Payday loan

Well, doesn’t this just spoil the narrative that National only looks after its rich mates

The government has announced an initiative to assist?the poor with interest-free and low-interest loans to low-income borrowers that banks don’t normally lend to.

Helping the poor?

Pity the narrative doesn’t fit with Labour’s claims of helping rich mates….

A Government initiative will offer interest-free and low-interest loans to low-income borrowers banks don’t normally lend to.

BNZ announced today it would commit $10 million to a community finance initiative in partnership with the Government, Good Shepherd NZ and The Salvation Army.

BNZ spokesperson Michelle van Gaalen said the programme, to start with a one-year pilot, was designed to help people become self-sufficient and get away from using payday lenders and loan sharks.

“BNZ wants to help all New Zealanders be good with money, including those who currently don’t have access to conventional sources of credit,” van Gaalen said.

“Traditionally banks haven’t provided loans to customers with minimal income, so those people have been using the only other option they feel they have – borrowing at extortionate rates.”

BNZ will draw on the experience of its parent National Australia Bank which has been running a successful community finance programme for more than 10 years.? Read more »

Is Wongaland between Wogistan and Bogo Bogo Land?

We have heard about Wogistan and then Bongo Bongo Land, but what on earth is Wongaland?

Britain has an “Alice in Wongaland” economy in which people are taking out payday loans and raiding their savings to fuel shopping sprees.

Retail figures, published by the Office for National Statistics this morning, are expected to show that people are returning to Britain’s High Streets.

Experts have said that the warm weather, increased consumer confidence and the “feel good factor” created by the Royal Wedding stimulated growth.

However Ann Pettifor, of Prime Economics, warned that the improved figures were fuelled by debt and will ultimately prove to be “unsustainable”? Read more »