Payday Lending

• John Kavanagh

Pay advance company Beforepay is looking to expand, announcing the launch a B2B business that will provide its lending technology and risk models to third parties. read more

• John Kavanagh

Beforepay chief executive James Twiss says the pay advance company had a “transformational” year in 2022/23 and is now at the point of producing “sustainable profitability”. read more

• John Kavanagh

Consumers are using buy now pay later services more frequently and spending larger amounts, as they fall back on unregulated credit to make ends meet. read more

• John Kavanagh

Weeks after announcing that it will get out of the market for small amount credit contracts, Cash Converters has made a push for growth in a new direction, with an investment in its United Kingdom sto.. read more

• John Kavanagh

Pay advance company WagePay has switched on the mandate payment service PayTo for customer payments, making it one of the first to offer the NPP add-on service to consumers. read more

• John Kavanagh

The new consumer credit law covering small amount credit contracts and consumer leases is having an impact months before it takes effect, with Cash Converters announcing that it will exit the SACC mar.. read more

• John Kavanagh

Pay advance provider Beforepay has turned to partnerships as a new avenue for business growth, adding a deal with Western Union to the pilot it launched with tax accountancy H&R Block last year. read more

• John Kavanagh

The protected earnings amount that will apply to all consumers taking out small amount credit contracts and consumer leases under new credit law has been set at 10 per cent of net income. read more

• John Kavanagh

ASIC has placed a stop order on a credit-for-rent loan because the lender has not done enough to ensure it would not be used by financially vulnerable consumers. read more

• George Lekakis

Cash Converters warns that reforms being advanced by the Albanese Government will make payday loans up to 70 per cent more expensive to borrowers. read more

• Banking Day staff

Heritage Bank has moved to improve its data security, appointing Mikhail Lopushanski as its chief information security officer. read more

• John Kavanagh

ASIC has issued a product intervention order imposing conditions on the sale of short term and continuing credit contracts, prohibiting fees in excess of cost caps in the National Credit Code. read more

• John Kavanagh

A payday lender that charged “amendment fees” for deferring repayments has been taken to court by ASIC, which alleges that it charged a prohibited fee. read more

• Ian Rogers

Amping up its lending and getting its act together on collections, Beforepay is crawling along its “pathway to profitability”.  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

In a setback for ASIC, the Federal Court has dismissed an application by the conduct regulator alleging breaches of consumer credit provisions by Cigno Pty Ltd and BHF Solutions. 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

• John Kavanagh

Almost a year after announcing plans for the product, Rent.com.au has finally put funding arrangements in place to support the launch of RentPay, a rental payment management and funding package. read more

• John Kavanagh

Finance company Earlypay (formerly CML Group) has disclosed an exposure to the failed supply chain finance company Greensill Capital, saying it is in the process of refinancing the affected contracts. read more

• George Lekakis

Afterpay’s share price could come under further pressure in the next week amid mounting industry speculation that global payments giant PayPal is preparing to launch a buy now pay later business in Au.. read more