Larry Williams Drive

The Government is defending softer rules for Buy Now, Pay Later lenders than initially promised. Providers like AfterPay and LayBuy will soon be made to complete a credit report for new customers. It had proposed full affordability assessments to force providers to check shoppers can afford debt repayments. The lenders offer people interest-free loans and make money by charging when payments are missed. Consumer Affairs Minister Duncan Webb says a full assessment would have been too cumbersome. "We want to make sure that we get a proportionate regulation, and they do need to check whether there's defaults and other card and things like that." LISTEN ABOVE See omnystudio.com/listener for privacy information.