Frequently Asked Questions
1 What is a Cash Advance or Payday loan?It is a short term personal loan for a small amount until your next payday. Usually for amounts under $1000. Upon approval of the loan the funds are electronically deposited into your bank account.This type of loan is not suitable for long term borrowing.
2 How do I apply for a Payday Loan?Simply complete the 5 minute application form online. You can provide your ID details and bank statements when filling out the online form. No need to scan or send anything!
3 What are the qualifying criteria for a pay day loan?A regular income from paid employment of more than $450 per week which is paid into your bank account by your employer. You must be a New Zealand citizen or resident and been in your job for more than three months.
4 What if I have a bad credit history?As part of our assessment of your first application for a Payday Loan NZ we will carry out a credit check.
We understand that from time to time people may have a few troubles and often defaults, but our policies are not as tight as banks and mortgage lenders and approve many applications if you are paid regularly and don't withdraw all your pay as cash on the day you are paid.
However, there are still cases when applications are declined. If you are now bankrupt, or have an extremely bad credit history, your application will be declined. We may also decline your application if we consider this type of lending is not right for you or if the repayments will cause you financial hardship.
5 How quick will you receive your money?Once we receive the necessary information, your Payday loan can be approved within 60 minutes. The cash advance will be transferred into your account within a few hours or within 60 minutes of approval if you select this option and agree to the $5 fee to be added to your loan
6 How much can I borrow?We calculate your credit limit based on your regular income and expenses by making an assessment of your obligations so as to not cause you undue hardship. If you consider this lending option is not right for you do not sign the Credit Contract or submit an application.
7 I receive a benefit, do I qualify?Unfortunately we are unable to offer advance to people who are not in full time employment.
8 When is my payday loan due to be repaid?Repayment is due on your next pay day. For your convenience you can opt to either pay it back over several consecutive paydays or in one lump sum. Customers paid monthly are required to make full payment at their next pay date. This is simply done via a direct debit on your payday. The agreed amount will be automatically deducted from your account on the dates specified in the Repayment Schedule of your Credit Contract emailed to you after your loan is approved. YOu can also login with your email address and password to view your loan history and payment schedule.
9 How is the payday loan repaid?When your loan is due, it is repaid via a direct debit from your bank account. The repayment amounts will be direct debited on the Account Repayment Schedule dates unless we notify you differently or we both agree to a new payment arrangement.
10 Can I request an extension to my loan?It is our policy to have payday advances repaid in full as quickly as possible so you can get on with your life. We aim to only allow you a maximum credit limit you can afford, so you don't get into trouble.
If difficulties arise we can allow one extension per advance, this will reduce your maximum credit
limit on future payday advances. If your payday advance is not paid after this time it will be considered in default
11 How much will my same day loan cost?Our interest rate is 49.5% per year or 0.136% per day and fixed for the term of the loan. An Establishment Fee of $86.00 fee is charged for each new loan. This amount may be discounted for loans under $400 to a minimum of $55.00. An Account Administration Fee of $6.10 is applied to your loan every month, starting when the loan opens. The minimum Account Administration Fee is $6.10. A $5 fee if you choose a 60 minute transfer to your bank account. These fees are added to your loan and are counted as part of the loan when interest is calculated. This means you pay interest on the fees as well as the cash advance. There are no fees for early payment. Interest is only paid for the number of days you have the loan. This means if you only have the loan for one day then you will only pay one days interest. Please check the loan calculator to see your total repayments
12 I have just repaid my last cash advance. When will I be approved for another one?Unfortunately it can take 2 to 3 days for your bank to confirm your direct debit payment has cleared through to us. Once the payment has cleared, you can apply again for a new loan. Alternatively you can send a proof of payment showing the payment has left your account. Once we receive this proof of payment, we close your loan and invite you to apply for a new loan.
13 How do I find out the status of my application?The best way to find out how your application is progressing is to send an email or give us a call.
If you have not received an email about your application status, you can contact our friendly customer service team on 0800 081 080 or email firstname.lastname@example.org with any questions you may have.
Make sure you read all the disclosures and Important Information and Terms and Conditions BEFORE you select the Submit button on your loan application.
If your application is successful, you will be sent an email containing the financial details and repayment schedule. You should alaso receive a copy of the Credit Contract and Disclosure Statement with Acorn Finance 2012 Limited via email.
Please read the online version of the Credit Contract and important information for Borrowers thoroughly and understand the obligations you are committing to before you agree to the loan. Seek independent advice if you do not understand any of the terms and conditions of the Loan Agreement.
You can find more information in the Responsible Lending section of our website.
14 What are the Terms and Conditions?When you submit a payday loan application and we approve your request you will be sent a copy of Credit Contract and Disclosure Statement to digitally sign. This contains the terms and conditions of the loan. Click here to see and example of the Credit Contract and Disclosure Statement.
