Property News · November 9, 2016

Cash Converters to refund $10m in unfair payday loans after Asic ruling


Australian Securities and Investments Commission says loan terms amounted to breaches of National Credit ActCash Converters will refund Australian consumers more than $10m in unfair payday lending after a major investigation by Australia’s corporate watchdog found it failed to meet responsible lending obligations.The lending group has also been forced to pay fines totalling $1.35m as part of 30 infringement notices issued by the Australian Securities and Investments Commission for failing to assess small loans as unsuitable. Continue reading…

Source : theguardian.com
Read more…Cash Converters to refund m in unfair payday loans after Asic ruling