Fincap wants brakes on payday lenders during Covid-19 lockdown

A nationwide budgeting service wants online payday lenders shuttered during the country's lockdown period amid concern people desperate for money will turn to loan sharks. An interest rate cap on high-cost lenders kicks in in June and will include a 100 % repayment limit. But some social agencies fear that people struggling to make ends meet will spiral into debt before then. Kathryn discusses with Fincap Chief Executive Tim Barnett , Emeline Afeaki-Mafile'o Executive Director of South Auckland based youth social agency, Affirming Works and Susan Taylor, Chief Executive of Financial Services Complaints Limited.