15 Bank Statements - sending online - how does this work?Cash Relief uses an agency to send us your bank statements on line with out emailing, scanning or faxing. It is a secure and convenient way to verify your bank information. It operates at bank level security and provides us with a read-only copy of your bank statement for the last 90 days, giving us the best information to approve your loan. The system uses your online banking ID and Password. It is completely secure and nobody ever sees your ID or password except you and your bank.
16 Do you contact my employer?Cash Relief does not contact your employer unless you ask us to
17 Can I renew a payday loan with Cash Relief?Before you can renew a loan, previous payday loan must be fully paid. We do not offer top up type loans. Your payments need to have been made on the due dates and not deferred or extended. Depending on the time period between loans may mean we require additional information from you such as bank statements, pay slips and so on
18 Can I increase my second loan or payday advance NZ?We do not allow credit increases until you have completed three loans. These are subject to our own discretion, your payment history, and our assessment of your financial position.
19 Can I cancel the loan?You have a right to cancel your loan within 7 working days. If you cancel you loan, we can charge you: The amount of any reasonable expenses that had to be paid in connection with the Loan Agreement and its cancellation; Any interest accrued for the period from the day you received the loan until the day you repaid the balance.
20 How quick will my application be processed?Once you have supplied all the requested information and assuming we don’t require any additional information it takes about 30 minutes to conduct our required checks to assess your affordability, identity and employment details. Existing customers requesting a new loan maybe processed quicker. Once a decision is made you will be notified via email, this will confirm to loan payment amounts and due dates.
21 What happens if I suffer from Unforeseen Hardship?If you are unable reasonably to keep up your payments or other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to the us for a hardship variation.
To apply for a hardship variation, you need to:
- make an application in writing; and
- explain your reason(s) for the application; and
request one of the following:
- an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or
- a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or
- both of the above; and
- give the application to the creditor. Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application.
22 What if I have a complaint?Please refer any complaint you have to the collections officer or customer service person in contact with you. They should endeavour to resolve any complaint you have promptly and fairly. However if this initial attempt to resolve the matter has failed, please address the issue to email@example.com and mark it to the attention of the Complaints Officer. We have an internal complaints process and undertake to investigate any concerns promptly and fairly.
We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs. If you are not satisfied with our response, you may then refer the matter to FSCL by emailing To submit a complaint, you need to:
firstname.lastname@example.org or calling on 0800 347 257.
FSCL does not deal with complaints about standard fees or interest rates unless such fees and/or interest rates are not in accordance with your loan agreement. There is no cost to you to use the services of FSCL.
23 Where can I see a copy of the loan contract I have with Cash Relief?When your first application for a payday loan or small cash advance with Cash Relief is approved a copy of the Credit Contract and Disclosure Statement with Acorn Finance is sent for you to sign electronically. After you sign it, a copy will be sent to your email address. You can also see the details of your loan account by logging into the website www.cashrelief.co.nz with your email address and password. Alternatively contact us via phone or email and we can send you a copy.
If you login and apply for another cash advance after this loan is paid off, you will need to agree to the online Credit Contract and Disclosure Statement during the application process. Once your loan request is approved, a copy of the Credit Contract will be emailed to you.
24 What does a Cash Relief Credit Contract look like?A sample Credit Contract and Disclosure Statement can be viewed by clicking here . Of course it is only an example and the real thing will contain your name and loan details.
25 How do the Direct Debit loan repayments work?Before your payday loan application is finally approved you will be asked to digitally sign a direct debit form sent via Secured Signing. Acorn Finance (the credit provider) either direct debits you bank account on the due date or uses an agency such as Ezidebit to process the direct debit on their behalf on the day the payments are due. There is no cost to you. Here is a copy of the blank Direct Debit Authority including the Terms and Conditions
26 What happens if I fail keep my commitments?Contact us promptly as soon as you are aware that you might not be able to meet your repayments. We understand that unforeseen things happen so if you find your financial obligations to our credit provider Acorn Finance become overwhelming, you must get in touch with us immediately so that we can work together to find a solution for you to pay off your loan. Otherwise below is what will happen:-
Overdue Interest Charges
If a payment dishonours for any reason or you stop making payments, a default interest rate of 30% per year will be payable on the overdue portion of the loan, in addition to the standard rate of 49.5%. The rest of the outstanding balance will continue to be charged interest at the rate of 49.5% per year until full payment is made or more than 60 days have elapsed from the opening date of this Credit Contract. After 60 days interest will be suspended. After 45 days overdue the loan may be referred to a collection agency who will charge additional debt collections fees, plus legal costs incurred in collecting any overdue amounts.
Default Fees & Charges
The following fees & charges may apply:
$10.00 for every dishonoured or missed payment
$14.95 Ezidebit fee will independently charged to your bank account for each dishonoured direct debit payment if Ezidebit is used to make direct debits from your account.
27 Lending Advice Video
Not sure if you should get a loan? Look at the videos called "It's all good" from the NZ Commerce Commission which explain your rights. It's all good