ComCom acts against 100%-plus interest lender

'Silver loans' listed at a 49% interest rate. (Image: Eagleman)

Mon, 17 Jul 2023

The Commerce Commission has filed proceedings in the high court against lender Eagle MAN group for charging interest and fees which sometimes exceeded 100% of the initial loan.The consumer and competition watchdog is seeking pecuniary or financial penalties against the Christchurch company, under the Credit Contracts and Consumer Finance Act, for providing credit to borrowers from its founding in 2015 to 2022.The action follows a review of compliance by the high-cost lending market and is the first under new high-cost lending rules introduced i...

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