Money Sweetspot has been getting calls from banks. But they’re not mad that the social good lender has been undercutting their loan rates, and taking customers from them with financial “reset” loans.
Instead, they are nervous about Conduct of Financial Institutions laws coming into effect in early 2025, which will require them to treat customers “fairly”, says co-founder Meurig Chapman. “It’s been fascinating how many major banks have reached out to us to see how it works,” he says.
We often get asked who we can help. The article from Rob Stock at Stuff this morning does a great job of explaining:
“Money Sweetspot’s humans are “strugglers and jugglers”, people from middle New Zealand whose money lives are in a bit of a mess, but not an irredeemable one.
They are often people who are in a mess because of life events; illness, income loss, relationship break-ups, and car break-downs.”
Meurig Chapman explains the enquires we’re getting from banks and finance companies. For those genuinely wanting to look after their customers we’re not competition.
Sasha Lockley talks about some customer stories and how our approach creates more than a financial reset for them.
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