An unregistered lender who targeted vulnerable members of the Tongan community in South Auckland has been handed a two-year ban and ordered to complete 150 hours of community service.
Ilaisaane Malupo, trading as Nane Easy Loan Finance Services NZ (Nane Loans), was sentenced in the Auckland District Court following a Commerce Commission investigation.
She was ordered to pay $15,000 in reparations to seven borrowers, down from a starting point of about $50,000 in combined reparations and fines. The judge reduced the financial penalty to balance the need for a sanction against Malupo’s lack of financial means to pay.
The court heard Malupo provided personal loans illegally without being registered or certified, despite repeated warnings and guidance from the commission.
Her loan terms included interest rates of up to 15% per week, which doubled if borrowers failed to repay within 28 days. She also charged late fees of up to $10 a day.
