"Department of fair trading was aware of this practice". Not...

"Department of fair trading was aware of this practice". Not sure if you could say they condoned it. ASIC took the Cash Store ( in liquidation ) to court and they where fined 10 odd million dollars . ASIC had little hope of receiving payment. I think it sent a clear message. The small loan sector is having a GFC. A fair bit of turmoil. 60 million of funding to be withdrawn from CCv. Not overnight but I assume existing loans will be run off. CCv in a bit of a bind at the moment as funders unlikely to fund while a class action is overhead. One option is to just wind the the loan books back and wait till the action is resolved. Maybe suspend the dividends as well. I much prefer Mny but would be pretty confident CCv will come out the other side. Supply is being squeezed but demand is growing. 5 million with a credit default and tech savy people who earn good incomes who could not be bothered going into a bank and negotiating with those people. A friends daughter works at nimble and she says people earning $10000 a month use nimble multiple times a year. Banks have moved up the food chain. This sector is legit and growing. I wonder how many of the private short term loan providers will be affected by Westpacs withdrawal.