IMPORTANT INFORMATION FOR BORROWERS
It is important you read and understand everything in this document before you apply for a loan using the Cash Relief website. We have tried to provide all the information you need make the right decision about taking out a loan with us. This document is to help you and is not part of any loan agreement.
Any documents or loan agreement sent to you for your approval and signature must be read and understood before deciding to accept a loan from us. Don’t sign anything if have any reservations, instead seek independent advice first. Similarly, read and understand the contents of the loan application section of Cash Relief website including the contents of the Privacy Waiver and Consent form and the Example of a Credit Contract.
The credit provider for Cash Relief loan applications is Acorn Finance 2012 Limited who is a New Zealand Government Registered Financial Service Provider no. FSP246365.
Cash Relief contact details are:
Phone: 0800 081 080
Fax: (09) 419 8924
Postal: PO Box 34 673. Birkenhead, Auckland, 0746
Address: 52C Mokoia Road, Birkenhead, Auckland, 0626
Hours of business are Monday to Friday 9:00am to 5:00pm. Closed weekends and public holidays
What We Do
- Cash Relief provides access to short term unsecured cash loans up to $600.
- Loan Terms are a maximum of 50 days.
- Repayments are over a maximum of 6 weeks if you’re paid weekly, 3 fortnights if you’re paid fortnightly, or in one lump sum the following month if you’re paid monthly.
- The maximum credit limit on a first-time loan is $600. Some customers may not qualify for this amount depending on income and expenses.
- The amount you can borrow maybe reviewed on subsequent loans based on an assessment of your obligations aimed at not causing you undue hardship.
Is a Cash Relief loan right for you?
Before applying for a short term cash loan from Cash Relief you should consider the purpose of the loan and if it is right for your own financial circumstances. Here are some important things you need to consider:
- These loans are only for a short term use and occasional borrowing only. They are not designed as a long-term lending option or an ongoing source of credit.
- Typically, our loans are designed to cover unexpected sudden costs. For example, car repairs, medical emergencies, unexpected bills like high power or other utility expenses. They are NOT designed for holidays, presents, or other non-essentials
- We require you start making loan payments on your next pay day.
- Short term cash loans through Cash Relief are an expensive way to borrow money. See the loan repayment calculator to see how much they cost.
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
Responsible Lending Policy
Cash Relief operates a responsible lending policy. As part of this policy we only approve applications from New Zealand citizens over the age of 18 years but excluding bankrupted people, under Summary Instalment Order or No Asset Procedures. Credit checks are done on all new customers and a minimum after tax income of $450 per week is required.
Although we do our best to ensure loans are affordable to repay, only you the customer can decide if you’re able to afford the repayments and what is best for your personal financial circumstances. If you have any concerns, we strongly suggest you seek your own advice or consider other options such as family.
If in doubt you can seek advice from the following websites:
You can find more information in the Responsible Lending section of our website.
How much do Cash Relief loans cost?
At Cash Relief we believe in making things perfectly clear. The credit provider is Acorn Finance 2012 Ltd.
- The interest rate is 49.5% per year or 0.136% per day, fixed for the term of the loan.
- An Establishment Fee of $86.00 fee applies to each loan. This may be discounted for loans under $400 to a minimum of $55.00
- An Account Administration Fee of $6.10 is applied to each loan every month, starting when the loan opens. The minimum Account Administration Fee is $6.10.
- Express Payment Fee of $5 applies if you want the advance in your bank account within 60 minutes. (optional)
These fees are added to the cash advance amount to make up the initial unpaid balance. The Express Payment Fee option is only available on weekdays Monday to Friday between the hours 9am till 4pm and only with ANZ, ASB, BNZ, Citibank, HSBC, Kiwibank, TSB and Westpac.
Certain preferred clients may qualify for a lower interest rate.
If you never miss a payment, we guarantee there will be no additional charges and never any hidden costs. However, default fees may apply for missed payments – see What happens if I can’t meet my repayments section in this document.
How do I find out how much my loan will cost?
You can use the online Loan Calculator to estimate the cost of a loan. If your application is successful, you will be sent a Credit Contract and Disclosure Statement to electronically sign. This contract contains all the financial information including the amount to repay and the loan costs. If you don’t think the loan is right for you, do not sign the Credit Contract and Disclosure Statement.
What will I be committing to if I submit a loan application on the Cash Relief website?
By applying for a loan on the Cash Relief website and pressing the “SUBMIT APPLICATION” button on the website you will be committing to the following:
- Authorising the credit provider, Acorn Finance 2012 Limited to make enquiries about you, carry out a credit check, verify your identity, verify your address, assess your ability to make the loan repayments based on the information and any bank statements provided
- Authorising Acorn Finance 2012 Limited to provide your personal information to credit reporters for a credit check
Make sure you fully understand everything in this Important Information for Borrowers document before you submit a loan application with Cash Relief. When completing the on line application form be sure to read and understand the content of every web page including the Privacy Waiver and Consent Form. These detail the obligations you will commit to if you do decide to submit a loan application by pressing the “Submit Application” button. Seek independent advice if you do not understand any of this information or anything else in this document.
