I just made an enquiry with a company who do short term loans. I discovered that on a $1000 loan they charge 8% interest per month. If you work that out per annum, that's a whopping 96% pa!

I've emailed them a complaint warning that I plan to take this to ASIC and/or ACCC.

How can they get away with charging the equivilant of 96%pa interest?

I don't want to give the company name unless a moderator approves me doing so, but I'm sure that if I am allowed to give the name that it wont surprise anyone.