It's common sense to find out everything you need to know about a product before you buy. For example, would you ever buy a car without first taking it on a test drive? The same applies to payday loans. Important questions you should get answers to before you take out a loan include: What are payday loans used for? How much do they cost? Would I qualify for one? The Little Loan Shop has put together this handy guide to answer your questions so that you know whether or not a payday loan will be right for you.
What is a payday loan?
A payday loan nz is a small cash advance that is paid back over a short period of time, usually 4 to 6 weeks. Payday loans are designed to give you cash for unexpected, one-off expenses, to make up the shortfall until your next pay day. Due to the short repayment period, payday loans usually have a small credit limit and a relatively high interest rate. A fast cash loan maybe just what is needed right now.
Payday loans are mostly processed online which means you, the borrower, gets a lending decision quickly and conveniently. The amount you can borrow is determined by how much you get in your pay as well as other factors including your credit rating.
Applying for a payday loan online
Applying for a payday loan on The Little Loan Shop's website takes just a few simple steps and can be done on any device that has access to the internet. You don't need to supply any paperwork and it's not essential to speak to anyone during the process. All you need is a mobile phone and an active email address.
When you apply for a loan you'll be asked for the details of your photo ID, your address, and bank statements. If you tick the box giving your consent all of the information required from these documents can be verified securely online by The Little Loan Shop. No hassles of printing, scanning and uploading or worries that your personal details are not safe. Online applications with all of the information provided receive a lending decision within minutes. If your loan is approved the cash will be in your bank account within 60 minutes at the latest, often much quicker.
How much will my loan cost?
To find out how much a Little Loan Shop payday loan will cost simply go to the handy loan calculator on our website. Select how much you want to borrow, what your pay cycle is, and the amount each repayment will be. The total amount to pay will depend on how soon you make the first repayment.
Standard criteria for application apply. You must:
- Be over 18 years of age and a New Zealand citizen
- Have your wages paid regularly into a bank account
- Own a mobile phone and have an active email address
You can apply for a loan between $100 and $600, make your repayments weekly, fortnightly or monthly depending on your pay cycle, and select the total number of repayments you want to make. Interest is charged on the loan daily, so the quicker you pay it back the less you pay overall.
The Little Loan Shop is a Responsible Lender
Application for a Little Loan Shop loan does not guarantee acceptance. Our customer service team assesses every application individually and only lends to people we consider can afford to make their repayments on time. Responsible Lending
You must start your loan repayments on your next pay day. If we're not able to collect on a repayment date, we'll contact you by email or text to find out what happened and what we can do to help. Our friendly professional team aims at all times to act with integrity, treat all clients fairly, and operate completely within the law.
At The Little Loan Shop we do our best to make sure you understand everything about your rights and obligations when you take out a loan so that you can get through your financial emergency with the minimum of worry and stress.
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Why The Little Loan Shop?
- Easy, confidential online application for payday loans in Auckland
- Less than perfect credit considered. We've helped thousands of people
- Fast and efficient application process. All online
How it works
1. You apply in minutes and we assess your application within 60 minutes.
2. You confirm your acceptance after receiving an offer from us by email. No obligation to accept
3. You receive the money in your bank account
4. We direct debit the repayments from your bank on your pay day as agreed
Is The LIttle Loan Shop right for you?
- Only take out a loan if you can comfortably manage the repayments
- Our loans are for short term only, usually 1 to 6 weeks. Don't use this type of loan for long term financial needs
- Late of missed payments will mean extra charges and may affect your credit rating
Help and Support
Check out our FAQ for information about our loans. Go to Blog for tips