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Our Responsible Lending Policy

Definitions
PDA www.paydayadvance.co.nz (Payday Advance) means a branch of Zethus Holdings Limited operating under the name of Payday Advance.
We or us means PDA and/or Zethus Holdings Limited.

Personal or payday advance loans are designed to help you out when you run out of cash between pay days. When used responsibly, our service can be a very convenient way of solving temporary cash trouble.

As a responsible lender, we have special procedures and policies we follow in order to ensure not only the affordability of our loans, but also the suitability of each potential borrower.

A payday advance is a temporary solution

Payday Advance want to ensure that we take a Responsible Lending approach to loans so that they are affordable.

It can be a valuable resource to help you when you are faced with financial emergencies – however, any cash loan can become a financial burden if it is used for the wrong purpose and extended beyond its original term.

Such loans can come in handy for a variety of reasons such as:

  • Car repairs
  • School fees
  • Funerals
  • Emergency travel
  • Unexpected bills
  • Avoidance of late fees and penalties

Payday Advance can also be used when you don’t have time to get to the bank and wait for a cash loan approval. Our fast, secure, online process can provide the speed and flexibility you sometimes need.

Responsible Lending Policy

Payday Advance’s responsible lending criteria is in place to help ensure you have the ability to repay the loan as it falls due. In addition, we follow the legislatively required responsible lending principles.

Your employment

  • We will not lend unless you are currently employed. If you do not have a regular income, we are unable to assist. We will not lend to unemployed people or people whose sole source of income is a benefit.
  • Your pay must be deposited into your own NZ bank account that has been opened for a minimum of 3 months.

Affordability

  • The amount we may lend is partly based on your income. We do not want you to borrow more than you can afford to repay.
  • We need to see your photo ID, selfie, bank statements and a recent proof of address prior to issuing a loan.
  • Our customers can have only one loan at a time and only one per household.
  • We do not lend to current Bankrupts, people under a Summary Instalment Order (SIO) or a No Asset Procedure (NAP).

Responsible borrowing

  • We encourage all our clients to always do a budget prior to digitally signing and returning the loan contract. Please use one of these services: Sorted.org.nz; Family budgeting; or Citizens Advice Bureau.
  • Do not take a payday advance loan unless you can afford the repayments.
  • There may be alternatives you should consider e.g. family, friends, employer, credit card advance, etc. Only you can decide if the cost of a loan offers you the value to solve today’s problem.

Transparency & trust

  • All fees and charges are crystal clear and are outlined in the Loan Agreement – there are no hidden fees. What you see in the Agreement is what you pay – provided all payments are made on time.
  • We have issued thousands of loans – feel free to visit our testimonials page to see what our customers’ experience has been like with Payday Advance.
  • During the application process you will be informed of the key details of your loan contract before you decide to accept or sign it. The key details include;

Your repayment dates & amounts
Your right to cancel the loan
How to make a complaint
How to apply for unforeseen Financial Hardship
Implications of non-payment and when assignment of wages may apply
The responsibilities of a Guarantor (If applicable)
The Repayment Waiver & what it covers (if applicable)

We believe in being 100% transparent with our clients and actively practice responsible lending.

Temporary Cash

  • Please only use a personal loan as a temporary cash solution. Although we welcome you back to our payday advance service, we want you to only use us responsibly.
  • We understand the need for urgency and as such, we will process your application quickly and if approved, deposit funds directly to your bank account overnight.
  • Interest on personal loans is calculated daily – early repayment is encouraged and will save you money!

If you do not have a .pdf reader installed on your computer, you can download it for free from www.adobe.com.

NZ Govt Registered Financial Service Provider

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. We have registered and our registration number is FSP 298566.

The governing legislation is The Financial Service Providers (Registration and Dispute Resolution) Act 2008.  There are many consumer benefits that will ensure only registered entities like us can operate in New Zealand, including:

  • You will 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 will be confident that the owners have all been screened by Police checks and passed;
  • The act ensures registered companies comply with all international obligations to prevent money laundering and the financing of terrorism;
    We welcome the new laws and are compliant and registered for your security.

Approved disputes resolution scheme

All registered financial service providers must be a member of an approved disputes resolution scheme. We are registered with Financial Services Complaints Ltd www.fscl.org.nz.

How can I contact you?

Please don’t hesitate to contact us at service@zethus.co.nz, on 0800 227 484 or via our online chat facility in the bottom right corner of the screen for more information.