A Labour MP whose bill targeting loan sharks was defeated on Wednesday night, says the Government must do more on what is an urgent issue.
The Credit Reforms Responsible Lending Bill proposed by Carol Beaumont sought to put an upper limit on chargeable interest rates, and require lenders to have a reasonable belief that people would be able to repay a loan.
National and ACT voted it down, saying such measures have proved unsuccessful.
The Government says it's already doing work in this area, including a review of the law governing credit and lending arrangements.
But Ms Beaumont says that too little, too late.
