Pawnbroking franchise, Cash Converters posted an improved financial performance over the September quarter.

According to its latest trading update, company revenue rose 26.2 percent to $97.2 million over the period, which is believed to be a reflection of the rise in demand for personal loans.

The company’s loan book in Australia expanded by 23.4 per cent to $105 million in the quarter, and online personal loans doubled to $13.1 million, reports The West Australian.

Customers can apply for both small cash advances and unsecured loans at Cash Converters.

When compared to the first quarter last year, Cash Converters’ revenue across its Australian and UK store network rose by 15.4 percent to $45.9 million. 

The business is confident in its performance over the next quarter, given the Christmas period tends to be its busiest time of year. 

Managing director, Peter Cumins said earnings before interest; taxes, depreciation and amortization were up 61 percent.

“In addition, we are considering opportunities across the Cash Converters network for further acquisitions,” he said.

Bad debt levels increased to 7.2 percent – an increase from the 6.6 percent recorded in the previous quarter, which Cumins said was within the historical range for the business.

Image: The West Australian