Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2018
ASIC debt-collection settlement
Cash Converters settled ASIC concerns about debt-collection practices during the period from 2013 to March 2016. It paid A$650,000 to the National Debt Helpline and outsourced collection work to Collections House Limited.
2016
ASIC findings on loan affordability assessments
ASIC found that the company had not made reasonable inquiries into the income and expenses of some customers applying for small amount loans. The outcome included A$10.8 million in consumer repayments, a A$1.35 million penalty and an enforceable undertaking to improve compliance and assessment systems.
2015
Short-term-loan class-action settlement
Two Australian class actions alleged that Cash Converters had charged excessive interest on short-term loans issued in New South Wales between July 2010 and June 2013. More than 37,000 customers were covered by an in-principle settlement reported at approximately A$23 million.