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Payment day lenders punished for excessive consumer prices

The ASIC remains focused on the payday credit industry, with Fair Go Finance Pty Ltd (Fair Go Finance) being the youngest borrower to be reviewed by MBS. At the centre of the study was Fair Go Finance's Flexi Loan offering. The ASIC found two ways in which this particular item violated Schedule 1 of the National Consumer Credit Protection Act 2009 (National Credit Code).

First, the customer was obliged to pay back the debt over a much longer term than the three-year term specified in the agreements. Failure to comply with the earlier reimbursement periods also led to a cancellation charge being levied on them. Secondly, ASIC found that Fair Go Finance invoiced start-up costs in excess of the amount to be paid.

According to Section 31(1A) of the National Code on Credits, the charges may not be more than 20% of the adapted amount of the advance in proportion to the small amount agreement. The ASIC also stated that there were a number of cases where the overall amount reimbursed by the consumer during the life of the loans also surpassed the limit permitted by the National Law on credits.

However, in the opinion of Hasic, the Flexi Loan was established in such a way as to circumvent consumer protection. fair go finance has disbursed $34,000 to antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency antitrust agency. Meanwhile, it will reimburse approximately $34,500 to approximately 550 individuals for the interest and charges they have charged above and beyond the amount allowed under the National Credit Law.

Meanwhile, Go Finance has retracted its Flexi Loan and is taking measures to reimburse the consumer and make sure that employees are fully conscious of their responsibility under the National Credit Code. ASIC has taken measures in recent years to deal with prevention schemes where creditors attempt to circumvent safeguards under the National Credit Code.

The other credit providers examined for the use of abatement schemes are: Near Access Finance, Cash Store and Near Ease loans.

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