Other Short Term Lending

• John Kavanagh

A court has found that a short-term commercial loan with a compounding interest rate of more than 70 per cent a year was unconscionable - “utterly crushing” for the borrower and far in excess of what.. read more

• George Lekakis

Klarna’s struggling local arm has taken steps to end having to prepare and lodge audited financial accounts in Australia, after the disclosure of recent operating losses highlighted weaknesses in the.. read more

• John Kavanagh

Buy now pay later company Payright has launched its second capital raising in four months, after a “deteriorating arrears position” forced it to recalculate its working capital needs for the year ahea.. read more

• John Kavanagh

The message from finance company Thorn Group in half-year results released yesterday is that it has come through two years of “challenging times” and now it is back in business, although in considerab.. read more

• John Kavanagh

Laybuy’s underlying sales and active customers number are falling, as belt tightening measures aimed at stemming the buy now pay later company’s losses also cut into growth. read more

• John Kavanagh

The government has put forward stronger self-regulation of the buy now pay later industry as one option for improving outcomes for consumers using BNPL. read more

• John Kavanagh

Thorn Group shareholders have voted in favour of a share consolidation and a return of capital – the latest in a series of capital management initiatives the company has made this year as it rebuilds.. read more

• John Kavanagh

The buy now pay later industry needs to do more to support users of its services who get into financial difficulty and change its inflexible approach to negotiating repayment terms, a new report argue.. read more

• John Kavanagh

Financial Counselling Australia has called out what it says is “another alarming example of a fintech taking advantage of loopholes in credit laws” to offer a rental payment service with high fees. read more

• John Kavanagh

Despite a restructure and refinancing of its business in May, specialist medical lien funder LawFinance is not out of trouble yet. read more

• George Lekakis

Controversial payday lender Cash Converters has signalled a lower earnings this year despite reporting a significant recovery in business activity. read more

The Australian Communications and Media Authority has identified a number of problems with the enforcement of a ban on the provision of credit by online and telephone betting operators. read more

• John Kavanagh

A review of developments in the unsecured credit market for the UK Financial Conduct Authority has called for new credit products, including buy now pay later, “to be brought within the regulatory fra.. read more

• John Kavanagh

A bill amending the National Consumer Credit Protection Act, which was introduced in the House of Representatives this week, includes protections for consumers taking out small amount credit contacts.. read more

• Banking Day staff

In New Zealand, The Credit Contracts Amendment Bill has passed its final reading. read more

• Lynn Grieveson

Gerard Brody of the Consumer Action Law Centre travelled across the Tasman to join Kiwi consumer and debt advice organisations calling for the New Zealand Government to bring in an interest rate cap t.. read more

• Ian Rogers

More stringent regulation of short-term consumer credit is inevitable, though the likes of Zip Money and Afterpay will be encouraged to rely on a code of practice. read more

• Banking Day staff

A regulatory assessment reveals the New Zealand business ministry strongly opposed the introduction of a comprehensive creditor licensing regime, similar to that operating in Australia, on the grounds.. read more

• Banking Day staff

Cash Converters will cough up A$17 million - or three quarters of its 2018 net profit - to resolve one component of a class action being heard in the Federal Court of Australia. read more

• Banking Day staff

The Morrison Government has established a Drought Finance Taskforce to address financial stress on individual farms and rural communities. read more