Lender ordered to pay $200,000 for charging high interest rates

Tuesday 12 November 2024 · 3 outlets · 3 reports · updated Tue 12 Nov 2024, 4:24pm

In this story Commerce Commission, Anne Callinan

Eagle M.A.N Group Limited has been ordered by the Christchurch High Court to pay a $200,000 penalty. The Commerce Commission brought the case after the company breached consumer credit laws by charging interest rates of up to 182.5% per annum.

How they headlined it

2:32pm4:24pm

1. StuffTue 12 Nov 2024, 2:32pm

   Lender charging up to 182.5% interest gets $200k penalty (opens in new tab)

2. 1NewsTue 12 Nov 2024, 2:45pm

   Hefty fine for lender charging clients up to 182.5% interest (opens in new tab)

3. The PostTue 12 Nov 2024, 4:24pm

   Lender pinged for interest rates up to 182.5% - but still operating (opens in new tab)