Compare short term loan solutions

Compare a range of short-term loan lenders and learn more about the options available to borrowers.


Fact checked

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. Sometimes 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 loan terms, high-interest rates and high fees these loans attract.

⚠️ 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 8:00am 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 works 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.

Please note: If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here.


Moola Payday Loan

Borrow up to $1,500 and enjoy a flexible repayment plan.
  • Minimum loan amount: $500
  • Maximum loan amount: $1,500
  • Interest Rate: 292% p.a.
  • Loan term: Up to 126 days
  • Turnaround time: Within the same day
  • Key requirements: Be 18+ years old, provide proof of recurring income
Moola Payday Loan
  • Simple application process
  • Fast turnaround time
  • $0 early termination fee
Go to site More info

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
Moola Payday Loan
Up to 126 days
Within the same day
292% p.a.
Borrow up to $1,500 and enjoy a flexible repayment plan. Eligibility: Be 18 or over, have an ongoing source of income, working visa applicants accepted (conditions apply).
Cash Relief Short Term Loan
Up to 42 days
Overnight, or within 60 minutes with fast payment
250% p.a
$58 (less 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 or over, working full time and not rely on welfare payments.
Save My Bacon Mini Loan
6-8 weeks
Same day
49.95% p.a
Short term loans up to $400 with no hidden fees. 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.
Save My Bacon KickStart Loan
20-26 weeks
Same day
182.5% to 255.5% p.a
Medium term loans up to $2,000 with no hidden fees. 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.

Compare up to 4 providers

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

Looking for a specific loan amount?

Payday loan rates and fees explained

Back to top

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 pay cheque 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, e.g. 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…

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.
  • Quality of 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 such because they are all about your pay day. 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 pay day 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.

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.

Is Credit Sense safe?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.
Back to top

Read more on this topic

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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 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 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?

    • Avatarfinder 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!


  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?

    • Avatarfinder 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!


  3. Default Gravatar
    SusanSeptember 13, 2018

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

    • Avatarfinder 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.


  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!

    • Avatarfinder 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.


Go to site