A payday loan is a small, unsecured loan designed to be repaid over a short period of time. You might also know it as a short-term loan, bad credit loan, payday advance or cash advance loan. It’s not technically linked to your payday. The name ‘payday loan’ comes from the fact that it’s normally just before payday when we need that little extra help with cash.
Payday loans can be a real help when you’re short on cash and need money fast to stay on top of things. It could be to pay a bill, cover an emergency expense, or top up your bank account to cover those APs and direct debits so you don’t incur a failed payment fee from your bank.
It depends how you look at it. Yes, the interest rate per year is high. But over that short time the interest you’ll incur is reasonable and manageable. It’s simply not comparable to other personal loan options like those from a bank.
Plus, we don’t have early repayment charges so you can pay your short-term loan back quicker than the original schedule if you want.
There’s an establishment fee for setting up the loan, but no surprises. Try using the sliding calculator on our homepage. It’s totally transparent and will tell you how much you’ll be paying in fees and interest before you agree to anything.
You can also check out our fees table here to see how the fees break down.
For your first loan we’ll let you borrow up to $500. After that, depending on your net income per week, you can borrow up to $5000 but never over 30% of your income. We are responsible lenders and we work really hard to make sure you don’t get in over your head. Every application for a payday loan is assessed individually and based on your ability to pay it back and still be able to meet your living costs.
Having bad credit doesn’t rule you out. Our mandatory criteria are pretty basic, you must be a New Zealand citizen or resident, over 18, not bankrupt, be employed, have a cell phone, bank account and an email address, and access to a computer. And as we said above, every application is assessed individually on your ability to pay it back at the time of application.
Our application process is one of the best around; it’s 100% online. Before you apply though, we recommend you read our Q&A page to make sure you’re fully informed. Then, once you’re ready, head to the homepage and get started designing your short-term payday cash advance loan.
Apply now and within 60 minutes of approval that money will be with you.
If you have any more questions our support team is available on live chat support on our website during the day so just ask, we’re happy to help.