A payday loan can act as a source of emergency cash when you need it most. Most people know the situation, when there just doesn't seem t be enough cash to cover costs until the next pay day. A payday loan can bridge this gap and as a short-term loan you will be able to repay it quickly. Most payday loans can be applied for quickly online, so there is no need to face a bank manager who may turn you down! Many payday providers can offer their loans to all types of borrowers including those with a bad credit rating, but they may require that the applicant is in some form of employment. Use the chart to compare all the loan essential factors, including the interest rate and requirements. Always read the terms and conditions carefully.
Compare Payday Loans
Payday loans can help you get the money you need when you need it. Make sure you know the risks before you take one out.
What is a Payday Loan?
Payday loans are small unsecured loans where no credit checks are required. This means that whatever your financial history you are likely to be approved. Payday loans have short terms and must be paid back quickly, usually on your next payday, hence the name.
With no credit checks the loans are very accessible. The only requirements are usually that you are over 18 and have a New Zealand bank account. The application process is easy and fast and can take only a few minutes to complete. You can get the money you want from the comfort of your own home either online or with some companies via text.
Get the money you want in under an hour
Payday loans are a fast way of getting emergency money. You can apply, get approved and have the money in your account often on the sameday. Some lenders can even get the money to you in as little as 15 minutes! They are designed to help you cover your expenses until your next paycheque.
When is it OK to take out a Payday Loan?
An increasing amount of people are turning to payday loans to help them make ends meet. Payday loans can help you cover an unforeseen expense such as household bills, home repairs and buying essentials like petrol, food and travel.
Remember that payday loans are for short term borrowing and should never be used to solve any long term financial difficulties you might have.
What are the risks?
Payday loans can be very costly and are a more expensive than other methods of borrowing. This is because the interest rates are very high as these are unsecured loans which can be given to people with bad credit ratings. However, they are designed for short term borrowing so if you do decide to take one out you need to be responsible and pay back the amount plus the interest as soon as possible.
If you miss payments you can quickly fall into a debt problem. This is because the fees and charges that come with late payments can be expensive and can easily accumulate. Not only can you fall into debt but you also risk damaging your credit score which will be used against you.
Finding a Payday Loan
As payday loans are so popular there are many lenders vying for your business. It is definitely worth taking the time to research the market to see what is on offer. You can use the table above to find the right payday loan for you.
It is important that you read the small print on a payday loan and understand how the loan works. Also look at what happens if you miss payments.
What are the risks?
As with all financial products, you should ensure that you are fully aware of the terms and conditions and repayment structure. If you are in any doubt then you should seek independent financial advice.
29 October 2013
Which Way To Pay
With the demand for payday loans on the increase over the last couple of years, there have never been so many providers in the market. So, how do you know which company to choose?
06 June 2013
What happens if you urgently need money and nobody is willing to lend it to you? Maybe you have to pay for an urgent repair, maybe it is a medical emergency which you need the money for – a payday loan can fix a short term financial emergency.
23 July 2012 16:30
If you are short of cash and in need of a quick cash advance, then a payday loan just be what you need. Paydays loans are in essence a cash advance against you income. Getting a payday loan is easy and quick and there are more on offer than ever in the financial market.
08 May 2012 17:00
For many across New Zealand some months your salary will just not go far enough. If you need some extra money to get by until your paycheque comes through that’s where payday loans come in.
05 October 2011
Which Way to Pay
Payday loans are specifically designed to get you through the rest of the month until payday. If you need some extra cash to pay a bill, book a holiday or just to get through the rest of the month, the a payday loan could be the answer.