Markets

Cash Converters is paying $16.4 million to settle a class action

Cash Converters allegedly charged more than 600% in interest a year on a cash advance. The company today settled one class action with payment of $16.4 million. A second class action is going to court. Payday lender Cash Converters has settled one of two class actions relating to lending in […]
Cash Converters is paying $16.4 million to settle a class action
News

Payday lender Cash Converters just took a $12 million pounding from ASIC

Payday lender Cash Converters will pay a $1.35 million penalty and refund $10.8 million to consumers involved in around 118,000 small loans following an investigation by the corporate watchdog, the Australian Securities and Investment Commission (ASIC). ASIC investigated lending online by Cash Converters and concluded it had concerns about “systemic […]
Payday lender Cash Converters just took a $12 million pounding from ASIC
Markets

Pawnbroker Cash Converters is closing Carboodle and cutting back in the UK

Cash Converters is returning to its roots, reducing its operations in the UK and closing its vehicle leasing arm Carboodle as it refocuses the pawnbroking business. The company announced a significantly improved half-year profit of $15.9 million, up from a $5.3 million loss the year before. Overall revenue was up […]
Pawnbroker Cash Converters is closing Carboodle and cutting back in the UK