In assessing loan applications, not all customers will qualify in accordance with our lending policy (refer Responsible Lending Policy). We take special care to make sure a customer can afford to make the repayments on time and we are reliant on the accuracy of the information a customer provides below to us to help us decide.
We need to see your bank statements for the last 8 weeks, a proof of address and approved photo ID. This information can be supplied and verified on line without any scanning or the documents can be emailed or uploaded on our website.
We endeavour to process new customer applications within 60 minutes during business hours Monday to Friday 9am to 4pm, subject on the customer providing all the required documentation. Loan payments outside these hours will be processed overnight, excluding weekends or public holidays.
We let you know the outcome of your application by email. If your application is approved a Credit Contract and Disclosure Statement form and a Direct Debit form will be sent to you to sign electronically. Once we receive these electronically signed forms we transfer the cash advance to your bank account, send you an email summarising the financial information and repayment schedule. You will also receive a copy of the signed forms.
How much do we lend?
The amount of credit available to individual customers is based on a customer’s own personal circumstances, income and past loan payment history, NOT all customers will qualify for the maximum credit amount. Some first time customer may only qualify for credit up to $200 and this may vary based on individual circumstances.
Method of Payment
All payments are done automatically via direct debit unless other prior arrangements have been made.
How do I find out my loan balance and how many repayments are left? (Continuing Disclosure)
Just log on with your email address and password on the Cash Relief or Acorn Finance website, select Account History and click on the open Account Code. There you can see the account history and remaining payments. Alternatively contact Cash Relief or Acorn Finance any time between 9:00 and 4:30pm weekdays and ask for an up to date balance or a statement outlining the settlement figure as at any date you specify. Contact us at email@example.com
Can I repay my credit contract loan early?
Yes. You are only charged interest up to the time you pay in full. There aren’t any extra charges if you pay early.
What happens if I can’t meet my repayments (failure to meet your 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 yourself suffering unexpected hardship and your financial obligations to Acorn Finance become overwhelming, you must get in touch with us immediately so that we can work together and try to come to a suitable arrangement for both of us.
Otherwise more interest and the following default fees may apply as below:
Default Fees and Default Interest
You may be charged a Default Fee of $10 each time you miss a payment or your direct debit payment is reversed by your bank. However, if you need to alter the amount of your payment or skip a payment completely you should contact us before midday on the day your payment is due. We can change your direct debit schedule at no charge to you, however, extending your loan means you will pay more interest than originally stated because interest is charged daily.
If you miss any payments, you will be charged Default Interest at the rate of 30% per annum on the overdue portion of your loan for as long as you have an overdue amount. Default interest is extra to the standard 49.5% per annum daily interest charged on the unpaid balance of your loan.
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. The law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact your the Commerce Commission or get legal advice.
Can I cancel my contract?
The Credit Contracts and Consumer Finance Act 2003 gives you the right to cancel this contract by giving us written notice. You must give notice that you intend to cancel within 7 working days after the Loan Accepted email is sent by us. You will need to pay back the amount borrowed and also pay the Establishment Fee and any interest for the period from the day you received the advance until the day you repay the advance.
To cancel, you must give Acorn Finance 2012 Limited written notice that you intend to cancel the contract by:
- giving notice to an employee of Cash Relief or Acorn Finance; or
- posting the notice to Cash Relief or Acorn Finance or an agent of the creditor; or
- emailing the notice to Cash Relief’s or Acorn Finance’s email address; or
- sending the notice to Acorn Finance’s fax number
Unforeseen Hardship or Financial Hardship
You can claim unforeseen hardship if your circumstances have changed. Unforeseen hardship can be caused by Illness, loss of employment, serious injury, end of a relationship etc. You must let us know in writing and advise us of the reason you are claiming unforeseen hardship. We are committed to collecting your past due loans in a professional, fair and lawful manner. Further information in regard to situations of financial hardship can be found here: consumeraffairs.govt.nz
I have a complaint
If you are dissatisfied with our service, contact us and tell us about your complaint. We always try to come to a satisfaction arrangement. Contact the Complaints Manager at Cash Relief on any of the contact details at the start of this document.
We will try to resolve your complaint quickly and fairly. We will try to resolve your complaint within 5 days. If your complaint cannot be resolved to your satisfaction by us, you have the right to refer the matter to our external dispute resolution scheme, Financial Services Complaints Limited by contacting them on:
Phone: 0800 347 257
Fax: (04) 472 3728
Post: PO Box 5967, Lambton Quay, Wellington 6145
Every endeavour is made to ensure the information on this page and website is complete, accurate and current.