A payday advance is exactly that, a short term loan to cover you when you are caught short before payday. It could be used for paying off emergency expenses such as a car repair, a purchase that you just have to make, or a huge utility bill. A payday advance is helpful to gain quick access to funds, just make sure you get the right one for your financial needs. Put yourself and ease and learn more about the costs of payday loans.
Various New Zealand lenders specialise in offering payday advances; they even approve loan applicants with bad credit histories.
It is important to understand the terms, interest rates, and fees that come with these small term loans, before considering one for yourself.
Benefits of Payday Advance in NZ
Simple application process. The online application makes the process fast and simple. Hence, fast turnaround time and approval for borrowers with urgent needs. Expect notifications in no time since it’s an online process.
Quick cash. Payday advances offer a quick and convenient way to get the cash you need. Once approved, the lender will electronically transfer the funds directly to the borrower’s account. You can borrow up to $1000, enough for what you may need for short-term usage.
Accessible credit option. If you have an outstanding loan or a bad credit history, you can still apply for a payday advance. Most specialist lenders consider most loan applications and have high approval rate. You have a chance of being approved as long as you can afford to pay off the loan amount.
There are lenders which also offer short-term loans to borrowers who are on Work and Income New Zealand (WINZ) benefit, have short-term of income, and can afford to make the loan repayments.
To read more, visit Pretty Penny’s Payday Advance NZ page to gain more insight into this accessible credit option.
Transparency in matters related to fees. You can use the lender’s loan calculator to be aware of the interest rates and fees of your target loan beforehand. You can also make enquiries, via call or email, with the help of the lender’s loan experts to know exactly how much you will need to pay back, or if there are additional charges included on late payments.
Eligibility for a Payday Advance in NZ
Each lender has specific criteria to use to assess a payday advance application; generally a borrower has to:
- Be at least 18 years of age
- Meet minimum income requirements
- Be a recipient of regular income, which goes into his bank account
- Be a recipient of less than half of his income from benefits
- Prove that his current financial situation is stable; if he has a bad credit history
Learn more about everything you need to know when it comes to your credit profile. On the off chance that you have retired or are physically unfit to work, you can still have access to funds via a line of credit or a short-term loan. Some loan institutions consider pension as a form of income. Depending on your financial situation, you might still be eligible.
Some specialist lenders may also have eligibility criteria which are flexible to accept applicants with less-than-perfect credit; because some lenders do not perform credit check. You just have to exert an effort to search for a lender which offers a no credit check payday advance in NZ.
Factors to consider before getting a Payday Advance in NZ
Payday advances are becoming more popular in New Zealand. Specialist lenders are more flexible with their requirements so borrowers can have more options to choose from. Before you get yours, you must consider these factors:
Interest rates and fees. Look for competitive rates and low fees for this will affect the total amount of your repayments.
Trusted lenders. Make sure that you deal with a trusted lending institution, one which is licensed and offers transparency with all the features and fees of your payday advance.
Terms and conditions. Some lenders offer different minimum and maximum borrowing limits than their competitions. They may also guarantee loan approval and access to funds faster than their competitors.Everything you need to know about payday advances Click To Tweet
Terms and conditions are usually found on lender’s website. Make sure to read through and make enquiries on parts that you do not understand.
Usually, it is the lender’s policy to have payday advances be fully repaid as quickly as possible so borrower can avoid unmanageable charges and get on with their lives. If you can make the loan repayments within the agreed period, payday advance can offer a convenient way for you to access much-needed funds. For more information click here.