New Zealand online lender Moola has agreed a settlement with the country’s competition regulator the Commerce Commission requiring it to credit or refund approximately $2.8 million to current and former borrowers, after acknowledging the Commission’s view that it charged unreasonable credit and default fees.
New Zealand’s competition regulator, The Commerce Commission, is taking online money lender NZ Fintech — trading as Moola — to court alleging the company breached the lender responsibility principles in the Credit Contracts and Consumer Finance Act.
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