Government is taking on loan sharks with new rules which limit how much they can charge. But a powerful lobby group says the changes do not go far enough - as shown by an Auckland couple's experience.

An Auckland couple who took out a number of small loans after falling on hard times ended up in nearly $100,000 of debt because of what they say was unscrupulous lending.

One lender gave them a high-cost loan despite knowing that they had defaulted on previous payments 22 times - including four times in a single day.

The couple, who asked for anonymity,