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Australian payday lender Money3 discontinues ‘fixed fee’ loan product following regulator’s concerns

( July 1, 2015, 08:40 GMT | Official Statement) -- MLex Summary: Australia’s second-largest listed payday lender, Money3, has discontinued its two-payment ‘fixed fee’ loan arrangement and will refund consumers more than A$100,000 ($77,000), following concerns raised by the Australian Securities and Investments Commission that the loan product was in breach of the national responsible lending obligations. The 16-month ‘fixed fee’ loan arrangement required a nominal amount for the first repayment, while a much larger second repayment, usually accounting for 90-percent of the total amount repaid, was due 15 months later. ASIC alleged the product was likely unsuitable for most of the financially vulnerable customers who obtained them.The regulator's full statement follows:...

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