The Good Shop combats payday lenders in Porirua

by Krizzel Canlas11 Jul 2019

The Good Shop has officially launched in Porirua, marking the next milestone of the programme in tackling predatory lending.

With representatives from The Salvation Army, Bank of New Zealand (BNZ), Ministry of Social Development, Countdown, and The Warehouse Group, The Good Shop launched its second truck on the streets of Porirua.

The Good Shop takes on the mobile traders who prey on vulnerable communities with inflated prices and high-cost credit. It offers access to practical financial advice, food, and quality household goods available on interest-free loans, supported by BNZ and Good Shepherd NZ.

“We are so pleased to be able to extend the amazing work being done with The Good Shop to a new region after seeing clear benefits from the communities we are serving in the South Auckland pilot since February,” BNZ CEO Angie Mentis said. “The Good Shop is an innovative response and is tackling payday lenders head-on, disrupting their business model and driving them out of these important communities.”

Read more: Lender faces legal action over 547% interest rates

BNZ said it is committed to facilitating the no-interest lending available from The Good Shop, with a total of $60 million in lending available to support initiatives like this and its Community Finance programme, which it provides with Good Shepherd NZ. Community Finance provides no and low-interest loans through community organisations around the country, and over the last four years has saved people more than $2 million in interest fees.

The first Good Shop hit the road in Manurewa, Auckland, in February. The new truck will be out on the streets of East Porirua from July 10.

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