Car loan borrowers to get compo

Car finance company Esanda will compensate more than 70 car loan borrowers. The Australian Securities and Investments Commission found that Get Approved Finance loan brokers secured car finance approvals for borrowers who did not meet Esanda's lending criteria.

Get Approved Finance loan brokers also added-on other products, such as insurance, without the borrowers' knowledge or consent. The total value of the loans was almost $1.4 million.

Source: Banking Day