Cash Converters has become the target of a senate inquiry regarding responsible lending practices with claims that the company may have breached responsible lending laws.
The company has defended these claims by stating it was a company which helped millions escape financial exclusion, stating the maximum a consumer could owe was $400, despite its website stating they offered loans of up to $5,000 Dollars.
The company has been the target of the Australian Securities and investments commission, whereby following an investigation was forced to refund 10.8 million dollars for breaching responsible lending laws and settling a case for 16.4 million dollars for a case alleging the company charged customers excessive interest.