While it’s a major tourist destination and an economic hub, Auckland is one of the most expensive places to live in New Zealand, and it may not be uncommon for financial emergencies to arise for Auckland residents.
⚠️ 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.
In the case of financial emergencies, some people may apply for a payday loan. Payday loans are short term financial solutions, usually for fairly small amounts of cash designed to tide people over until the next payday. The repayments on small payday loans can be high, with interest and fees accumulating very quickly.
Compare loans you can apply for in Auckland
How do payday loans providers in Auckland work?
The criteria for obtaining a payday loan isn’t as strict as with regular personal loans. Customers can be approved as long as they demonstrate an ability to repay the cash loan and meet the lender’s criteria, which may include showing evidence that they are employed or have a regular source of income that allows them to reasonably repay the loan. Repayment terms are usually between 2 to 60 day, but some payday loans can have terms of a year.
Bear in mind borrowing on these terms can be expensive. In Auckland, most cash loan companies lend up to $2,000, although this amount might be lower for a first-time borrower. Loan customers can apply online and money is usually transferred to their account within a few hours of approval.
Which lenders are based in Auckland?
- Advanced Cash
- Cash Till Payday
- Money Shop
- Payday Advance
- Payday Loans Auckland
How to compare payday lenders in Auckland:
Payday loan providers can offer approval in a short space of time, but the costs and fees associated with a payday loan are typically high. In Auckland, finding a provider is straightforward, especially online. It’s essential for prospective applicants to compare the offers available and calculate their repayments prior to submitting an application, to help them to work out how much they can borrow and how much they have to repay.
Some lenders can advance customers up to $2,000 within 24 hours, as long as they meet all of the payday lender’s requirements for the cash loan.
Before applying for an Auckland payday loan, customers should make sure that they are aware of the costs and fees involved.
In what areas in Auckland are payday loans available?
Payday loans are available throughout Auckland, with online applications making them accessible for residents of its suburbs and the inner city.
No matter where someone is in Auckland, there are short term cash loans options available, including the CBD (Advanced Cash), Ellerslie (Cashburst) or Newmarket (Smartcash).
Questions to ask about payday loans
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