Compare short term loan solutions

Find a convenient loan to help see you through the short term.

Compare your options for credit and apply for a loan in minutes.

Compare payday loans from New Zealand lenders

Name Product Maximum Loan Amount Loan Term Turnaround Time Loan Interest Minimum Monthly Repayment Establishment Fee Account Administration Fee
$600
Up to 42 days
Overnight, or within 60 minutes with fast payment
200% p.a
N/A
$86 (May be discounted to $55 for loans under $400)
$6.10 per month (paid in advance)
Cash Relief offers short term loans of up to $600. Eligiblity: Be over 18, working full time and not rely on welfare payments.
$100,000
Up to 3 years
Same day upon approval
From 9.95% p.a.
N/A
$250
$10 per month
Borrow from $2,000 and enjoy a flexible repayment schedule. Eligibility: Be over 21, working visa and beneficiary applicants are accepted (conditions apply).

Compare up to 4 providers

Warning about borrowing

High-cost short term credit is not a long-term financial solution and can be expensive if borrowed for a long period. You should always refer to your loan agreement for exact repayment amounts.

Check your options before you borrow:

  • For information on managing debt and further advice, call the New Zealand Federation of Family Budgeting Services on 0508 283 438 (freephone).
  • Talk to your utility providers to see if you can agree on a payment plan.
  • If you receive benefits from the government, ask about an advance from Work and Income. Phone: 0800 559 009.

The Commerce Commission New Zealand website explains how loans work and what to be aware of when borrowing from a lender.

Looking for a short term loan to best suit your financial needs?

Our comprehensive guide will help you make an informed decision.

No matter how good you are at managing your finances, sometimes unexpected expenses crop up and you need money in a hurry. It could be a hefty vet bill, urgent car repairs or simply a purchase that you just have to make, but getting access to all the funds you need can seem beyond your financial grasp.

This is where payday loans come in. These small, short-term loans are designed to cover you until payday. They give you the funds you need to make your purchases and then, when you next get paid, the theory is that you pay back the loan amount.

A number of New Zealand lenders specialise in offering these types of loans, with many even giving financing to customers with bad credit histories. However, you also need to be wary of the short loan terms, high interest rates and high fees these loans attract.

What are you looking for?

Looking for a specific loan amount?

Payday loan rates and fees explained

Back to top

Some of the short term lenders we compare

Ferratum
Cash Relief
Swoosh Finance

Short term loans designed for you

Remember it’s important to compare your options and other financial avenues before applying.

Benefits of payday loans

  • Get money fast. Payday loans offer a quick and convenient way to access the funds you need.
  • Easy application process. You can typically apply for these loans quickly and easily online, with fast approvals granted to many customers.
  • Know the fees upfront. Lenders will inform you of the fees and interest rate attached to your loan upfront so you know exactly how much you will have to pay back.
  • Quick access to funds. As a payday loan is something you take out when you need money fast, most lenders will give you fast access to your funds.
  • Low minimum amount. You can borrow as little as $100 with a payday loan, meaning you can borrow as much as you may need to cover a particular bill.
  • Accessible credit option. You can still apply for a payday loan even if you have a bad credit history or an outstanding loan. As long as you can afford to pay off the amount you apply for, you have a chance of being approved.

Risks of payday loans

There are several risks when it comes to taking out a payday loan. In general, try to avoid taking out a payday loan if you aren’t certain that you will be able to pay it back. Downsides to payday loans include the following:

  • High default fees. The biggest pitfall of taking out a payday loan is that if you are unable to repay it on time, you will likely be charged additional fees in addition to the interest you owe. This could end up significantly increasing the amount of money you must repay the lender and cause financial difficulties.
  • The debt cycle. If you have difficulty making a repayment, it might be tempting to borrow more money to pay off your loan. This becomes a cycle of debt that can be very difficult to get out of.
  • High interest rates. Payday loans typically have much higher annual interest rates than other types of loans.
  • Direct debit risks. Many payday lenders require you to make repayments via direct debit on your next payday. Unlike other loan types, payday loans cannot typically be repaid in small instalments. If you need the money from your next paycheck to pay for rent or other expenses, you could be left short.
  • Credit rating impact. If you are unable to repay your loan on time, it could negatively affect your credit rating.

How to apply for a short-term loan

Lenders that offer “payday loans” or short-term loans differ from institutions and other lenders in their application process and criteria. You can usually apply for these loans online and receive a response relatively quickly. For a lender to approve a short-term loan, you have to meet eligibility criteria and provide documentation:

Eligibility criteria

  • Be 18 years of age or older
  • Earn an income that supports the repayment of the loan
  • Have a job, with a steady income (or sufficient benefits)
  • Be regularly paid, into your bank account (not in cash) either daily, weekly or monthly
  • Not be self-employed (some lenders may make an exception)
  • If you have bad credit, you need to prove your current financial situation is stable and reliable

It’s important to note, meeting the eligibility requirements does not guarantee approval of a loan.

Required documents

  • Identification, eg driver’s licence, passport or 18+ card
  • Three recent payslips
  • Your Internet banking details
  • Utility bill, e.g. council rates, electricity bill, gas bill, Sky bill, mobile phone bill, Internet provider

How much will a payday loan cost?

