Compare your payday loan options. Your choice, from a panel of lenders

Payday loans offer a handy short-term solution when you need cash in a hurry.

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.

Compare Payday Loans from New Zealand Lenders

Name Product Maximum Loan Amount Loan Term Turnaround Time Costs
Up to 45 days
Same day if approved.
Between 52% APR and 803% APR depending on loan amount and term.
New customers with qualifying credit can enjoy 30 days interest and fee free on first short-term cash loan.
Up to 42 days
Overnight, or within 60 minutes with fast payment
Interest rate: 49.50% p.a
Establishment fee: between $42-$86 based on the borrowing amount

The following additional fees may apply:
Dishonour fee – $10
Ezidebit dishonour fee – $14.95
With loans from $100 to $600 and with bad credit options, Cash Relief could be the solution you are looking for.

Compare up to 4 providers

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.

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…

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.

What fees are associated with payday loans?

Fees can vary between lenders, but you can generally expect to have to deal with the following charges when taking out a New Zealand payday loan:

  • Establishment fees. These are designed to cover the cost of setting up your loan.
  • Credit fees. This expense covers the cost of distributing the loan amount to you.
  • Monthly account fees. You may have to pay a monthly fee until your loan is paid off.
  • Interest fees. These fees reflect the interest that will be charged on your loan.
  • Direct debit fees. Some lenders will charge you if you make repayments via direct debit.
  • Late payment fees. Miss a repayment and you will be slugged with this fee.
  • Arrears fees. Expect to be hit with a fee if your account goes into arrears.
  • Collection fees. If your loan is referred to collections or if you default, expect to be hit with fees.
  • Collection letter send out. You will be charged a fee if you have failed to make a repayment and the lender is forced to send out a collection letter.
  • Statement fee. Requesting an account statement may result in a fee.

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.

Applying for payday loans

The application process for payday loans is generally quite simple, with most lenders allowing you to apply and gain approval online. Each lender will have their own criteria in place for prospective customers, so to be eligible for a payday loan you will generally have to:

  • Be over 18 years of age
  • Satisfy minimum income requirements
  • Receive frequent and regular income into your bank account
  • Receive less than half of your income from benefits
  • Not be self-employed
  • Be able to demonstrate that your current financial situation is stable if you have a bad credit history

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.

Are payday loans a good idea?

If you can stick to the repayment requirements and pay off your loan within the given period, payday loans offer a convenient way for you to access much-needed funds. However, if you take out a loan you cannot afford or if you fail to pay back what you owe, these types of loans can present a dangerous borrowing prospect to some customers. You can quickly find yourself buried under a ever-growing mountain of debt, so you should only take out a payday loan if you are sure of your ability to pay it off.

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

“Payday loans” are thus called 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.

What can I use payday loans for?

Payday loans can be used for a wide range of purposes, but are usually for sudden expenses. Typical uses for these loans include forgotten bills, car repairs or any other unforeseen event.

How much can I borrow?

Lenders have a maximum loan amount and this may be lower for first-time borrowers. The amount you can borrow depends on how much you earn and your financial situation – in short, your ability to repay the loan. You can use the payday loan calculator above, to see what your repayments will be with different loan amounts.

I’ve never taken out a payday loan before! What do I do?

If this is your first time applying for a payday loan, it’s important to understand the process before you do so. The entire application takes place online, so make sure you have all your documents and financial details handy. You need to consider things like, income; employment terms; Work and Income eligibility and whether the lender carries out a credit check. You can also get an idea of the repayments using the tables above.

Once you compare your options and have chosen a lender, click “Go to Site” to head to their website and start your application.

Each lender is different, so ensure you read each step before continuing. Make a note of the terms and the repayment amounts (and dates) and ensure you have enough money to repay the loan.

If you need assistance, once you click “Go to Site” the lender will be able to answer questions you may have.

Are payday loans a bad idea?

Payday loans are an expensive form of credit and should only be applied for if you have no other options. Some lenders have been criticised for predatory behaviour and approving loans to people who can’t afford it.

It’s important to remember these loans are expensive and you shouldn’t apply if there are alternatives available. Before you apply, see if you are eligible and if another credit type better suits your needs. It’s also a good idea to calculate costs, to see if any of the alternatives are cheaper than a payday loan.

For example, a credit card cash advance is a convenient way to get cash but can carry a 20% interest rate. There are also “no and low-interest loans” you can consider, if you receive Work and Income payments or are on a low income and need money to purchase essentials. If you have no other alternative and have determined you can afford the loan, then a payday loan is a viable option.

Can I pay out my payday loan early?

Many payday lenders allow you to pay out your loan early, without charging any extra fees. You still have to pay the full amount, associated with your credit contract. Contact your payday loan credit provider if you would like to organise an early payment.

Can I have my loan deducted from my pay?

The majority of lenders will direct debit your account on the day you get paid, but will not deduct the amount directly from your pay.

How quickly will the lender transfer my cash advance?

Most payday lenders provide you with a decision on the spot or within 60 seconds. They may need supporting evidence of your wage and employment, via bank statements and pay slips. Depending on who you bank with, the funds will be in your account within 24 – 48 hours. This also depends on whether it is your first loan and if it is a weekend or public holiday. Many payday loan providers claim to offer same-day funding, but this usually depends on which bank you are with or whether you hold a prepaid payday loan Visa card. If you need cash on a Saturday or Sunday, and you already have a relationship with a lender, it could be worth considering comparing its offerings. Some small amount credit providers check 90 days worth of your bank statements. This is to check you can genuinely service the loan and repayments. Instead of faxing or emailing these statements to the bank, some lenders use online verification through Credit Sense. Credit Sense uses 128-bit security encryption to send your bank statements safely. They never store your bank or login details.

Is it a bad idea to keep taking out payday loans?

If you make all of your repayments on time, a lender may approve you for another loan. Some lenders have benefits for repeat borrowers, such as increased borrowing amounts and quicker funding. However, bear in mind these loans are not a long-term solution, and if you frequently need to borrow money, then you may need to consider a longer-term borrowing option or a more stable line of credit. It may help to lower your expenditure each month, to overcome your cash shortfall.

How do I know if my details and account are secure?

New Zealand payday loan companies use a secure online system, such as Verisign, McAfee or Norton to secure data. Payday loans applications are generally carried out on a secure online application form to help protect your privacy. These systems use a 128-bit secure server and SSL encryption to ensure your personal information cannot be stolen. To verify your income, payday lenders need a snapshot of your account for the past 90 days. The services involved are 100% safe and secure, and they provide a “read-only” view of your account. They do not transmit any personal details and do not need access to any other information besides your financial history.

I just changed bank accounts, can I still apply for a loan?

If you have recently changed bank accounts, your income may be hard to verify. If you have access to your previous bank account, you should attempt to obtain statements for the last three months to prove your income. If not, your previous institution should be able to give you access. The more information you can provide, the better your chances are of being approved.

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2 Responses

  1. 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.


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