Payday lender Cash Converters has refinanced its business, entering a loan securitisation facility with Fortress Investment Group.The Fortress facility will run for five years, with an initial three-year term and the option of a two-year extension. It allows for a drawdown of A$100 million, compared with $70 million under Cash Converters' current facility.The company said in a statement yesterday that the terms of the new facility were less restrictive than its current arrangement. There are no restrictions on the company paying dividends and there are no EBITDA or gearing ratio covenants.Cash Converters is winding up its banking relationship with Westpac, which announced in August last year that it would stop lending to payday lenders.Cash Converters made a loss of $21.5 million in 2014/15. The company settled a class action claim in New South Wales during the year, paying a $20 million settlement and $3 million in legal costs. It is the subject of a similar claim in Queensland, brought by borrowers who claim they were overcharged.The company did not say what margin it was paying Fortress, which has a reputation as an opportunistic financier.