There's a feeling people don't know what rights they have, when it comes to dealing with short-term money lenders.

Whether you've signed a contract or not, there's still help available if a payday lender is in the wrong.

The industry is under scrutiny after a report uncovered interest rates as high as 800-percent.

Financial Services Complaints Limited chief Susan Taylor says a contract only sets out the terms and conditions on which the money has been loaned.

"But that still doesn't absolve the lender from their obligation to make sure that they are lending responsibly."

She says the lender legally has to make sure the borrower can afford to pay the money back without substantial hardship, and that a loan suits the borrower's needs.

Taylor says they are surprised that there aren't many complaints about payday lenders which flies in the face of anecdotal evidence of some serious issues.

"We would like people to know that we exist, we are here to help them if they do feel treated unfairly by a payday lender."

Ferratum New Zealand is the first lender to face court action, the Commerce Commission has accused the company of failing to check if borrowers can afford to repay their loans.