Good Shepherd Microfinance has published a position statement on consumer leases. The statement calls consumer leases ‘credit-in-disguise’ and suggests they be subject to the same regulations as payday lending. It also calls for the introduction of mandatory positive credit reporting for consumer lease companies, the introduction of ‘protected earnings provisions’ to all people on low incomes and a cap on the cost and length of leases.
Tags: consumer lease, goods rental, Rent to Buy, SACC, Small amount credit contract
We’ve had reports from the United States of America that someone pretending to be from Good Shepherd Microfinance is calling households and offering them loans.