ASIC warns of South African loan offering

The Australian Securities and Investments Commission has released a warning about a South African-based loan operator.

Mike Morgan Loans, operating through the website www.mmloans.com falsely claims that Mike Morgan Loans is a licensed credit provider and that a licensed Australian company is trading as Mike Morgan Loans.

Mike Morgan Loans is not the registered business name of any Australian company or Australian credit licence holder, according to ASIC.

Unsolicited emails have been sent from Mike Morgan Loans to consumers offering loans ranging from $10,000 to $20 million with a low interest rate of 3%.

ASIC Commissioner Greg Tanzer says consumers need to be cautious when approached with unsolicited offers of financial products.

“I would also urge consumers seeking loans or other credit products to avoid dealing with people or companies who are not licensed by ASIC,” Tanzer says.

“Australian credit licensees are subjected to stringent requirements under the national consumer credit legislation which are designed to protect consumers.

“This way you can be confident you are dealing with a legitimate credit service provider and avoid potentially significant financial losses.”

Property Observer can reveal Mike Morgan Loans stole the website design of a prominent Perth company.