Pawnbrokers in Newcastle
How Mobile Money Australia Started
The Managing Director of our company back in 1990 had a serious motor accident. Suffering broken vertebrae, he was hospitalised for several months and when released was not fit for his normal employment and would not be for some time. Being the normal married person with 2 children and a house mortgage he had used all his savings while incapacitated and approached his lender to see what his options were. He was told that unfortunately unless he paid his mortgage payments, his family home would be sold by the lender. At the time the family had approximately $90,000 mobile assets ie, motor cycle, boat and 2 cars but after approaching several lenders he was told the same scenario. If your income cannot service the loan it does not matter how many assets you have – legally you cannot borrow the money. He was forced to sell his family home and his assets and start again.
In 1994 after resuming employment he thought there must be many people with assets who were unable to borrow money through banks and finance companies as he had experienced that problem himself. After extensive research of the pawn broking laws even though in the past they were mainly for small items there was no legal reason to stop pawnbroking to be used on goods such as cars, boats, motorcycles, trucks, caravans, machinery or any large mobile item.
Mobile Money Australia was Established in 1994