Launch of a New Short-term Lender

Wednesday, 18 October 2023, 7:23 am
Press Release: Sweet As Money

The launch of a new small loans company means Kiwis now have fairer access to money without incurring massive interest costs and fees.

Sweet As Money is a Kiwi-owned short-term lender with a difference, offering low fees and the ability for people to build up their credit score.

With an annual interest rate of 35% on all loans, Sweet As Money provides loans of up to $1,500 at a significantly lower interest rate than many other short-term lenders.

Short term loans - sometimes known as payday loans - have had bad press in the past. Much of this was justified, as predatory lenders took advantage of people in desperate situations and kept them in a vicious cycle of debt.

Sweet As Money’s Managing Director Anouska Sweetman says she saw the need for people to access small amounts of money, but was disturbed at the cost they had to pay for this.

“Sometimes people need a lifeline, and they shouldn’t have to worry about loan sharks trapping them in an endless cycle of fees, penalties and extremely high interest rates.

“They also shouldn’t be forced to borrow large amounts for long terms if they only need a few hundred dollars to tie them over until their next payday.

“The primary objective of Sweet As Money is to help our customers avoid getting into a financial rut.

“By offering small loans at reasonable interest rates, they can get the cash they need to tide them over without having to commit to a larger loan.”

One of the biggest barriers to people being able to access money is bad credit, as some lenders won’t provide their services to people with poor credit scores. Or they’ll charge them much higher fees and interest rates.

A key aspect of Sweet As Money’s approach is positive credit reporting, which means regular on-time payments count towards the borrower’s credit score. The more payments a person makes, the better their credit score can be.

“Many short term lenders don’t offer positive credit reporting, but for us it’s an essential part of our service.

“We want our customers to leave us in a better financial position than when they came, so giving them the opportunity to improve their credit score is really important to us.”

Sweet As Money was created to provide a financial lifeline to people who need it, offering borrowers the opportunity to get out of sticky situations without being locked into long-term payment plans. The company also doesn’t charge higher interest rates for borrowers with poor credit - they pay the same as everyone else.

Borrowers also benefit from Sweet As Money’s simple approach to lending with no hidden costs: a flat $85 establishment fee and no early repayment fees means customers know up front how much their loan is going to cost them.

With lower fees, fairer interest rates and fast approval, New Zealanders now have access to affordable small loans to help them get back on track.

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