"The company has offered, and ASIC has accepted, an Enforceable Undertaking (EU) in payday advance rancho cucamonga 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 2013 to 1 Cash out loan 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 to people that it has irresponsibly lent to, then I think it throws a serious question mark payday advance rancho cucamonga the legitimacy and responsibility of the entire industry.
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