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More than 1 million Australians are estimated to take out a payday or short-term credit contract loan each year. In 2012, the market was between 800 million and 1 billion. Cash Converters said it had signed a new facility to replace its bank funding, with Fortress Investment Group.

A government review into the sector was due to make its recommendations this month. Cash Converters reported a 15. 9 million profit for the first half of the financial year; up from a 5. 3 million loss in December 2014.

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