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Marching orders for payday lender in NZ

Australian-based payday lender Quadsaa Pty Limited (trading as Pretty Penny and PPL) has agreed to quit trading in New Zealand and write off all outstanding loan balances there, after reaching a settlement with the Commerce Commission.

The commission took Pretty Penny to court last year for breaches of the Credit Contracts and Consumer Finance Act (CCCFA).

In exchange for ceasing operations in New Zealand and wiping the debt of existing customers, the commission has agreed to discontinue its legal proceedings, which alleged that between February 2017 and June 2019, Pretty Penny offered loans of between $50 and $550 for terms of between 1 and 92 days with an annual interest rate of 365 per cent, or 1 per cent per day with interest compounding daily.

 

 

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