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ASIC has raised concerns about a company trading as Mike Morgan Loans.
According to a statement from ASIC, Mike Morgan Loans, which uses the website, www.mmloans.com, appears to be based in South Africa.
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The site falsely states that Mike Morgan Loans is a licensed credit provider, when it is not; and that a licensed Australian company is trading as Mike Morgan Loans, when it is not.
Mike Morgan Loans is not the registered business name of any Australian company or Australian credit licence holder.
ASIC is also aware that 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 per cent.
ASIC commissioner Greg Tanzer said that 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,” he said.
“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.”
