Cash Converters is seeing a huge leap in loans made online

The Pawnbroker balls. Bethany Clarke/Getty Images

Online loans made by Cash Converters, the Australian pawnbroking franchise, increased 68.1% to $36.3 million in the half year to December.

A large part of the online growth has been driven by the launch of a new cash loans website platform which incorporates third party tools to expedite applications.

Overall revenue increased 20.5% for the half year to $187.74 million.

However, net profit was a negative $5.3 million, and down 153%, after cash converters paid out $30.8 million to buy out some agencies.

The company had a record breaking December. Personal loans totaled $23 million, up 25.5%, and cash advances of $24.2 million were up 7.7%.

Directors declared an interim dividend of two cents per share.

Cash Converter shares closed down 4.7% to $1.11.

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