Payday Lenders to Offer Elective and Cosmetic Surgery Loans

Payday Lenders to Offer Elective and Cosmetic Surgery Loans

Medical experts warn a push by payday lenders into loans for elective and cosmetic surgery could lead to a rise in risky procedures and put people’s health at risk.

Lenders are looking for new revenue streams following a crackdown into the sector by the corporate regulator.

MoneyMe, which was set up two years ago and offers small credit and cash advance loans, said it was expanding into large personal loans and “health finance” loans, both aimed at young people.

The loans come with an interest rate of up to 35 and 25 per cent respectively and the latter would be offered to patients as they leave a doctor’s or dentist’s office.

MoneyMe chief executive Clayton Howes said young people were the company’s target demographic.

“The millennial consumer is becoming more and more fond of spending their money on lifestyle choices, and that extends further than $5000 for a holiday,” he said.. Read More>>

Source: The Sydney Morning Herald

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