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Cash Converters' $42m payout over loans charging 175pc interest

Business

Cash Converters will pay out $42 million to customers following a class action relating to its personal loans, following the approval of settlement by the Federal Court.

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The settlement affects about 68,000 people in Queensland who borrowed cash from the company between 2009 and 2013.

Lawyers Maurice Blackburn said the interest rates on the loans exceeded 175 per cent, but as part of the settlement, Cash Converters did not accept liability.

The loans ranged between $600 and $2000.

Maurice Blackburn said more than half of those who borrowed money had annual incomes of between $12,000 and $34,000.

The funds will be dispersed to claimants this year in two tranches with the first to occur in May.

 

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