Cash Converters advises that in response to ongoing regulatory developments in Australia and in conjunction with a continued commitment to deliver better outcomes for customers through lower-cost lending solutions, the Company will cease offering Small Amount Credit Contract (SACC) loans as of 30 September 2025.
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CEO and Managing Director Sam Budiselik commented: "Exiting this product line is a continuation of our stated strategy to simplify our product range, delivering lending solutions focused on providing our customers lower cost, flexible lending options as a regulated and responsible lender. We believe that exiting the SACC market will enable us to continue improving the credit quality of our loan books, as evidenced by lower loss rates, that have been made possible with advances in our proprietary machine learning powered credit risk models. As the composition of our earnings continues to evolve, we remain focused on executing our growth strategy - growing new loan books and acquiring franchise stores in the key corporate markets of Australia and the UK."
For more information, read the full CCV Small Amount Credit Contract Exit announcement.
Media contact: media@cashconverters.com
