Loan discharge delays have ‘anti-competitive flavour’: Judo
Judo Bank co-founder and co-CEO Joseph Healy has lashed the banks for delaying the release of business loans, saying customers are being forced to wait up to two months to refinance with another lender in an attempt to discourage them from shopping around.
Mr Healy said Judo has been tracking delays in the refinancing process, which blew out from the standard 30 days to as many as 60 days late last year. This is creating angst for businesses and has cost Judo as much as $100 million in new business, he said.
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