You may still have some questions and that’s understandable. So we have included many of the most frequently asked questions here for you. We trust our answers reassure you and will help you in making the right decision.
What is a payday loan exactly?
The online payday loans provided by Instant Cash Online are there to give you a short-term solution to unexpected issues with your cash flow. Perhaps you only need a few hundred dollars to make an unexpected payment, a payday loan would be a great way to borrow that money and pay it back in short order. Remember, there are 1,000’s of New Zealanders who turn to Instant Cash Online for their payday loans, the ways it can help you are both many and varied. Some of the reasons include:
- Unexpected home repairs – If you have a burst water pipe, you’re not going to be able to wait around until next month and your plumber is going to expect to be paid on completion of the job.
- Unexpected Car Repairs – Perhaps your car breaks down and leaves you with an unexpected repair bill. Again, it is not an option to leave the car at the mechanics until your next payday; so many New Zealanders contact Instant Cash Online and get the repairs done.
- Medical emergency – Perhaps you have a medical emergency. While many doctors and hospitals will agree to work with you, there are still medications and co-payments to concern yourself with.
- Countless others – Of course these are just a handful of examples, there are countless reasons that people turn to Instant Cash Online for online payday loans.
The fee structure is simple and straight:
- 20% of the principle amount – the establishment fee
- + 4% of the principle amount – a monthly fee.
You can use our calculator on our Costs page to work out how much your loan will cost.
How do I repay the money?
When you loan money with Instant Cash Online, we set up a direct debit that will automatically deduct your loan repayments from the bank account that your pay goes into. The only thing you need to do is ensure that you have the required funds in your bank account on the repayment dates. Before Instant Cash Online ever processes your application, we also make sure to come up with a repayment schedule that works for you.
Is it the right option for me?
Keep in mind that Instant Cash Online offers small personal loans for small amounts of money for a relatively short period of time. Instant Cash Online offers a solution to short-term, pressing, and occasional money needs. These are not larger loans that clients commit to for months or years at a time. We urge our customers to keep in mind that Instant Cash Online is not a permanent solution to a bad debt situation. If you already feel overwhelmed by your current debt situation, we urge you not to apply with Instant Cash Online because it may only make matters worse. If you are unsure, seek advice before you commit to another loan. Remember, at Instant Cash Online we pride ourselves on being an ethical short-term solution; we do not want to become a long-term problem.
What are my responsibilities?
We want to put you in control of your own finances – this means giving you a blazingly fast decision so you know whether you are approved almost instantly. Why wait several hours or even days if you need the money now? The Instant Cash Online technology ensures that we only lend you money that you can comfortably repay back. However, even though we are diligent in what we do, we are not perfect either. You need to honestly assess your personal situation and determine whether you will have the funds available to repay the loan on your next payday. We prefer a happy, two-way relationship at Instant Cash Online.
How much can I borrow?
Keep in mind that Instant Cash Online provides online payday loans ; we are not the provider to turn to if you expect to finance a brand new car. As a first-time customer, you may be eligible for up to $2000. Of course, this depends on your individual situation. Repeat customers have the option to loan upwards of $3,000 from Instant Cash Online.
Do I qualify for a loan?
If you are interested in loaning with Instant Cash Online, you will want to know whether you qualify for a loan. If you can answer the following questions with a “Yes”, chances are that you qualify:
- Are you currently over 18 years of age?
- Are you currently a legal New Zealand resident?
- Do you have a bank account where your wage is deposited into?
- Are you currently employed or receive government benefits and earn at least $450 per week?
- Have you worked at the same employer for at least three (3) months?
If you currently have several other loans and you are experiencing financial difficulty then we would suggest that you seek financial advice rather than taking out further loans that may worsen your financial situation.
Can I have immediate access to my money with Instant Cash Online?
For most customers, they receive their money after only minutes of our transfer. However, depending on the bank, we have heard customers who had to wait upwards of two hours. So remember, if it is 3.30pm on a business day, the money may not be available to you until the next morning. If you apply outside business hours, the payment will likely arrive the next business day.
Does Instant Cash Online do credit history checks?
