The Australian Securities & Investments Commission (ASIC) has commenced Federal Court proceedings against Venture 5 Group Pty Ltd, trading as CashnGo Australia, alleging unconscionable debt recovery practices, the use of unfair contract terms, and failures to provide compliant direct debit default notices to 67,545 consumers. ASIC alleges that between 20 April 2022 and 7 May 2025 CashnGo had 227,148 small amount credit contracts on foot and used an online application process that either obtained consumers’ internet banking login details or required connection to a third-party provider, enabling hourly monitoring of bank balances and, following a default, debiting accounts as soon as funds became available. About 20% of the contracts reportedly experienced an unscheduled debit after a missed payment, affecting 34,833 consumers and leaving them with less than AUD 5 in their bank account; during the period, CashnGo earned total revenue of AUD 77 million.
Australian Securities & Investments Commission 2025-06-30
Australian Securities & Investments Commission sues CashnGo over alleged unconscionable debt recovery practices
ASIC has initiated Federal Court proceedings against Venture 5 Group Pty Ltd, trading as CashnGo Australia, for alleged unconscionable debt recovery practices, unfair contract terms, and non-compliant direct debit notices affecting 67,545 consumers. From April 2022 to May 2025, CashnGo managed 227,148 small credit contracts, impacting 34,833 consumers with unscheduled debits, while reportedly earning 77 million AUD in revenue.