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Online cash advance

Fill the gaps in your cash flow with a cash advance.

⚠️ Warning: Be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the MoneyTalks helpline operated by FinCap on 0800 345 123. It is open from 8am to 5pm, Monday to Friday, and 10am to 2pm Saturday. When comparing short-term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Commerce Commission New Zealand website explains how loans work and what to be aware of when borrowing from a lender.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long-term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short-term loan with high – and immediate – interest rates.
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Name Product Max Loan Amount Loan Term Turnaround Time Loan Interest Establishment Fee Account Administration Fee
Save My Bacon Flex Loan
12 - 36 months
Same day
49.95% p.a
$4 per month
Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
Medium term loans from $2,000 to $5,000 with no hidden fees.
Moola Loan
92 - 184 days
Often available in under 60 minutes
292% p.a.
(fixed for the term of the loan)
Eligibility: Be 18 or over, be in employment and be a New Zealand citizen, permanent resident or have a valid working visa.
Borrow up to $1,500 and enjoy a flexible repayment plan.

Compare up to 4 providers

A cash advance is a convenient solution for those in need of quick access to money. Maybe the vet bill was bigger than you thought, or maybe the car broke down, and you need to get to work. One reason people consider a cash advance is if they have a poor credit history and don’t think they can get a loan from a bank. This guide takes you through online cash advances; how you can compare and access one, and how to apply.

How to get a cash advance online

  1. Fill out your application online. There is no sending of documents, as the lender just needs read-only access to your transaction history.
  2. Find out if you receive approval. Approval usually takes 60 seconds, and you can find out via phone, email or SMS.
  3. Electronically sign your contract and receive the loan. You can agree via SMS or email, then the money will appear in your nominated bank account.

How does a cash advance work?

A cash advance is a deposit of money credited to you, by a bank or lending institution. A cash advance can be as little as $20, say when you withdraw cash from an ATM using a credit card, or $25,000 or more, as with an overdraft facility from your bank.

People opt for online cash advances when they need immediate access to finance, which could be to pay for an emergency dental expense or unexpected bills. They are, and should be, seen as a “last resort”, a safety net that can help you manage cash-flow problems or see you through to your next payday.

Options for getting a cash advance

There are a few ways to take out a cash advance. Here is a breakdown of the facilities available to you:

  • Credit card. If you have a credit card, you have access to a cash advance facility. All you have to do is withdraw cash from an ATM using your card. Bear in mind that cash advance fees for a credit card are usually around 22% p.a.
  • Payday loan. A payday loan lets you borrow between $100 and $2,000 for a short period, usually between 2 days and 4 months. The approval time for this loan is generally quick (occasionally within 60 seconds), and some lenders transfer the money within an hour. This type of loan is an option for people with bad credit, as some lenders do not perform a credit check, but the interest rates are considerably higher than other loans, even up to 30%.
  • Overdraft. You can set up an overdraft facility with your bank and take money from your account up to and including a specific limit. This facility can be used for emergencies, as the lender will not usually charge fees or rates for an arranged overdraft. You and the lender agree on a limit, which depends on your financial position, and individuals and businesses can use this facility. If you have negative marks on your credit file but a good relationship with your bank, it may still be an option for you.

Example: What is Amanda meant to do now?

Amanda knows she is in a bit of a situation when she receives the final notice on her utility bill and she needs to make the payment the next day. The trouble is, Amanda’s payday is not until the following week, and she doesn’t have enough money to cover the bill amount.

Amanda sits down to consider her options:

  • She has a credit card, but it is maxed out, so she can’t put the payment on it.
  • Amanda calls her bank to discuss the options for a same-day personal loan or an overdraft on her account, but due to her past credit problems, it can’t help her.
  • She considers a lender that offers cash advances, with no credit checks. Amanda finds out she needs to provide her personal information such as financial and employment details, and provide 90 days’ worth of bank statements, but the lender doesn’t look at her credit file. Amanda applies for the cash advance of $250 and the money arrives in her account the following business day. She pays her utility bill, and makes the repayments for the cash advance over the next 2 paydays.

The cash advance process: What you need to know

The process differs depending on the method you choose. For example, if you have a credit card, a cash advance involves going to the ATM and withdrawing cash or transferring money from your card using online banking. If you opt for a different product, say an overdraft or a payday loan, then the process is different. Whichever option you select, there are some factors you need to consider:

  • Employment verification. If a loan provider requires you to be working, then it may need to verify your employment, which can involve calling your employer and checking that you do work there and for how long. If you want to confirm what kind of verification the lender requires, you can check on the relevant website.
  • Submitting documents. Online lenders offer a quick application and approval process that is usually online. These lenders still need to verify specific information, so how do you submit your documents? Some use an online verification service that automatically checks your bank account history, without it needing to see paper copies of your statements. However, the provider might require you to scan and email copies of your ID such as your driver’s licence or passport to verify your identity. You can check the requirements of document submittal on our review pages or with the lender before you apply.

Essential points when choosing a cash advance facility

The cash advance facility you decide to select depends on a few things, namely your needs as a borrower. Here are a few questions you can ask yourself to help choose the right cash advance option:

  • What repayments can I afford?
    The repayments a provider offers with a cash advance differs depending on the facility you select. For instance, an overdraft has no set repayments and allows you to pay it back at your own pace. In contrast, a payday loan has stringent repayment terms that usually line up with your pay cycle. Decide what will work best for you.
  • How much money do I need?
    Different cash advance facilities offer varying loan amounts, so you need to ensure you can borrow the amount you need. An overdraft facility will most likely provide access to the most significant sum of money, depending on your finances, whereas a payday loan depends on the lender, your income and credit history. A cash advance from your credit card depends on your credit limit and how much you can withdraw in a day.
  • What credit accounts do I already have?
    You may want to look at the overdraft facility on offer from your current bank and discuss whether you are likely to receive approval. If you already have a credit card, with an available balance on it, then this may be a viable option. All applications for new credit appear on your credit file, so you might want to work with the cash advance facilities already at your disposal.

About to apply for a cash advance? Read this first

While online cash advances are convenient, they do come at a cost. The interest rates charged on this type of finance tend to be significantly higher than other kinds of personal loan. For example, if you purchase an item with a credit card, it might attract an interest rate of 13% p.a., but if you decide to withdraw cash to make the same purchase, you could pay 9% p.a. higher.

Apply for a cash advance

While the interest on payday loans may not seem too much higher than other personal loans, you also need to consider their repayment terms. Other personal loans have terms of 1 year or more, so offer an annual percentage rate, for example 13% p.a. However, you usually have to pay back a payday loan within 1 or 2 months, so the 23% interest rate is not an annual rate but a monthly one. Therefore, if a payday loan was to offer year-long terms, it would charge an interest rate of 276% p.a.

How to apply for an online cash advance

If you want to apply for a payday loan, you can use the comparison table above. Once you select a loan, you can click “Go to site”, which will direct to the lender’s website, where you can fill out an online application form.

If you’re interested in applying for a credit card, to take advantage of the cash advance facility, you can compare your options right here.

If you would like to request an overdraft facility, you can talk directly to your bank or credit union, to find out the fees and rates involved and how to set one up.

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  • Can you repay your payday loan early?

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  • Loans for bankrupts

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  • $1,500 loans you can apply for

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