New Zealand non-profit supports penalty against lender charging exorbitant interest rates.

Ngā Tāngata Microfinance, a New Zealand non-profit, supports the Commerce Commission's $200,000 penalty against a lender charging 182.5% interest on loans. The group emphasizes the importance of the Credit Contracts and Consumer Finance Act in protecting borrowers from unfair practices. They provide interest-free loans to those in financial hardship and advocate for stricter lending regulations to prevent predatory lending.

November 23, 2024
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