scoop.co.nz 22 Mar, 2021 23:15 am

BNZ And PaySauce Take Aim At Payday Lenders

BNZ And PaySauce Take Aim At Payday Lenders
Bank of New Zealand (BNZ) and employment solutions provider PaySauce today launched BNZ PayNow, a no interest way for employees to access wages before payday and an alternative to predatory payday loans. BNZ PayNow is a feature within the PaySauce ...

BNZ And PaySauce Take Aim At Payday Lenders Bank of New Zealand (BNZ) and employment solutions provider PaySauce today launched BNZ PayNow, a no interest way for employees to access wages before payday and an alternative to predatory payday loans.BNZ PayNow is a feature within the PaySauce mobile app that allows employees to draw down on funds they’ve already earnt, effectively letting them choose their own payday on demand.Although BNZ PayNow was initially offered on a limited basis via PaySauce’s mobile app, funding from BNZ addresses cash flow challenges for small businesses by covering the advance of accrued wages and taking the financial pressure off employers.BNZ PayNow is part of BNZ’s efforts to disrupt predatory lending in New Zealand which includes Good Loans, Habitat for Humanity and The Good Shop.

Good Loans is a partnership between BNZ and Good Shepherd NZ, that provides no and low interest loans to people who are financially excluded from appropriate mainstream financial services.Good Loans is supported by the Ministry of Social Development and delivered by community partners like the Salvation Army, Aviva and Presbyterian Support Otago, and offers an alternative to using loan sharks and predatory lenders.

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