3 Sep 2019

Govt toughens up on loan sharks with interest rate cap

From Checkpoint, 5:43 pm on 3 September 2019

The government is toughening up its clampdown on loan sharks - bowing to pressure to slap a cap on interest rates.

The Commerce and Consumer Affairs Minister, Kris Faafoi, has announced that an interest rate cap of 0.8 percent per day will be added to the law changes that are currently going through Parliament.

But some say those changes won't be made soon enough.

Chen Liu was at the announcement in Auckland.