Radio Rentals: Your Cash Loan Solution?

Radio Rentals, an appliance and electronics loan company, has been offering cash loans to its customers since 2008. The company offers loans ranging from $1,000 to $3,000 with competitive interest rates, targeting customers who need urgent finances for medical or insurance needs. This decision to offer cash loans was inspired by the company's strong relationship with its customers, who would often request account history printouts to leverage cash borrowing from other dealers. While Radio Rentals has faced some criticism and legal challenges, the service provides a financial option for those who may not qualify for traditional loans.

Radio Rentals' cash loans range from $1,000 to $3,000

Radio Rentals, an appliance and electronics loan company, has announced that it will offer cash loans to customers ranging from $1,000 to $3,000. The company plans to trial this new business decision in Tasmania, with the possibility of expanding across Australia. This decision was inspired by the company's strong relationship with its customers, as stated by Radio Rentals' managing director, John Hughes.

Hughes explained that customers often rented products for a few years and then purchased them, but the relationship ended there. Now, Radio Rentals aims to provide a complete package by offering cash loans to its loyal customers. The interest rates for these loans will be competitive, pitched below statutory capped rates and those of competitors.

The cash loans from Radio Rentals will be short-term, with repayment periods ranging from 12 to 36 months. These loans are targeted at customers who need urgent finances for medical or insurance needs. By utilising its current infrastructure and systems, Radio Rentals believes it has a competitive advantage in offering these loans.

While Radio Rentals is not launching a new marketing campaign, it is offering this opportunity to customers with whom they have an established relationship. This decision to offer cash loans is a significant development for the company, providing an additional service to its customers beyond appliance and electronics loans.

Loans are to be paid back over 12 to 36 months

Radio Rentals, an appliance and electronics loan company, has offered cash loans to its customers ranging from $1,000 to $3,000. These loans are to be paid back over a period of 12 to 36 months. The company has stated that its interest rates will be competitive, with annualised interest costs pitched below statutory capped rates and those of competitors.

The decision to offer cash loans was inspired by the company's strong relationship with its customers. Over the years, Radio Rentals has built a loyal customer base that rents products for a couple of years and then purchases them. However, the relationship often ended there, and customers would go elsewhere to borrow cash. Now, Radio Rentals aims to provide its customers with a complete package by offering cash loans in addition to its product rental and purchase options.

The cash loans are targeted at customers who need urgent finances for medical or insurance needs. The loans are intended to help those with poor credit ratings who may struggle to obtain loans from other sources. By offering these loans, Radio Rentals aims to retain its customers and provide them with a convenient solution to their financial needs.

It is important to note that Radio Rentals has faced some criticism and legal issues in the past regarding its rental and loan practices. There have been concerns about the company's treatment of vulnerable customers and the potential for excessive charges. Therefore, while the cash loans offered by Radio Rentals may provide a financial solution for some, it is essential for customers to carefully review the terms and conditions and be aware of their rights and responsibilities when taking out any loan.

Radio Rentals' interest rates are competitive

Radio Rentals, an appliance and electronics loan company, has announced that it will begin trialling cash loans to customers. The company will offer loans ranging from $1,000 to $3,000, with payback periods ranging from 12 to 36 months. Radio Rentals' interest rates are competitive, with annualised interest costs pitched below statutory capped rates and those of competitors.

The company's managing director, John Hughes, stated that their interest rates would be "annualised interest costs [pitched] below statutory capped rates and that of competitors." This move by Radio Rentals is aimed at retaining customers and offering them a complete package.

Radio Rentals' decision to offer cash loans is based on their strong relationships with customers, who often rent products for a couple of years and then purchase them. By providing cash loans, the company can meet the financial needs of its customers and prevent them from borrowing money from other dealers.

The trial for these cash loans commenced in Tasmania, with the potential to expand throughout Australia. Radio Rentals' ability to utilise its current infrastructure and systems provides it with a competitive advantage in the market.

Radio Rentals' cash loans are for customers with poor credit ratings

Radio Rentals, an appliance and electronics loan company, has announced its decision to offer cash loans to its customers. The company's managing director, John Hughes, stated that the decision was inspired by the company's strong relationship with its customers. Radio Rentals offers its customers the option to rent products for a few years and then purchase them. However, previously, customers would often use their account history as leverage to borrow cash from other dealers.

Recognizing this, Radio Rentals decided to start offering cash loans to customers with poor credit ratings. The loans, ranging from $1,000 to $3,000, would be offered on a trial basis, initially in Tasmania, with plans to expand across Australia. Customers would have to pay back the loan over 12 to 36 months, and Radio Rentals Australia (RR Australia) has stated that its interest rates will be competitive.

The short-term loans are designed for customers who need urgent finances for medical or insurance needs. This move by Radio Rentals provides a solution for customers with poor credit ratings who may struggle to obtain loans from traditional financial institutions. By utilizing its current infrastructure and systems, Radio Rentals gains a competitive advantage in the market.

It is important to note that Radio Rentals has faced regulatory action from ASIC in the past for issues related to its appliance rental contracts and responsible lending obligations. As a result, Radio Rentals has made efforts to improve its practices and provide better outcomes for its customers.

Radio Rentals' customers inspired its decision to offer cash loans

Radio Rentals, an appliance and electronics loan company, has decided to offer cash loans to its customers. The company's customers inspired this decision. Over the years, Radio Rentals has built strong relationships with its customers, who often rent products for a few years and then purchase them. However, the relationship tended to end there, and customers would request their account history to leverage loans from other dealers.

Radio Rentals aims to retain these customers by offering them the "complete package". The company's managing director, John Hughes, stated that they are not launching a new marketing campaign but instead offering this opportunity to their existing customers. He also emphasised that the annualised interest costs would be pitched below statutory capped rates and those of competitors.

The cash loans will range from $1,000 to $3,000, with repayment terms between 12 and 36 months. Radio Rentals will initially offer these loans to customers in Tasmania on a trial basis, with plans to expand throughout Australia. The short-term loans target customers with urgent financial needs for medical or insurance purposes.

This decision to offer cash loans comes amidst Radio Rentals' significant revenue growth, driven primarily by demand for flat-panel TVs and PCs. The company has seen an increase in its 36-month "Rent Try Buy" contracts, now accounting for 36% of total installation rental income. By providing cash loans, Radio Rentals aims to cater to the needs of its customers who may be facing financial challenges and require additional support.

Frequently asked questions