Responsible Lender

In recent years lenders and creditors, from major banks to smaller payday loan providers, have had to tighten up their act. Too many New Zealanders were getting stuck in a spiral of debt where they were borrowing more money to pay off existing loans. Many short-term loans were offered at ultra-high interest rates and it was all too easy to get into serious trouble, with vulnerable, low-income people being offered loans they simply couldn’t service.

Thankfully, lenders like Moola now have to act in a responsible manner towards their customers and this includes asking tougher questions and carrying out more checks than they’ve had to in the past.

How will you know your lender is responsible?

They don’t make promises

The first thing to look at, if you’re not applying for credit from a big bank or established lender, is whether they promise to offer you money regardless of your history and circumstances. If they do, ditch them! All lenders now have to make it clear that they may not offer you credit if you fail their stress-tests.

They’ll look at existing debts you’re paying, how much income you have coming in, whether you’ve recently been turned down by other lenders and what you’re going to use the loan for. They may even send you to another lender if you’d be better-served by them; for example, if you need a loan for a car, you’d be better approaching a car finance specialist.

They’re very clear about how much you’ll be paying back

As part of the loan agreement, you’ll be paying your creditor more than you’re borrowing because of interest. It can be easy to overlook the total amount repayable when you’re looking for a loan for your house extension or your training course, but it’s one of the biggest factors involved. You should be able to see examples of total repayable amounts in the advertising and also your own estimated amount in the lender’s pre-application calculator.

They will allow you to make extra payments or to settle the debt early If you repay your loan earlier than the initial agreement stipulated then you’ll save a lot of interest. This is great for you, but not so great for the creditor; although they’re no longer risking that money, they’re getting less back in interest. However, good, responsible lenders like Moola will let you pay off early with no fees, or make extra payments to speed the process up, because they should be looking for borrowers who are as responsible as they are. Avoid any lender that either doesn’t allow for early repayment or that has swingeing early repayment fees that add up to not much less than the original total repayment.

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* WARNING: This loan breakdown and repayment estimate is true only for the example selected. Different terms, fees or loan amounts will create different results. There are no penalties for early repayments.

Why Choose Moola?

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Apply in under 5 mins and you could get cash within 60 mins.
We tell you all the costs and don’t hide fees.

What You Need

Be connected
You must have a cell phone, email address and computer access as we’re a 100% online loan provider.
Be employed
You must be in ongoing employment and not bankrupt. We don’t lend to self-employed or beneficiaries.
Have a bank account
You must have an active bank account where your pay gets credited into on regular paydays.
You must also be over 18 and pass our employment checks along with other standard criteria here.

What people say

"It happens as quickly as they say - 1hr and plenty of communication ensure I know what's happening. Polite and friendly staff."
Clare Wade
"Urgently needed cash on the day. Couldn't get a loan anywhere else because of credit rating. Applied and got the money the same day!"
Trusted Customer
"Always had a great experience, from returning for loans to them being very flexible with my repayments."
Ngareta Taviliniu
"All problems and queries were sorted out in a timely fashion."
Rex Wilson
"Very prompt service. Awesome :) would definitely tell others."
Nikki Williams
Fast and quality service
"Fast and quality Service. No dodgy business."
Trusted customer
Great experience
"Excellent and quick service."
Deborah Pitout
Very helpful
"Very helpful, Moola staff went above and beyond to make my loan happen. Thanks so much:)"
Dean Straker
"Fantastic and very fast service, very happy."
Kurt Weber
Hassle free
"Couldn't off been easier excellent service answered all my questions."
Ross Swensson
Super service from a super team
"The team were very helpful and fast as always. I’m very grateful to everyone who’s helped me at Moola. They always give a top effort."
Ross Swensson