This site is an archived version of Indymedia prior to 5th November 2012. The current site is at www.indymedia.org.nz.

Super Loans Hutt Ltd Preying on the Poor of the Hutt Valley

in

Like many other low income people struggling to make ends meet on the Benefit or in low paying jobs I recently had to visit a pawn broker to raise some money to pay overdue bills.

Like many other low income people struggling to make ends meet on the Benefit or in low paying jobs I recently had to visit a pawn broker to raise some money to pay overdue bills.

Super Loans Hutt Ltd (04 586-3735) (formally known as XtraCash) 3a Pretoria Street, Lower Hutt was the place I visited. Not that there is any shortage of Pawn Brokers and Legal Loan Sharks operating in the Hutt Valley.

Super Loans charge an astounding 416% per annum on any contract you take out with them, in their contract they state that “This is a short term loan only” however given that most of the people who visit Super Loans are in no position to negotiate a bank loan or a bank overdraft the chances are that they will lose their goods as they can never catch up on Super Loans interest rate of nearly 10% per week.
In many cases you can roll the loan over for another three months and find yourself paying back over 100% in interest.

Super Loans of course win either way, whether you manage to pay the money back or if you lose the goods.
For one loan off $120.00 the amount to be paid back at the end of the three month contract is $254.40.
This is over 52% in interest over three months.
If you can’t afford to get the goods back do not worry.
Super Loans will auction off your goods on Trade Me (Super Loans Hutt Ltd trade as xtracashhutt on Trade Me) and maybe you can bid on them.

Super Loans prey on the poor and the working poor in the Hutt Valley like so many other Loan Sharks taking advantage of people who struggle every week.
Bottom Feeders like Super Loans need to be closed down as they make their cash out of other peoples financial misery.

Comments

Re: Super Loans Hutt Ltd Preying of the Poor of the Hutt Valley

Opps the article title should read Preying on the poor not Preying of the poor.

Re: Super Loans Hutt Ltd Preying on the Poor of the Hutt Valley

Thanks for this article and your words of support for low income people. This is happening right accross the country with many of these places being based in poor areas as stated. I am reading about the proposed tax cuts being annonced by the Govt fight now and all i can see is even more misery for low income people, for those on benefits. We are not considered real people by many in the community and this shows in the policys of all the partys in govt. Don't vote, get active.

I would also like to say we should stop calling ourselves POOR. The problem is that many see us as being poor in brains and ideas as well. I think we should try to use low income or working class.

And lastly who are the adovates for beneficaries around Aotearoa? I dont see any and have not done since maybe the times when the Beneficary Action Collective were operating in Otautahi. Lets hope that there will be a new group soon that listens to us like they did and is as active as they were. We dont need church groups and community groups helping us. We need help to understand the systems so we can get everything we can out of them. We also need to get back on the streets and deal to the systems like the good old "Bastard of the Month award" that used to be given to people in the community who used to put down beneficaries. Was mostly WINZ officals in the old days and was fun. Still lots od "bastards" to deal with I beleive : )

Looking forward to all your kind abuse and maybe good ideas.

Bring back BAC

Re: Super Loans Hutt Ltd Preying on the Poor of the Hutt Valley

Hey there mr anonymous.
Mate I went into superloans a month ago and took out a $100 loan to pay for a warrant as I wasnt getting payed for another week. I went back in on my payday and payed back $108.00. I thought that was choice.I am in a low income job myself but I found as long as I was going to get it back next pay it was sweet. I have been back since and the service is always friendly (which is more then I can say for my local pak and save). The contract was clear as day and I knew what I was getting myself into. I guess at the end of the day we all have to take responsibility for our own actions.
PS To mr anonymous who wants to bring back BAC
GET A JOB!!!!!!!!!!!!!!!!!!!!!!!

Re: Super Loans Hutt Ltd Preying on the Poor of the Hutt Valley

These services are meant to be a short term loan as they state, a quick loan until next payday (generally the next week). Their interest rate of 8%pw is fairly reasonable as most loans would be under the $100 mark and only gathering interest for the one week. After all, this is a business, or are you one of those "no one should ever make a profit" people?

Re: Super Loans Hutt Ltd Preying on the Poor of the Hutt Valley

My veiws on this topic is you go into the pawn shop to pawn your goods knowing fully that there is a price to pay on top. If you don't really need the money go without its only up to the person pawning the goods ain't it super loans just doing what they do LEADING MONEY FOR YOUR GOODS-STORING YOUR GOODS IN A SAFE PLACE TILL YOU CAN GET THEM OUT AND MAKING MONEY ON TOP FOR THERE SERVICES BETTER THEN GETTING A BANK LOAN WHERE YOU HAVE TO SELL OUR SOUL TO PAY IT BACK

Re: Super Loans Hutt Ltd Preying on the Poor of the Hutt Valley

I have also dealt with Super Loans and in all honesty, it's fair enough, I knew the deal, and I think they made about $4 out of me, which would've barely covered the blokes time and paper. Where else can you borrow $50 these days? + I'm sure my mother said that by the time she'd paid off her house she had given the bank about $200,000 interest....... give Super Loans a break, they provide a fair service.