Need Cash Today review
Get the funds you need within 60 minutes of approval with a short term loan from Need Cash Today.
Need Cash Today is a short term loan provider that is owned and operated by Moola.co.nz. This lender uses a hassle-free online application and approval process so that you can apply for funds without leaving home, and funds are paid into your account within 60 minutes once approved.
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⚠️ 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.
Things to consider when taking out a loan with Need Cash Today
Loans from Need Cash Today are not suitable for long-term finance. As loans are high cost, they are more suited for people who are looking for a short-term cash flow solution.
Need Cash Today has a policy that borrowers can only take out a loan if they have existing debt repayments that are less than 48% of their income.
- Loan amount. You can borrow between $750 and $2,000, but first-time customers are limited to $1,000. Once you have successfully paid back a loan, you can borrow up to $2,000 for subsequent loans.
- Loan term. Need Cash Today loans have a minimum term of 92 days and a maximum term of 182 days.
- Interest rate. The Annualised Interest Rate is 292%.
- Early repayment. Need Cash Today does not charge a penalty fee if you decide to pay your loan off earlier than the agreed loan term.
- Fast application. You can complete your application from your phone or computer at any time in just five minutes.
- Flexible repayments. You can tailor a repayment schedule that fits in with your budget and when you receive your salary or wages.
- Fast payout. You’ll receive the funds in your account within one hour after your loan has been approved.
- No hidden costs. Need Cash Today is transparent with associated loan costs, terms and conditions so there are no hidden surprises during the course of your loan.
How much does the loan cost?
Loans from Need Cash Today have an Annualised Interest Rate (AIR) of 292%, with interest on the unpaid balance charged at 0.8% per day.
There is no establishment fee or ongoing maintenance fee, but there are other fees to take into consideration:
- Veda lodgement Fee: $20
- Wage deduction authority fee: $29.78
- Default fee: $20.08
- Cancelling direct debit fee: $20
- Extension debit fee: $11.12
If you take out a loan of $1,025 for the maximum loan term of 26 weeks, your total repayment amount will be $2,050. This includes interest and fees of $1,025 with weekly repayments of $78.84 per week.
The maximum amount you will need to repay will be no more than double the loan amount that you take out.
Is Need Cash Today safe?
Need Cash Today is a responsible lender that makes sure its customers are aware of how much a loan will cost before making a commitment. It is a registered Financial Service Provider with the New Zealand Government and is a member of Financial Services Complaints LTD.
Credit agreements are governed by the Credit Contracts and Consumers Finance Act and regular internal audits ensure compliance of policies and systems.
Need Cash Today advises that a short-term loan may not be suitable if you are already in debt and to speak to MoneyTalks or the Citizens Advice Bureau for financial support.
How to apply
To apply for a short term loan, you can complete an application form on the Need Cash Today website. Use the loan calculator to work out how much your repayments will be based on the amount you need over various loan terms, then click on ‘Get Cash Now’.
The loan process is managed 100% online, so rather than having to print out forms, you can use a digital signature to sign the application.
Need Cash Today will need to see bank statements for the last 6-8 weeks and will also need to speak to payroll at your company to confirm your employment.
To be eligible for a Need Cash Today short term loan, you must meet the following criteria:
- Be at least 18 years of age
- Be a New Zealand citizen or resident
- Be in ongoing employment
- Have a bank account where your salary or wages is deposited into
- Have an active email address and mobile phone number
- Pass an employer check
Need Cash Today does not lend to anyone that is bankrupt, self-employed or on a benefit. Many applications are declined because they don’t meet the strict credit criteria and legal requirements.