The Government is defending softer rules for Buy Now, Pay Later lenders than initially promised.
Providers like AfterPay and LayBuy will soon be made to complete a credit report for new customers.
It had proposed full affordability assessments to force providers to check shoppers can afford debt repayments.
The lenders offer people interest-free loans and make money by charging when payments are missed.
Consumer Affairs Minister Duncan Webb says a full assessment would have been too cumbersome.
"We want to make sure that we get a proportionate regulation, and they do need to check whether there's defaults and other card and things like that."
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Popular Podcasts
Spooky Podcasts from iHeartRadio
Whether you’re a scaredy-cat or a brave bat, this collection of episodes from iHeartPodcasts will put you in the Halloween spirit. Binge stories, frights, and more that may keep you up at night!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.