Briefs: Money3 places 5.3m shares, AFG's loans fall

Short-term lender Money3 said yesterday that it had completed a placement of 5.3 million shares to raise a total of A$2 million. The company said the funds would be used for its branch expansion and the development of a new rental division. Clearly, the company has not been constrained by the Australian Government's plan to cap short-term lending rates.

Australian Finance Group said the number of loans processed across its broker network fell 22 per cent to A$2.2 billion in April from March. The average loan size fell $21,000 to $383,000.