Credit regulator refers Ubank to tribunal for reckless lending

2015-01-14 12:05

The National Credit Regulator has referred small lender Ubank to a consumer tribunal, recommending it should be fined for reckless lending and forced to change its business practices.

The NCR said Ubank had, among other contraventions, granted credit to customers who were already behind on other debt repayments and had also failed to disclose interest rates on credit agreements.

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