Appliance rental company Make It Mine has been hit with $1.25 million in penalties for breaching consumer credit laws, including its responsible lending obligations.
The Federal Court handed down the penalty last week following a decision in April that found the business had failed to disclose important information to customers.
Make It Mine supplies computers and household whitegoods to people on instalment plan contracts.
The court found Make It Mine failed to inform customers of the cash price of the goods they were purchasing via instalments, as well as the total amount of interest to be paid for contracts entered into between 2010 and 2013.
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Broede Carmody is a former senior SmartCompany reporter. Before this, he was a co-editor of RMIT University’s student magazine Catalyst.