Am I eligible for a payday loan if…

Our guide on how lenders assess your payday loan application

Back to top

How to compare payday loans

As these types of loans become increasingly popular in New Zealand, borrowers are finding themselves with more lenders and more loans to choose from. You should take the following factors into consideration when deciding on the right product for you:

  • Fees and interest. The interest rate and fees on a loan will obviously affect just how much you will have to pay back over the life of the loan. Look for a competitive rate and low fees.
  • Lender. Unfortunately, this is a sector of the market that can attract some unscrupulous operators. You need to ensure that you take out a loan with a provider who is trusted and respected, and one who offers full transparency when it comes to all the features and fees of your loan.
  • Loan purpose and conditions. Different loans attract different terms and conditions, so you’ll obviously need to find one that satisfies your requirements. For example, some loans have higher maximum borrowing limits than others, while some lenders can guarantee faster loan approval and access to funds than their competitors.

Pros and cons

  • Convenient. These loans offer a convenient finance solution when you need fast access to money.
  • Fast approval. Many lenders offer approval of applications within minutes and can then transfer the money to your account within an hour.
  • Choice. This is an increasingly competitive market sector, which means consumers have an ever-growing range of lenders and loans to choose from.
  • High interest and fees. These loans attract higher fees and interest rates than other loan products.
  • Dodgy operators. Remember to keep an eye out for unscrupulous lenders.
  • Debt cycle. If you take out a loan to pay off a previous loan, you could get stuck in a cycle of debt that is difficult to get out of.

What you need to know to repay your payday loan on time

There are two things you can do to ensure that you pay off your loan on time. The first is to make sure you’re fully aware of the fees, charges and interest rates attached to your loan. This will help you understand exactly how much your loan will cost you.

The second thing you will need to do is carefully manage your budget. If you fail to make your repayments, you can expect to be hit with hefty fees and charges which can quickly increase your debt. Planning ahead and staying in control of your finances is the best way to secure your financial future.


Interest rates on payday loans

From a lender’s point of view, offering payday loans exposes them to a higher level of risk. As those who want payday loans are typically in difficult financial situations, lenders know there is an increased chance of borrowers defaulting on their loans. Customers may have a poor credit history, a low income or very few assets to their name, so lenders need to protect their interests in case of missed payments and defaults.

With this in mind, lenders charge higher interest rates on payday loans than on other products. Lenders must make you fully aware of these rates before you take out such a loan, ensuring that you know exactly how much you’ll need to pay back thanks to the addition of interest charges. You’ll also be made aware of the required repayment amounts and frequencies you will need to meet to stay on track.


Questions you’ve always had, but were too scared to ask

“Payday loans” are named as so because they are all about your payday. Lenders structure your repayments around when you get paid; the loan is based on how much you earn, and you take one out because payday is too far away. These loans give you a way to bring payday closer – maybe you have a wedding on the weekend, and you’ve forgotten to buy a gift; your car has broken down, and you need it to drive to work. Whatever the issue, you can apply and bring payday closer with a short-term loan. Have more questions? We have the answers below.

Back to top

Related Posts

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

8 Responses

  1. Default Gravatar
    MichelleFebruary 15, 2019

    Hi I need to buy a car I’m ex bankrupt and my credit is bad. I need a car for both safety reasons and medical. What do you suggest, please?

    • finder Customer Care
      JoshuaFebruary 17, 2019Staff

      Hi Michelle,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      I’m sorry to hear about your situation. You may want to check the lenders above this page. However, if you need a loan but you have a bad credit, please go to this page as well. On that page, you will see a table that allows you to conveniently compare your options based loan terms, loan interest, and fees, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    KoralFebruary 15, 2019

    Hi, I only need $100 asap for a week maximum to get my car. who would be the best to use? How much would I also be paying per week?

    • finder Customer Care
      JoshuaFebruary 17, 2019Staff

      Hi Koral,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      The best lender for you would be the one that meets your needs, preference, and budget. To find this lender, please use our table above. It allows you to compare your options based on maximum loan amount, loan term, and turnaround time, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      You will also know how much you’ll be paying once you get in touch with your chosen lender.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  3. Default Gravatar
    SusanSeptember 13, 2018

    I need cash ASAP. I’m on a solo mom benefit.

    • finder Customer Care
      JhezSeptember 14, 2018Staff

      Hi Susan,

      Thank you for your comment.

      Being a solo mom can make you under the category of a single parent. There are lenders that may consider a single parent for a loan. Please check our payday loans for single parents and Personal Loans for Single Parents guides.

      The guides have a list of lenders you may go to and inquire your eligibility for a cash loan. As long as they can verify that you can repay the loan and you are eligible to apply, they may consider you. Click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

  4. Default Gravatar
    SonnyJuly 2, 2018

    Is there any payday loans that will except to photo is I can provide birth cert and cards with my name on it and a utility bill with my name and adresa on it pls help!

    • finder Customer Care
      joelmarceloJuly 6, 2018Staff

      Hi Sonny,

      Thanks for leaving a question on finder.

      Most payday loan providers will require you to send these documents or a combination of it.

      – Identification, eg driver’s licence, passport or 18+ card
      – Three recent payslips
      – Your Internet banking details
      – Utility bill, e.g. council rates, electricity bill, gas bill, Sky bill, mobile phone bill, Internet provider

      For now, only Ferratum money is displayed on our payday loan comparison. If you are looking to apply to them, please click HERE.

      Cheers,
      Joel

Go to site