It plans to expand its store network in Australia while retreating from Britain, and invest more in the fast-growing online lending market. The change in strategy comes after a drop of more than 50 per cent in its share price in 2015, amid a government review of the laws in the payday lending sector.
Cash Converters plans to expand its store network in Australia. Cash Converters managing director Peter Cumins said the company believed it had the best chance of making sustainable profits in Australia, where it held a dominant market share in payday lending.
"Our new strategy is to build on our clear brand and network strengths in Australia where we are the industry leader," he said. "If our personal loans up to 35000 is to be fully accepted by government and community as an integral part of the financial services sector, we need to ensure we continually deliver high-quality products and services while maintaining the highest compliance standards.
" He said recent government data showed the short-term lending market in Australia was growing and the "range of consumers accessing these products is broadening". Cash Converters managing director Peter Cumins remains focused on the network strengths in Australia.
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Cash Converters to refund millions to pay day loan customers. Cash Converters has paid a total of 1. 35 million for 30 infringement notices. ABC News: Giulio Saggin, file photo. Payday lender Cash Converters will refund consumers millions of dollars and pay an infringement notice after an investigation by the Australian Securities and Investments Commission (ASIC). Key Points. Refunds on 118,000 small credit contracts Cash Converters to refund 10.