Finance companies say they shouldn’t have to be ‘fit and proper’ even though in some cases they charge more than the planned clampdown on high cost lending. A group of finance companies that charges well over the government’s proposed cap on loan repayment costs is distancing itself from lenders who “cause the most harm to … Read more
In the same week as Steve Brooks placed an unorthodox election ad for National his fringe lending business has called for looser restrictions on its activities. The businessman behind a bizarre unauthorised ad for the National Party runs a payday lending operation that has opposed government efforts to limit the amount vulnerable borrowers must pay. … Read more
British regulators have placed caps on interest rates and the total amount fringe lenders can charge, so why isn’t New Zealand making similar moves? Having to take out a loan to pay for food, bills, petrol and rent is the reality for many New Zealand families. With around one in seven Kiwis living in poverty … Read more