Lender charging over 180% on loans ordered to pay $200,000

A lender charging more than 180 percent on some loans has been ordered to pay a $200,000 penalty by the High Court in Christchurch. Eagle Man group was providing high cost loans in breach of multiple aspects of the Credit Contracts and Consumer Finance Act. The Commerce Commission, which took the case, said the majority of loans Eagle man issued were to customers who were already financially strained, including recent immigrants and people on temporary work visas. Commerce Commission Deputy Chair Anne Callinan spoke to Lisa Owen.