Community initiative starts to provide families financial aid away from loan sharks
The Ministry of Social Development's community finance initiative has widened its services by adding community health and social support service provider Vaka Tautua.
The initiative is aimed at providing affordable credit for the most vulnerable individuals and whānau.
Vaka Tautua is the latest provider to join Community Finance Initiative aimed at the widening of a low-interest loan scheme for people who might otherwise fall victim to loan sharks.
Good Shepherd New Zealand and BNZ teamed up to provide interest-free loans and low-interest loans.
In the month of June, public consultation for the Review of the Credit Contracts and Consumer Finance Act will be released for tighter legislation around loan sharks.