ASIC concerns see Good to Go Loans Pty Ltd stop offering loan product
Australia
- 10/12/2017
- Warning
- Australian Securities and Investments Commission
Detail
ASIC's investigation identified that the loan product, called OACC2, was provided to consumers on terms which fell outside the definition of a small amount credit contract. However, on the same day consumers entered into an OACC2 loan, almost all of the OACC2 agreements were modified to repay the loan at higher regular repayment amounts over a shorter period of time, which may have exposed consumers to a higher risk of default.
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