The Commerce Commission is taking short-term lender Moola to court, alleging it breached the lender responsibility principles in the Credit Contracts and Consumer Finance Act. Moola, operated by NZ Fintech, provides high-cost, short-term loans up to $5000 via the moola.co.nz and needcashtoday.co.nz websites. 123RF Moola did not do enough investigation into whether borrowers could repay their loans, the Commerce Commission claims. In a statement, Moola​ said it had co-operated with the Commerce Commission investigation and had worked closely with it to understand its concerns. "Moola loans are for short-term cashflow needs and are not suitable for every situation, we make this very clear.

Source: Stuff July 08, 2019 00:49 UTC