Things happen, and we want to give those who need to get cash now peace of mind. We’re laying down what you need to qualify for a payday loan here.
No one likes to be short on cash and emergencies can knock even the most prepared person off of their feet.
That’s why options like payday loans exist– to help people get cash now when they need it most.
It turns out that over half of New Zealanders are in debt. The worst part? People under 35 tend to carry the majority of that debt, with some averaging around $130,000 worth of debt.
Pretty Penny is here to help people out of their financial crisis without placing an extra burden on them.
We give loans up to $500 and love using our blog to help educate people on what can help them qualify for a loan and what they should keep in mind when borrowing.
When more people understand the loan they’re getting into, they’re being set up to handle these loans more responsibly. And that’s a good thing!
So we’re going to break down everything you need to know about how you can qualify for a payday loan so you can get cash now.
Qualify for a loan and get cash now
There are a few points you’ll have to check off to know if you qualify for a payday loan. Not sure if you’ll qualify? Read on.
You’ll have to be over 18
In New Zealand, you will have to be 18 or older to even begin the process of getting a loan.
Young people are only considered legal adults at 18 years old and, unfortunately, you’ll have to be at least that age to get a loan. Any younger and your financial needs will have to be handled by an adult or family member.
Why? New Zealand will require a guarantor that’s over the age of 18 to enter into the legally binding contract that loans are for you.
You’re currently working
When you’re applying to get cash now in the event of an emergency, you have a few options of qualifications you can go for.
One of these is proving that you currently hold a job in New Zealand. Many loan companies require this to prove that you will be able to pay the loan back on schedule.
And it also helps protect you because, without a job, it’s likely that any financial struggles will only get worse if you take out additional loans.
If you currently have a job and qualify for a loan, you’ll want to do a little bit of extra planning. It will be a good idea to not only look into how you can take out a loan responsibly but also make a plan to pay back and save some money in the future.
Make sure you have a phone plan
Pretty Penny is a lender that also gives you the option of having a phone line as a qualification for you to be able to get cash now.
Why? Having a phone plan also demonstrates that you’re able to plan and pay back a set bill during the month. A working phone requires that you pay a bill on time for it to keep working, so proof of this will help you qualify for a loan in most situations.
This is similar to how your loan will work! We lend up to $500 at a time and you will be placed on a repayment plan that works for you.
With every month, you will be paying back an installment of your loan to avoid being charged extra fees. With us, there’s a $13 late fee and we require our clients to contact us. This way, we can discuss the situation and make sure the customer is better prepared for the next payment.
Or sign up with guarantor
A guarantor is important when you need to get cash but don’t have a job or working phone plan to show lenders that you’re able to pay back your loan.
This person is over the age of 18 and is willing to sign onto your loan with you.
If you’re looking for a guarantor, it’s important that you keep in mind this person will have to repay your loan for you if you’re unable to.
When someone doesn’t have the necessary qualifications (like being 18, having a job or phone), a guarantor is stepping forward to advocate that you’re responsible.
Do you also have a checking account?
One major factor for any payday loan is fairly straightforward. Do you have a checking account?
This is how many payday loan companies are able to get the money to you once you qualify. You may also be able to use your checking account history to show that you can pay back statements when needed!
Your banking information will remain private since these transactions are designed to be safe towards your important information.
However, not having a checking account can seriously stall or prevent any payday loans from coming your way.
So be sure that you’re in good standing with a bank and are able to keep up your account or create a new one in order to get your finances back on track.
You’ll also need a valid IRD number
No matter what type of loan you’re looking to take out in NZ, you’ll need to have your IRD number handy.
This number is completely unique to you so that any loan companies or places or employment can verify that you’re a New Zealand citizen.
If you’re here on a work visa, you can also get an IRD number once you apply. From there, you’ll have to hit all of those other requirements in order to get cash now from a payday loan.
Want more info?
If you want to gather some more resources about how you can get cash now with a payday loan, make sure to stop by and browse the rest of our site.
Pretty Penny is here to help you solve financial emergencies. Being on top of your payday loans can start with learning about loan fees and interest rates. And you can also check out our breakdown of the biggest myths concerning payday loans so that you can feel fully informed!