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Credit Corp Group Responses to Anonymous Report

22 Jun 2018  |  12:01:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Response to Anonymous Report

Credit Corp Group responded to an anonymous report stating that the ASIC has defined a "payday loan" in its report R426 published in March 2015 as a Small Amount Credit Contract (SACC). None of the Company's loan products meet the definition of a SACC contained in the National Consumer Credit Protection Act 2009 (NCCP). The loan products are not SACCs because the Company has chosen to operate within the general interest rate cap applicable to all mainstream lending. The Company does not believe that rates above the general interest rate cap are sustainable and appropriate for any consumer. The Company's approval process features comprehensive inquiry and verification to ensure that repayments are affordable. The process meets and exceeds legal requirements.

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