ASIC takes Teleloans Pty Ltd and Finance & Loans Direct Pty Ltd to Federal Court

ASIC takes Teleloans Pty Ltd and Finance & Loans Direct Pty Ltd to Federal Court

THE country’s business watchdog is using legal action against two Gold Coast payday lenders, accusing them of avoiding accountable lending obligations when they charged customers charges since high as 160 percent associated with the initial loan.

The action that is legal be a test instance for the Australian Securities and Investment Commission (ASIC), which desires to draw a line when you look at the sand under short-term credit providers attempting to dodge customer security legislation. More