The market for cash loans in New Zealand is expanding, so it can feel like a daunting challenge scouring through your options to find the perfect loan. Here, we’re going to give you a good bunch of handy tips to help you separate the good from the bad. Have a look through these pointers to give yourself the best chance of landing the perfect loan to suit your needs.
Consider quality of service as well as rates
The easiest way to compare finance products is to slam your needs into a comparison site and see which options come up at the top of the list. The truth is, in short-term loans, the interest rate and charges are only half the picture. Customer service and reliability plays a much higher role in urgent fast loans than most people expect.
When you need money fast, you want every part of the process to be designed for speed and convenience, as well as for all stages of the loan to run smoothly. At Pretty Penny Loans, this is exactly what we aim to provide to all customers; easy application, fast processing and delivery of the funds within hours.
The only way to really compare the customer service standards of rival providers is to check reviews, contact them to see how fast each vendor responds, and ask other people you know if they’ve heard of or worked with particular companies before. At Pretty Penny, we understand the importance of offering highly competitive rates, but we also appreciate the personal side of short-term loans. This means we show understanding for any circumstances you might be facing, we ensure all our charges and terms are displayed clearly in our offers, and that we remain on your side throughout the process.
Look for the minimum amount you need, not the maximum
It can be common for some borrowers to believe it’s best to take as much money as you can. This is never a good idea with short-term cash loans in NZ. You should be looking to take only what you absolutely need to cover your most urgent costs. Ideally, you’ll have some from of reserve or savings you can rely on and simply need a top-up to resolve your slight shortage of cash. This is where payday loans can be really helpful.
It’s not a good idea to take a large payday loan just to buy any unnecessary goods or to fund a shopping spree. You’ll end up paying far more than you need to when your next payday comes around and may even fail to make your repayments which will lead to even higher costs because of the amount you’ve taken. These loans are intended for emergency situations where an instant NZ cash loan is vital for you to get by.
So when you’re hunting for options, compare the lowest rates you need, as opposed to basing your decisions on rates applicable to the highest amounts available.
Check repayment times and attitudes towards late payments
Some payday loan companies will have very strict repayment penalties for those that fail to pay on time. We like to be very understanding of our customers needs as long as they contact us to communicate their situations as soon as possible. We’ll do our best to try and move your repayment schedule around to solve the issue, so the sooner you let us know, the more flexible our approach can be.
If you work with a loan company that have more of a zero tolerance policy towards late payment, you could run into serious trouble should things go wrong. This is an especially important aspect if you share your finances with others in your household. Communication is key when you take a short-term cash loan, which is why we put so much effort into being forthcoming with our customers, provide regular notifications to ensure everything goes smoothly, and have a friendly customer help team that’s ready to help with any concerns you might have.
It’s essential to remember that you might end up needing another fast cash loan in future. So picking the ideal loans company now can mean easier borrowing in future, as you’re likely to use the same provider over and over if things go well with your first loan.