then you will be hit with some harsh penalties.
Some people are plain-out rejected for loans with these guys too. You really need to have a strong financial base of assets, such as a house paid off.
How we can help
If you’re being chased by debt collectors, then you don’t need to do this alone.
Instead, get us to talk to them for you. The Debt Free Community strives to help thousands of Australians each and every month.
We know that debt collection agencies can be rude, nasty and aggressive. That heat can wear you down, and not only that, but often you’re getting a pretty bad deal.
Instead, we might be able to negotiate for you. Getting in touch with us can help ease these burdens and help you sleep better at night.
After all, the last thing you want is debt collectors coming to your door. Yes – they can here in Australia and it’s something they love to do. Often they catch people by surprise by coming on weekends.
In summary
Mango Credit has so little information online. You don’t know who their directors are, their company story or much about the interest rates on offer.
Compare this to the bulk of Australian lenders who are more transparent. That is – they are actually using the internet to market themselves properly.
It gives a lot more trust with the consumer who then will write about their experience in the form of a review. That said, there are some instances where using someone like Mango Credit can be helpful.
Likewise – you should get in touch with us today.
