Anna Rawlings Commerce Commission chair Anna Rawlings says Moola did not do enough to check borrowers could afford loan repayments. Moola also failed to meet responsible lending standards when it advertised further loans direct to borrowers, the commission found. Moola had agreed to refund the interest and fees paid by the 50 borrowers, Rawlings said. “Moola failed in its responsibilities to help ensure that loans meet borrowers’ needs and can be repaid without substantial hardship,” she said. Moola is not the first lender to admit responsible lending failures after being investigated by the commission.

Source: Stuff October 06, 2021 01:37 UTC