Money3 Penalised $1.55 Million for Responsible Lending Failures

Federal Court's Decision Highlights Importance of Compliance in Car Finance

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The Federal Court has imposed a $1.55 million penalty on Money3 Loans Pty Ltd for breaching responsible lending obligations in providing car finance to vulnerable consumers.

This ruling underscores the critical importance of adhering to responsible lending practices, especially when dealing with financially susceptible individuals.

Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!

Between May 2019 and February 2021, Money3 failed to make reasonable inquiries into borrowers' living expenses, despite having access to their bank statement data. In one case, the company also neglected to adequately assess the borrower's requirements and objectives. Such oversights can lead to consumers being burdened with loans they cannot afford, exacerbating financial distress.

ASIC Chair Joe Longo emphasised the significance of this penalty, stating that it reflects the seriousness of Money3's misconduct. He highlighted the challenges but necessity of pursuing responsible lending cases to protect consumers from potential harm.

Consumers should be vigilant and informed when entering into loan agreements. Understanding your rights and the obligations of lenders is crucial. If you encounter lending practices that seem questionable, consider seeking advice from financial counsellors or reporting concerns to regulatory bodies like ASIC.

Published:Monday, 4th May 2026
Author: Paige Estritori

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Finance News

Money3 Penalised $1.55 Million for Responsible Lending Failures

04 May 2026: Paige Estritori

The Federal Court has imposed a $1.55 million penalty on Money3 Loans Pty Ltd for breaching responsible lending obligations in providing car finance to vulnerable consumers. This ruling underscores the critical importance of adhering to responsible lending practices, especially when dealing with financially susceptible individuals. Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check! - read more

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