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Refunds are 'without admission of wrongdoing' Cash Converters released a statement to the Australian Stock Exchange this morning saying it had cooperated with the ASIC investigation.
"The company has offered, and ASIC has accepted, an Enforceable Undertaking (EU) in relation to the matters investigated," it said. "In accordance with the EU, the company will remediate certain customers who applied for and were granted small amount credit contracts via the Cash Converters website in the period 1 July african bank personal loan balance to 1 June 2016.
"The company has been given an extensive release by ASIC, and entry into the EU is without admission of wrongdoing. " Denise Boyd from the Consumer Action Law Centre told the ABC that ASIC's action is "very welcome" but there is "a deep rooted problem in the payday lending industry". "The industry seems to be unable or unwilling to lend responsibly," she said. "If the biggest player in the market has been found to have such a serious problem that now has to pay back millions of dollars personal loan interest rate with 600 credit score people that it has irresponsibly lent to, then I think it throws a serious question mark over the legitimacy and responsibility of the entire industry.
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