Those who borrow money are being charged up to 803 per cent a year in interest rates
Those who borrow money are being charged up to 803 per cent a year in interest rates
31 May 2018
The Commerce Commission has released a review of more than 200 money lenders - and it shows many aren't meeting their obligations.
The review looked at whether the companies were clearly displaying information such as contract details, interest rates and fees on their websites - and found 21 percent weren't complying.
Commissioner Anna Rawlings says the law requires all details to be made available and clear to borrowers.
She says it's important information so borrowers can understand what terms they're signing up for and what to do if anything goes wrong.
Anna Rawlings says they also found a huge variation in interest rates and fees, ranging from no interest at all - through to interest of 803 percent.
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