Money Converters settles with Commerce Commission over payday advances

Money Converters settles with Commerce Commission over payday advances

The Commerce Commission has already reached a settlement with Cash Converters and its particular associated businesses in brand brand New Zealand.

The Commerce Commission has already reached a settlement with Cash Converters and its particular companies that are associated brand brand New Zealand. Within the settlement the businesses accept they breached the Credit Contracts and customer Finance Act (CCCF Act) pertaining to cash advance agreements, referred to as Next Pay loans.

A Commission investigation identified that the addition of certain expenses inside the put up fees for Cash Converters’ Next Pay loans can be unreasonable underneath the CCCF Act. Continue reading “Money Converters settles with Commerce Commission over payday advances”

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