Cash Relief payday loan review
Cash Relief offers short term loans of up to $600, covering your expenses until your next payday.
New Zealand payday lender Cash Relief can help you with your unexpected and emergency costs. With loans from $100 to $600 and with bad credit options, Cash Relief could be the solution you are looking for.
You could have a cash advance in as little as one hour to help you pay off anything from medical bills to car payments. Read on if you want to know whether you qualify for a Cash Relief Short Term Loan.
Max Loan Amount
$450 per week
⚠️ 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.
Types of loans from Cash Relief
Cash Relief specialises in short term loans, helping you cover your expenses if you find yourself short of cash until your next payday. Loans from Cash Relief can range from $100 to $600 and be taken out for a period of up to 42 days. First-time applicants can borrow up to $200, depending on their approved Cash Relief credit limit.
You can repay your loan in a maximum of 42 days if you are paid weekly or fortnightly, or one month if you are paid monthly. The repayments of your first loan will help determine your credit limit for your second Cash Relief loan which may be increased after three loans.
Why should you consider taking out a Cash Relief Short Term Loan?
If you find yourself facing unexpected or emergency expenses you could consider a short term loan from Cash Relief. Cash Relief Short Term Loan include the following features:
- Ability to make additional repayments. Cash Relief allows you to pay your loan back early at no additional cost, which means you can save on the daily interest your loan accumulates.
- Fast cash. For an additional fee of $5, you can receive your funds just one hour after your loan is approved. Keep in mind, the exact time the funds become available to you depends on your bank.
- Low minimum amount. You can borrow as little as $100 from Cash Relief, so it may be an alternative to using a credit card for small unexpected expenses.
How much will it cost you to borrow from Cash Relief?
To take out a loan from Cash Relief, you will be charged an administration fee of $6.10 per month (paid in advance). All Cash Relief loans have an interest rate of 250% p.a and establishment fee of $58 based on borrowing amount. If you wish to receive your funds within 60 minutes of approval, you must pay an additional fast transfer fee of $5.
The following additional fees may apply:
- If you dishonour a payment or stop making them, Cash Relief charges a default interest rate of 30% a year on the outstanding part of the loan, in addition to the 250% yearly rate it is already charging.
- Dishonour fee – $10
- Ezidebit dishonour fee – $14.95
Are Cash Relief loans safe?
Cash Relief is a Registered Financial Services Provider and uses Acorn Finance 2012 Limited as its financial service provider. Cash Relief is also a member of Financial Services Complaints Limited. You can contact Cash Relief during business hours at 0800 081 080.
How to apply for a short term loan from Cash Relief
Applying involves the following steps:
- Fill out the online application.
- Wait for Cash Relief to verify your details and do a credit check.
- Digitally sign your credit contract.
- Receive your funds overnight, or within 60 minutes with fast payment.
To qualify for a Cash Relief loan you need to:
- Be at least 18 years old.
- Earn at least $450 per week (full time employment).
- Have your wages paid regularly into your bank account.
- Earn over half of your total income from paid employment.
- Not rely on welfare payments.
- Not be self-employed.
- Not be bankrupt or with a lot of debt.
- Have access to the Internet, email and a mobile phone.
- Provide an original or scanned copy of your driver’s license/passport number during the application process.