Cash Converters facing fresh class action
CASH Converters has exceeded the legal limit for interest rates and charges to the tune of tens of thousands of dollars, a fresh class action alleges.
AUSTRALIA’S largest payday lender Cash Converters has exceeded the legal limit for interest rates and charges to the tune of tens of thousands of dollars, a fresh class action alleges.
The lender allegedly charged customers interest rates of up to 160 per cent in addition to brokerage fees, despite the legal limit in Queensland being set at 48 per cent per annum for consumer credit contracts.
“The practice was deliberate and systematic,” Maurice Blackburn special counsel Miranda Nagy said. “It resulted in vulnerable people incurring massive additional fees and interest, in contravention of the very laws that were designed to bring down the cost of credit.”
The company has requested a trading halt for its shares on the Australian Stock Exchange due to reports of the class action being served.
The shares dropped one cent to 70 cents before the halt was introduced.
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