I actually think that ASIC has been fairly easy on them. I am...

I actually think that ASIC has been fairly easy on them. I am deeply aware of the obligations of a Credit Licensee and they are onerous, to say the least. There is no more seat of the pants lending as I expect you would have known Spider5, and I knew very well myself. There is a highly prescribed method of assessing loan affordability based on vast amounts of data which needs to be gathered and conformed with. I reckon Money3 avoided these measures in the timeframe given and now they are having to wear the consequences. If I am not mistaken, Money3 (which is definitely at the pointy end of personal lending) was bought by Solver? as a going concern. If so, IMO, Solver is being put on notice by ASIC to clean its house up. There are other examples where ASIC goes beserk and removes credit licences, but in this case I think they are giving Solver the opportunity to preserve its reputation as well as providing a better service to customers on the fringe.Having said all of that, the unpleasant part of the Responsible Lending Guidleines is that not only are the banks and larger organisations not willing to go there because it is not economical, or desirable to operate in that space, but the truly vulnerable have nowhere to go but to the sharks, pawnbrokers and illegal operators, of which there are many and growing. Hence the wild popularity of BNPL.