Rapid Loans to repay $1.4m in unreasonable fees after ComCom investigation

Mon, 06 Mar 2017

By Sophie Boot March 7 (BusinessDesk) - Internet-based lender Rapid Loans NZ will refund $1.4 million in unreasonable fees it charged borrowers, in a settlement with the Commerce Commission. An investigation by the watchdog found that Rapid Loans had charged unreasonable establishment, monthly administration or default fees on more than 6000 loans between July 2013 and June 2015. The company will now either credit existing loans of affected borrowers or refund those who have already paid their loans off, with the total amount to be pai...

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