24 August 2012 7:00am

New payday lending rules that passed through Parliament last week will be positive for the sector, according to the short-term lender Cash Converters.

The general manager of Cash Converters Australia, Ian Day, provided some commentary on the new rules in the company's 2011/12 financial report, which was issued yesterday.

Day said: "The outcome from the legislative process is positive for Cash Converters, as a significant proportion of our earnings are generated from the provision of short-term credit and these rate caps give us a sustainable model that will see earnings...