As most other lenders, Instant Cash Online does carry out a credit check when we assess your first application. In fact, we are legally required to ensure you are able to repay your loan. However, if you have a default it should not stop you from applying – we may be able to help you. Even those with undesirable marks on their credit history have been approved by Instant Cash Online before, because we focus on your current situation. We strive to be different from most other lenders and financial institutions.
However, that does not mean we accept everyone. If you have numerous defaults in the last month, are in a part nine debt agreement, or are now bankrupt, chances are your application will be declined.
How do I apply and how does it work?
Instant Cash Online is a new way of borrowing money. We do not believe you should be forced to go to painful face-to-face meetings, spend hours waiting on hold, or waste time filling out paperwork. You will find out if you are approved almost instantly – no more anxious waiting.
All you need is five free minutes and Internet access. You can rely on our smart technology to do the rest for you. After you are approved, you receive the money within within the same day. Even if you do not have a computer available, you can apply through a mobile device.
What happens after I apply?
After you apply with Instant Cash Online, we will transfer the money to your designated bank account within the same day of approval (if you apply during business hours). Most of our clients have the money available to them only minutes after the transfer, however, depending on your bank, it may take upwards of two hours.
Do you do any checks?
As we said, sometimes the process will require additional checks.
The types of information we need to verify are:
- Your income – We are moral lenders; we do not want to add to someone’s financial woes. Therefore, we only lend people an amount they can afford.
- Your address – We are required to have these details on file.
- Bank details – We are going to have to transfer the money to you right?
- Your employment status – We need to determine if you are eligible to loan with us.
If you like, you can send the documents we need yourself right away. You can email them to email@example.com. This is what we will need from you:
- A recent 90 day bank statement, this also needs to show your salary being deposited, an account number, and BSB number.
- Proof of Address – If your bank statement does not mention your current address, we will need a phone or gas bill that does.
- Your two most recent payslips.
I have not received my money?
When you click the “I Accept” button on your loan agreement, we process the payment to your bank in under five minutes. We also email you when the money has left our account. There are three different reasons that you may not see the money in your account after five minutes:
- Banks are sometimes a bit slower with payment. If you are unsure, you can always contact your bank. Keep in mind that online banking sometimes takes a bit before it shows new deposits.
- If you have a smaller bank, it may not have implemented the fast cash transfers that would allow the funds to show immediately. This means that your bank is likely to show your transfer in the morning of the next business day.
- The final reason is the most unlikely. Sometimes funds can be delayed because of a system issue. We recommend waiting until the following working day before you ask about the payment. After that, please feel free to contact us.
I just paid my last loan. When can I apply for another loan?
First, congratulations on repaying the loan! It usually takes two (2) full business days before your bank will confirm with us that your payment has cleared. However, do not let that stop you from making another request right now. That way, you can receive your new loan the moment that the bank clears your final repayment.
What happens if I cannot pay back on the due date?
Sometimes there are unforeseen circumstances that may prevent you from making a payment on the agreed upon date. First, remember that the costs associated with your small personal loans do not increase unless you fail to contact us two (2) full business days before your next direct debit.
- If the direct debit is declined – In this event, not only are you responsible for a $35 failed payment fee by Instant Cash Online, but you may also have to pay your bank a dishonour fee. If we agree to reschedule your payment for a later date, the $35 still applies
- What happens if you do not pay – In the event that you fail to contact us and the direct debit is declined, we consider your account overdue. From here, your account is passed to our Repayments Team. Our Repayments Team will attempt to contact you through SMS, email, and telephone to set up an affordable payment plan for the remaining payments owed.
- Still cannot contact you? – In the event that our Repayments Team is unable to contact you, Instant Cash Online reserves the right to contact an external collections partner and pass on your account. In the event this occurs, please keep in mind that Instant Cash Online may place a default on your credit file. This could harm your credit history and for upwards of five (5) years.
What happens if I have a complaint?
We do our best to provide the highest level of service, but sometimes you may feel an issue has not been resolved to your satisfaction. Usually your complaint can be settled to your satisfaction simply by alerting us to the problem. You can be sure that you will always receive a fair and objective investigation. If you do have a complaint, Instant Cash Online would welcome hearing it. It allows us to address potential problems and improve in the future. This makes the overall process better for everyone.