Laybuy boss calls for ‘bespoke’ buy now, pay later laws

Gary Rohloff says the fees charged by BNPL providers were less harmful than the interest rates charged on personal loans or credit cards. (Image: supplied)

Dan Brunskill

Mon, 08 Nov 2021

Laybuy founder Gary Rohloff is calling for the government to regulate buy-now, pay-later businesses with new legislation rather than under existing credit laws.The Ministry of Business, Innovation and Employment (MBIE) has released a discussion document that canvasses ways to protect vulnerable consumers using the service.Buy-now, pay-later (BNPL) allows consumers to receive goods immediately while paying in instalments without paying interest.It has become extremely popular in NZ – with approximately 550,000 people using the service &nda...

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