"ASIC is seeking to protect financially vulnerable consumers, many of whom are recipients of welfare payments, from falling victim to unsuitable payday loans," he said. "Payday lending is a high priority area for ASIC, and we will continue to pursue lenders who do not follow their responsible lending obligations. " The independent expert will also review Cash Converters' business operations. Consumers who had two or more small amount loans in the 90 days before taking out another small amount loan through Cash Converters' website during the period 1 July 2013 to 1 June 2016 will be contacted with information about their refund.

People are advised to lodge a complaint with the Credit and Investment Cash advance fund if they believe they entered a loan contract with Cash Converters either in-store on online that was unsuitable.

Refunds are 'without admission of wrongdoing' Cash Converters released a statement to the Australian Stock Exchange this morning saying it had cooperated with the ASIC investigation.

"The company has offered, and ASIC has accepted, an Enforceable Undertaking (EU) in cash advance fund to the matters investigated," it said.

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