Payday loan comparison guide

Payday loans can come to your rescue when you need cash in a hurry, but it's essential to compare lenders

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comparison of loans

Payday loans are exactly what their name suggests, small loans to cover you when caught short before payday. They can be beneficial to gain access to quick cash, but comparing lenders will help ensure you get the right loan for your needs.

Compare your options below to find a loan that best suit your financial needs.

⚠️ 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.

Ferratum Micro Loan

Ferratum Micro Loan


153.15 % p.a.


  • Borrow from $100
  • Decision on your online loan in seconds
Security Logo

100% confidential application

Ferratum Micro Loan

New customers with qualifying credit can enjoy 45 days interest and fee free on their first short-term cash loan. Apply today to get approved for up to $1,000.

  • Max. loan amount: $1,000
  • Loan term: Up to 45 days
  • Turnaround time: Same day upon approval
  • Fees: $28 - $48 Establishment Fee
  • Easy online application
  • Flexible repayment schedule

Short-term loan comparison

Name Product Maximum Loan Amount Loan Term Turnaround Time Loan Interest Minimum Monthly Repayment Establishment Fee Account Administration Fee
Moola Payday Loan
Up to 368 days
Within the same day
From 149.65% p.a.
Borrow up to $5,000 and enjoy a flexible repayment plan. Eligibility: Be over 18, 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, working full time and not rely on welfare payments.

Compare up to 4 providers

How to consider your payday loan options

  • The lenders. These are the companies that provide payday loans. Underneath is a short description of the credit they offer.
  • Maximum loan amount. The highest amount you can borrow from each lender. Please be aware that you may not be eligible for the full amount.
  • The term of the loan. The range of repayment dates each lender may offer you, ie the length of the loan.
  • Turnaround time. How quickly you will receive the funds from each lender.
  • Total cost of borrowing $100. These are the fees and rates the lender applies to the loan.

Four quick tips to help you compare your loan choice

  • Sort the table. Click on the column heading to sort the table according to what you need and want.
  • Click through to the review page. By clicking on the name of the loan, you can read a detailed review of the payday loan before you apply. Find out its fees, features and restrictions plus other vital advice.
  • Find the information you need. If you’re after specific facts on a loan, we might already have a guide on Look through the guide section on the left-hand side of the page or use the search function at the top.
  • Browse through the loan types. There are some loan types, at the top of this page on the left-hand side, that you can navigate to find what you need. You can find Work and Income loans, loans for unemployed people or instant cash loans.

How to use the above table to find the right payday loan for you

Now you know what each of the fields in the above table outlines, you can use it to find the correct one for your needs.

  • How quickly do you need the loan? The turnaround time lenders offer may be the most important factor to you, depending on how soon you need the money.
  • How much do you need to borrow? Bear in mind that you may not be eligible for the maximum loan amount that the lender provides.
  • What repayments can you afford? Lenders usually structure your payments around your pay frequency, debiting your account on the dates you receive your pay. Your repayment amount will depend on how much you borrow and the terms the lender offers.
  • Are you employed or do you receive Work and Income payments? Payday lenders like to see a regular income, whether it is from employment or Work and Income payments. Lenders may have specific restrictions if you receive Work and Income payments, so make sure you confirm your eligibility before you apply.
  • How negative is your credit history? Payday loans are typically sought by people with a bad credit history, as lenders usually focus more on your current situation and ability to repay. However, the number of black marks on your file may have a bearing on your application, so check the eligibility criteria.
  • Once you have compared your payday loan options and decided on the right lender for you, click “Go to site” in the comparison table above to start your application.

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