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Important Information for our Customers

Please Read the Following Prior to Applying

Purpose of this page and definitions used

This information page is provided as a guide to assist our valued customers understand our products, services and processes. Every endeavour is made to ensure the information on this page and website is correct, complete and current, however the information on this page and website does NOT form part of your loan agreement unless specifically stated otherwise. Please read your loan agreement carefully before deciding to proceed with a loan from us.

The following definitions apply:

“PDA” means Payday Advance Limited.
“This website” means www.paydayadvance.co.nz, the website of PDA.
“We” or “us” means PDA.
“You” means you the person accessing this website, applying for a loan or otherwise communicating with us.

What type of loans do we do?

We provide short-term unsecured loans.
Amounts range from $100 up to $1,000 for new customers.
Repayment terms are based on your pay cycle of: up to 6 weekly, 3 fortnightly or 1 monthly repayment.
Your personal loan limit will be determined based on our affordability index* and our responsible lending checks – a large component in determining your affordability is the amount of your regular income after tax. Your indicative personal loan limit will be calculated at the beginning of the application process. As a responsible lender, we will never lend more than a small percentage of your regular pay.

*Our index is one step to ensure you can meet the agreed obligations under this loan without causing you undue hardship. If you feel this is not the case, please do not sign the Loan Agreement.

Would a loan from us be right for you?

Before obtaining a payday loan, you should consider whether a payday loan is a sensible choice that meets your particular financial needs and situation.

Our loans are designed only for short-term use only. Often they are used in an emergency or where a short-term cash shortfall has occurred that is expected to be resolved in a short period of time – for example, paying an unexpected, urgent bill when you don’t have enough funds but know that the next payday is just around the corner. A payday loan could also come in handy to cover:

  • An urgent medical bill
  • Car repairs
  • An unexpectedly high power bill
  • Fridge or washing machine repairs

As a responsible lender, we ask that you consider carefully before using our loans to pay for inessential items like birthday presents, shopping or holidays.
Even though we do our best to try and ensure our cash loans are affordable to repay, only you can decide if the cost of a loan from us is worth it for your particular situation. These loans are definitely not appropriate for long-term borrowing or to substitute existing debt.

There may be other alternatives, such as borrowing from a family member, a friend or a colleague or, for example, getting a credit card advance.
We are not in a position to be able to advise you if a loan from us is appropriate for your specific situation. You may need to seek your own advice in regard to the loan and/or the loan agreement.

Some websites you may find helpful are: Sorted, Commerce Commission website, Ministry of Consumer Affairs website, www.cab.org.nz, www.capnz.org.

Who do we lend to?

  • Subject to our loan approval process, we generally lend to New Zealand residents and citizens over 18 years old who are in stable, ongoing full-time employment, earning at least $350 a week after tax.
  • Unlike some lenders, we do not lend to unemployed, people whose main source of income is a benefit, temporary employed, pensioners, part-time and self-employed individuals earning less than $350 a week after tax or getting paid sporadically.
  • Before we make a lending decision, we will undertake some checks on your personal and employment details and your current short-term financial situation – as a way of assessing the affordability of the loan. We try to restrict contact with your employer to only one anonymous call during the application phase.

How much do our loans cost?

Click here for full details of interest, fees and charges.

How fast will my application be processed?

In general, it takes us about 30 minutes to review a new loan application once we receive all the paperwork we need. Subsequent loans are generally much faster.

Once you send through all the documents we require, the lending team will need to conduct some checks in an effort to ensure the affordability of the loan and to verify personal and employment details.

Once we have made a lending decision, we will inform you by email and TXT.

Payday Advance is a Responsible Lender

You can find more information in the Responsible Lending section of our website.

You will be provided with a copy of your loan agreement and all required disclosures BEFORE you are given a loan.

Please read your loan agreement and any communications from us thoroughly and understand the obligations you are committing to before you agree to the loan. Please seek independent advice if you do not understand any of the terms and conditions of the Loan Agreement.

You can contact our friendly customer service team on 0800 222 577 or service@paydayadvance.co.nz with any questions you may have.

Our returning customer policy

To be eligible for a new loan:

  • you will need to have fully repaid any prior loans or
  • you will need to be current on the payments of your existing loan*

* Except you cannot apply for a new loan on your first loan with us.

In either situation the subsequent loan application and loan amount will be subject to our discretion and we may request bank statements or/and a proof of address or/and pay slips, however this is often not done unless you have not transacted with us for a few months.

I have changed my mind – how do I cancel the loan?

You have the right to cancel your loan at any time. If you cancel your loan, we can charge you:

  • The amount of any reasonable expenses necessarily incurred by us in connection with the Loan Agreement;
  • Any interest accrued for the period from the day you received the loan until the day you repaid the balance.

Refer to your Loan Agreement for full details on your right to cancel and your obligations on cancellation.

I can’t meet my repayments

Click here for details on what to do if you expect to have repayment difficulties.

I have a complaint

Click here for details of how to complain, our internal complaints process and contact details of our independent disputes resolution scheme operated by Financial Services Complaints Limited.

Payday Advance is Government Registered

Yes, we are a Registered Financial Service Provider no. FSP4441.
We support the New Zealand Government requirement for Financial Service Providers to register with the Registrar of Financial Service Providers in order to conduct business in New Zealand.

  • The governing legislation is The Financial Service Providers (Registration and Dispute Resolution) Act 2008. The Act provides many consumer benefits that will ensure only registered entities like PDA can operate in New Zealand.
  • You have access to the electronic register of Financial Service Providers which will help you to be comfortable that the company has passed the Government requirements for registration;
  • You can be confident that the directors and senior officers have all been screened by Police checks and passed.

Compliance with legislation

In addition to our requirements to register as a Financial Service Provider under the Financial Service Providers (Registration and Dispute Resolution) Act 2008, PDA and our activities in providing financial services, is also governed by several other pieces of legislation including by way of examples: The Companies Act 1993; The Fair Trading Act; The Privacy Act 1993; The Unsolicited Electronic Messages Act 2007; the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 and The Credit Contracts and Consumer Finance Act 2003. PDA is committed to ensuring it acts as a good corporate citizen in full compliance with all applicable laws and regulations.

Disclaimer, errors & omissions

Whilst every endeavour is made to ensure the information on this page and website is correct, complete and current, the information on this page and website does NOT form part of your loan agreement unless specifically stated otherwise. Please read your loan agreement thoroughly before deciding to proceed with a loan from us.