Payday Loans & Cash Advance Personal Loans

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Payday and cash advance personal loans are a type of short-term finance product commonly used by borrowers that may not qualify with traditional lenders for standard loans.

If you apply for a payday personal loan, you’ll want to make sure you get the best deal possible, with repayments you can comfortably afford.

Before you apply, make sure you’ve considered any available government assistance schemes, and spoken to a financial adviser to accurately assess your borrowing capacity and financial stability.

What is a payday or cash advance loan?

Payday loans are a fast-approval, short-term finance option offered by some lenders in New Zealand. They allow borrowers to access finance quickly and repay the amount borrowed on the date of their next regular income payment. 

Payday loans often have much smaller borrowing amounts than other forms of personal finance, shorter terms, and may have conditions that require full repayment instead of repayment through instalments. 

The maximum amount you can borrow from most payday lenders is $2,000, although a few lenders may offer slightly higher limits up to a maximum of $5,000. Applications are often approved on the same day, sometimes within a few hours.

You can qualify for a payday or cash advance loan in New Zealand if you are:

  • 18 years or over
  • Currently employed with a sufficiently stable income to repay the loan amount
  • A permanent NZ resident or hold a work permit or visa allowing you to reside in New Zealand

If you meet the standard qualifying criteria for a payday or cash advance loan, you can calculate how much you can borrow and compare lenders to find the best loan offers available in New Zealand before applying for a loan.

Due to the higher rates of payday and cash advance loans, you can compare lenders to find offers that allow you to pay less interest on your personal loan, pay the loan off faster, or make extra repayments with as few fees as possible.

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5 Important Things To Know About Payday Loans

  • Payday loans typically have much higher interest rates than other types of loans due to their very short terms.
  • Payday lenders usually require you to repay the loan amount in full on the date of your next payday, and not in ongoing instalments.
  • Payday loan lenders often include steep fees that are charged if you miss a payment.
  • Additional fees for missed or late payments could increase the amount you are required to repay the lender and lead to further financial hardship.
  • Missed payments could negatively impact your credit rating and make it harder to be approved for finance in the future.

Alternatives to Payday and Cash Advance Loans

There are many payment support options available through Work and Income New Zealand (WINZ) that you may qualify for, which you may wish to consider before continuing further and applying for a payday or cash advance loan with a lender. 

The general enquiries helpline is open Monday to Friday from 7 a.m. to 6 p.m. and Saturdays from 8 a.m. to 1 p.m. where you can speak to a support member directly by dialling 0800 559 009. 

If you have existing debts, you can speak to a specialist support member from the WINZ Debt Management team on 0800 558 008, Monday to Friday, 9 a.m. to 5 p.m.

If you're experiencing financial hardship and struggling with debt, you may find speaking to a financial expert can help determine your next steps.

You can speak to an expert for free by calling the MoneyTalks helpline operated by FinCap on 0800 345 123. MoneyTalks Helpline operates between 8 a.m. and 5 p.m. Monday to Friday, and between 10 a.m. and 2 p.m. on Saturdays.

See If You Qualify For A Cash Advance Personal Loan

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