Money Sweetspot nears $3 million in support, helping hundreds of New Zealanders kick unmanageable debt

May 22, 2023

Less than two months since its official launch, innovative debt consolidation social enterprise, Money Sweetspot, has already provided nearly $3 million in loans to New Zealanders grappling with unmanageable debt.

CEO Sasha Lockley says, "The speed at which we've reached this milestone shows us this isn’t just a problem at the edge of society. We see everyday people in good jobs losing control of debt due to life events like illness, relationship breakdowns, or small, unexpected expenses that pile up. We’re here to help reverse that debt spiral and support New Zealanders to regain control of their finances."

Money Sweetspot takes a people-first approach to debt consolidation, providing customers with a single, manageable payment. In addition, it provides free access to valuable financial education resources.

"Engaging with these resources allows our customers to earn Sweetspot points, which can be redeemed for additional loan reductions or savings, helping them reach their goals faster," says Lockley.

Before their Money Sweetspot financial reset, the majority of customers faced rates of between 25 and 50 percent, which collectively could have added up to approximately $900,000 in additional interest over the life of their loans.

One case that illustrates the impact of Money Sweetspot's services involves a family of six who recently moved to Auckland from the Far North to take up education opportunities for their children. With the recent rise in inflation and the higher cost of living in Auckland, they found themselves struggling to manage their debts and household expenses. They needed a financial buffer to get on top of their bills, settle their debts, and establish their new life in Auckland.

Money Sweetspot stepped in with a financial reset loan of $42,700 at a reduced interest rate. This cut their current debt repayments from $1,410 to $470 monthly, freeing up $940 per month. This extra breathing space enables the family to live more comfortably, manage their finances effectively, and settle into their new lives in Auckland.

The lending capital behind the initiative is provided by the Bank of New Zealand, and BNZ CEO Dan Huggins, says, "We’re proud to back an organisation that measures success by the lives they’ve changed. The rapid uptake of their services demonstrates the crucial role they play in empowering families and individuals to take control of their finances and build a better future.

"Our support for Money Sweetspot is part of our broader commitment to enhancing the social, cultural, and financial wellbeing of New Zealanders. With our goal to deliver $50 million in low or no-interest lending by 2024, we’re actively supporting a more inclusive and sustainable financial future."

Related articles

Personal debt putting rent-to-own homes out of reach
Skyrocketing personal debt is preventing people from accessing even the most affordable way to own a home, according to a provider of a rent-to-own housing Habitat for Humanity.
May 2, 2024
Ethical lender says CCCFA changes deal with the elephant but ignore the real killers
Our CEO shares her perspective on the announced changes to lending regulations and guidelines.
April 22, 2024
Impact Investing in Action - investing in social impact with Money Sweetspot
Money Sweetspot is supported by a growing group of impact focused businesses, funds, and individuals. We recently presented at the Impact Investing Network Lunch where we discussed the challenges and opportunities in the social lending space.
March 20, 2024

Join Our Tribe

Sign up for our newsletter to receive exclusive money tips, educational resources, and the latest updates on personal finance. Join our tribe today and take control of your financial future!

* indicates required
Money Sweetspot provides financial reset debt consolidation loans to help you take charge of your financial life, reduce debts and get on with living.

You are protected by responsible lending laws. Because of these protections, the recommendations given to you about our loan products are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed. Responsible lending criteria, rates, fees and contract terms apply. For more information visit useful information.

© 2024 Money Sweet Spot Limited