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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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.”
LISTEN ABOVE

Open your mind to the world with New Zealand’s number one breakfast radio show.

Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.

The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more.

The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...