Andrew Bayly: Commerce and Consumer Affairs Minister says they want to make loans accessible to people who need them
The Mike Hosking Breakfast · Newstalk ZB
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Show Notes
The Government wants to make loans more accessible to people who need them.
It's revoking 11 pages of the Credit Contracts and Consumer Finance Act introduced by the last Government.
Commerce and Consumer Affairs Minister Andrew Bayly says vulnerable New Zealanders are being driven to gangs and loan sharks because the process takes far too long.
He told Mike Hosking they want to allow lenders to give discretion in the right situation.
“If you want to go get a $500 loan, and you’re a solo mum from Blockhouse Bay, it takes at the moment about eight hours to process your loan; it used to take two hours.”
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