Personal Loans

• Ian Rogers

Financial Services Minister, Stephen Jones, yesterday introduced legislation into parliament that will see buy now pay later providers brought under the Credit Act. After a period of angst, the BNPL s.. read more

• John Kavanagh

The Australian Finance Industry Association reported that its members provided close to A$2.5 billion of electric vehicle finance in 2023. read more

• Ian Rogers

Plenti and NAB have entered into a strategic partnership in which Plenti will provide ‘NAB powered by Plenti’ and its own-branded finance solutions to NAB’s personal banking customer base. read more

• John Kavanagh

Beforepay chief executive James Twiss says the pay advance company had a “transformational” year in 2022/23 and is now at the point of producing “sustainable profitability”. read more

• John Kavanagh

Small business and consumer finance companies are struggling to maintain growth in the face of higher funding costs, rising arrears and weaker demand. read more

• John Kavanagh

Credit losses in the personal loan market are finally moving back to historical levels, with lender Plenti Group reporting a doubling of realised impairment losses in its latest financial results. read more

• George Lekakis

Doing it tough, Latitude will make life and credit costs tougher for its customers.  read more

• John Kavanagh

Weeks after announcing that it will get out of the market for small amount credit contracts, Cash Converters has made a push for growth in a new direction, with an investment in its United Kingdom sto.. read more

• John Kavanagh

The new consumer credit law covering small amount credit contracts and consumer leases is having an impact months before it takes effect, with Cash Converters announcing that it will exit the SACC mar.. read more

• John Kavanagh

ASIC has placed a stop order on a credit-for-rent loan because the lender has not done enough to ensure it would not be used by financially vulnerable consumers. read more

• George Lekakis

The ASX-listed scrip of digital personal lender MoneyMe Limited continues to trade near record lows after the company announced it was renegotiating its funding arrangements and exploring options for.. read more

• John Kavanagh

A leading financial counselling service says buy now pay later debt has become pervasive among its clients and more people are cutting back on essentials to service BNPL debt. read more

• George Lekakis

Cash Converters warns that reforms being advanced by the Albanese Government will make payday loans up to 70 per cent more expensive to borrowers. read more

• Banking Day staff

Automotive finance specialist Money3 has secured a NZ$250 million warehouse facility for its New Zealand business, Go Car Finance. read more

• John Kavanagh

ASIC has issued a product intervention order imposing conditions on the sale of short term and continuing credit contracts, prohibiting fees in excess of cost caps in the National Credit Code. read more

• John Kavanagh

Westpac has introduced personalised rates for unsecured personal loans, offering borrowers a rate based on their credit score and the loan details. read more

• John Kavanagh

ASIC is appealing last month’s Federal Court judgment which dismissed an application by the regulator alleging breaches of consumer credit provisions by Cigno Pty Ltd and BHF Solutions. read more

• John Kavanagh

Consumer lender Plenti Group has forecast that it will be profitable in the current financial year, if it maintains its current lending growth and margin. read more

• George Lekakis

Despite expressing doubts last year about re-entering the financial services industry, former ME Bank chief executive and first class cricketer Jamie McPhee has returned to the sector with bat and bal.. read more

• John Kavanagh

Almost a year after announcing plans for the product, Rent.com.au has finally put funding arrangements in place to support the launch of RentPay, a rental payment management and funding package. read more