In 2000 my first tentative steps into the finance industry were with GE Money in their old branch network. At the time their average personal loan interest rate was 24% and their home loan rates started at 19%.
I was not comfortable with this from day one. Added to this the branch staff received a bonus if the average rate for all loans for each month was higher than a designated level – and if I cross sold Loan insurance and Life insurance I would get another bonus.
It did not sit well with me at all it did not appear to me to be responsible lending or be in the interest of the clients, rather the profit of the business was the main focus. I only lasted 8 months and thus became my journey as a Mortgage Broker