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Sep 28, 2017 - 34 minute read

How does payday loan relief work

Refunds on 118,000 small credit contracts Cash Converters to refund 10. 8 million in fees ASIC says Cash Converters violated responsible lending obligations. The refunds relate to 118,000 small amount credit contracts, or loans. ASIC had raised concerns that the company had failed to make reasonable inquiries into consumers' income and expenses and the loans they issued were "unsuitable".

Cash Converters has paid a total of 1. 35 million for 30 infringement notices from ASIC. It has also agreed to refund eligible consumers 10. 8 million in fees through a remediation program overseen by an independent expert who will report to ASIC.

How does payday loan relief work

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How does payday loan relief work

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