Our CEO, Sasha, has started 2024 with a very clear opinion. She says,
I'm usually a pretty positive person, and I love the impact we're having at Money Sweetspot. But when Rob interviewed me I was feeling frustrated at some of the situations we see when people apply for financial reset loans. They are over indebted- and even with our social lending rate we're unable to help them. On top of that we have some customers who access further credit- which goes against their commitment to us and their commitment to themselves. It is upsetting.
We acknowledge the work of the many responsible lenders across Aotearoa. But unfortunately we do see some behaviours that are doing harm to Kiwis.
Check the story out here: https://www.thepost.co.nz/business/350142985/socially-conscious-lender-ceo-calls-out-irresponsible-lending#:~:text=%E2%80%9CI%20don't%20know%20how,Sweetspot%20chief%20executive%20Sasha%20Lockley.&text=Money%20Sweetspot%20chief%20executive%20Sasha%20Lockley%20says%20it's%20hard%20to,are%20meeting%20responsible%20lending%20principles.
We all need to do better.
On a more positive note, our 430 customers have received resets of over $10m and the vast majority of them are doing the work to be out of debt and on with their lives.
Lets hope 2024 is the year of a reset for many more Kiwis.
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.
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