24 Mar 2010

Cash Converters settles over fees

10:14 pm on 24 March 2010

The Commerce Commission has reached a settlement with Cash Converters over the fees it charged for its Pay Day loan.

An investigation by the commission found certain costs within the set up fees the company charged for the loans were unreasonable under the Credit Contracts and Consumer Finance Act.

Cash Converters accepts it breached the act and has agreed to make donations totalling $60,000 to five community-based budget advisory services.