"If you are loaning money to a family member, it is of utmost importance to protect yourself and your assets, both now and in the future, by getting independent legal advice."
"That sends a very positive signal to the market."
A report said 106,000 former students were behind in their payments and nearly 80,000 of them were overseas.
Around 7 percent of customers they could've helped weren't eligible under the new Act.
Borrowers will be compensated for unreasonable fees charged for loans arranged through Harmoney's platform.
A May Centrix report shows non-mortgage lending increased 38 percent from May to June.
Short-term lender Moola has reached a settlement with the Commerce Commission
