Loan shark rescue plan boosted
|15 Feb 2018 10:27 AM|
Kiwibank has more than doubled the capital it provides to a trust which helps people escape loan sharks.
Nga Tangata Microfinance works with local budget advisers to make no-interest loans to qualifying clients for family well-being and relief from high-interest debt.
Executive officer Robert Choy says in its seven years of operation it has made $700,000 in loans to more than 300 clients.
Requests for help are trending up, with 30 percent more loans approved in the past 12 months compared to the previous year.
The new money, which brings its loan capital to more than $500,000, means it can help more people throughout Aotearoa.
Mr Choy says there has been an explosion in predatory and fringe lending, particularly through online channels.
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