The A.M.P. Society.
« We are informed that the directors of the Australian Mutual Provi* dent Society have again considered the question of the rate of interest charged to members who borrow onthe security of their policies, and it has been decided to still further liberalise the conditions under which such loans can be obtained. For' many years it wag the practice of the society to charge a uniform rate of 7 per cent, on all policy loans, whether
the amount required was £»5 or £5000. Recently, however, an alteration was made, under which borrowers of an amount of £200 or over for n, fixed term of not less than two years, should be charged only G per cent., provided they did not borrow more than 75 per cent, of the surrender value of he policy, instead of 90 per cent., if required, in all cases, and to charge the reduced rate of fi per cent, to all borrowers of not les3 than £100 who take the money for a fixed term of at least one year, interest beiug charged quarterly. This regulation will come into force on the next quarter day, viz., Ist July.
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Manawatu Herald, 11 May 1895, Page 2
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194The A.M.P. Society. Manawatu Herald, 11 May 1895, Page 2
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