Rich pickings for money firms
A Mangere lawyer says new laws designed to help protect people from unscrupulous money lenders do not go far enough.
Wednesday, April 20th 2005, 8:18AM
by The Landlord
Catriona MacLennan, from Nga Ture Kaitiaki Ki Waikato community law centre, says the front page of loan contracts should contain nothing more than the amount the borrower must repay.And Ms MacLennan also wants interest rates capped at a set percentage above the inflation rate.
That would stop some Manukau finance companies lending money at interest rates of up to 300 per cent.
Some money lenders are preying on the people who can least afford to pay those exorbitant rates, says Global Peace and Justice Auckland spokesman John Minto.
New laws introduced this month aim to better protect people who buy goods on credit or borrow money.
Greater importance has been placed on money lenders explaining all of a loan's key terms and conditions.
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