What is The Eligibility Criteria to Get a Payday Advance Loan?

What is The Eligibility Criteria to Get a Payday Advance Loan?

If you have been looking for a fast cash loan online, you may have noticed that many lenders, including Payday Advance, offer quick pre-qualification checks.

The actual meaning of quick pre-qualification checks varies from one company to another; however, in most cases it indicates that you appear to meet their basic loan criteria. Here at Payday Advance, we have the following requirements:

  • You are at least 18 years old;
  • You are a New Zealand resident or citizen currently living in New Zealand;
  • You have been employed for at least 3 months (with the same company);
  • You are receiving a fixed wage or salary of at least $500 after tax per week, paid into your bank account;
  • You are not currently bankrupt, under a Summary Instalment Order or a No Asset Procedure

As long as the potential borrower meets the criteria above, they will be considered pre-approved.

What Happens After I Get Pre-approved?

Checking whether the applicant meets these requirements is just one of the things we do as part of being a responsible lender. From here, we will need to see some supporting documentation to be able to access the affordability of the loan and process the application – and with our recent website changes, it is now easier than ever!

In order for us to be able to finalise processing an application, we ask for:

  • Photo ID. We need to see a copy of your passport or driver licence – you can simply take a picture on your smartphone or camera and email it to your friendly lending officer (a selfie of yourself holding your ID is preferred);
  • Proof of address. Any third party letter which has your name and current address and is dated within the last 3 months. Again, you can take a clear picture and email it to us;
  • A few weeks of bank statements. We normally need 3 months’ worth, but we may ask for less – this will be advised once you apply online. GOOD NEWS! You may now be eligible for a COMPLETELY paperless application, where all you need to do is log into your Internet Banking from your secure Payday Advance customer account, and your bank statements will be automatically uploaded! No need to fax, scan or take pictures – it’s all done instantly and securely.

Both the Loan Agreement and Direct Debit Form are signed electronically – so no need to print, scan, fax or email! Once we receive all the required documentation, we will process the application usually within 30-60 minutes and if approved, we will pay the funds overnight or as fast as within 30 minutes after the final approval (conditions apply). It’s THAT quick and easy!

Disclaimer: The above information is general in nature and not intended to be advice. You should consider seeking professional advice before following any suggestions in this blog/website.