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Payday lenders set to "disappear". Picture / Getty Images

Proceed with the New Zealand Herald up on:

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Direct-to-consumer financing platform Save My Bacon says brand new legislation will almost truly see newer and more effective Zealand payday loan providers "disappear" or shrink their company.

The Credit Contracts Legislation Amendment Bill has passed away its 3rd reading in Parliament possesses measures to make certain individuals taking out fully high-cost loans do not have to repay significantly more than twice the quantity originally lent.

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