The Government has recently announced that they will be running affordability checks on 'Buy Now, Pay Later' schemes to ensure Kiwi consumers don't get themselves in debt.
The checks are said to kick in for loans over $600, and platforms like AfterPay and Laybuy (the biggest BNPL providers) will need to have a hardship process and belong to a disputes team.
Jake Lilley, FinCap Senior Policy Adviser, approves of more regulations, but would have preferred the affordability assessments be applied to all purchases.
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