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Compare Payday Loans from New Zealand Lenders

Name Product Maximum Loan Amount Loan Term Turnaround Time Loan Interest Establishment Fee Account Administration Fee
Up to 42 days
Overnight, or within 60 minutes with fast payment
200% p.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. To be eligible, you must be working full time and not rely on welfare payments.

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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.

Payday loan rates and fees explained

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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…

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.
  • 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.

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 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.

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4 Responses

  1. Default Gravatar
    SusanSeptember 13, 2018

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

    • finder Customer Care
      JhezelynSeptember 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.


  2. 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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