Frequently Asked Questions

bad-credit-loan-faq

Contact Us / Opening Hours

How can I contact you?

Phone: 0800 227 484
Fax: 0800 001 477
Email Address: service@zethus.co.nz
Postal Address: P O Box 11187, Ellerslie, Auckland 1542

What are your Opening/Processing Hours?

We are open during standard business hours:

Monday:          8.30am – 5.30pm
Tuesday:          8.30am – 5.30pm
Wednesday:    8.30am – 5.30pm
Thursday:        8.30am – 5.30pm
Friday:              8.30am – 5.30pm

Unfortunately, we do not operate on Public Holidays.

All supporting documents must be received no later than 4.00pm in order for us to process your application on the same day.

If you apply for a loan over the weekend, your application will be reviewed on the following business day.

Before You Apply

What should I consider before taking out a loan?

You should complete a personal budget, you could use free budgeting services such as, sorted.org.nz or Citizens Advice Bureau.

You should only borrow what you need and make sure you can meet the required repayments, without putting yourself into any form of financial hardship.

How do I qualify?

To pre-qualify, you need to meet the below criteria:

  • You need to be at least 18 years old and a NZ citizen or resident currently living in New Zealand;
  • You need to have been permanently employed with the same employer for at least 3 months;
  •  You need to be earning at least $350 a week (after tax) excluding government benefits;
  • Your pay needs to be credited on a regular basis into your own NZ bank account that has been open for at least 3 months;
  • You are not currently Bankrupt, under a No Asset Procedure or Summary Instalment Order;
  • You have access to the Internet and a mobile phone.

Please note this is a guide only – in certain circumstances we may not be able to offer you a loan.

How much money can I borrow?

You can apply for a short term loan of $100 – $1000.

Please note that the maximum amount is partially based on your income after expenses. As a responsible lender, we will only lend up to a percentage of your regular income – partially based on how much you earn and how much you have left after expenses. This loan affordability check will only form part of your online application process.

What is the maximum term I can extend my repayments over?

The maximum term of a loan with us depends on how often you are paid.

We allow up to 6 weekly repayments, 3 fortnightly repayments, or 1 monthly repayment.

Can I apply if I am unemployed?

You need to have been permanently employed for at least 3 months. We are only able to lend money to working New Zealanders who could repay the loan without experiencing financial difficulties.

You wouldn’t qualify for a cash loan with us if you are:

  • Unemployed
  • Under ACC
  • A Beneficiary
  • A Disability Beneficiary
  • A Pensioner
  • A Student

Can I apply if I am self-employed or working part-time?

Yes, you can still apply. Bad Credit Loan will only approve employed individuals where we can see a fixed regular income (minimum of $350 per week after tax and excluding government benefits) direct deposited into their own NZ bank account. These applications are evaluated on a case-by-case basis.

Can I apply if I am on a benefit or superannuation?

If you have a regular paid job as well as being on the benefit you may still be eligible to apply. Unfortunately, we cannot assist if a benefit if your only source of income, as this is not considered a regular job. We are mindful of ensuring any loan will be able to be repaid without undue hardship.

What if I don't have my own bank account? / Can I use a joint bank account?

To qualify for a loan with us, you need to have your own NZ bank account with your wages paid directly into that account.

You can use a joint bank account, as long as your name is on it and we can clearly see your wages / salary being paid to that account and you confirm it is a one signature signing account.

What if I am paid in cash?

You need to have a regular wage that is consistently deposited directly into your bank account.

What are the main reasons I might not qualify for a loan?

  • If you are under the age of 18;
  • Not currently living in New Zealand or not a New Zealand Resident or Citizen;
  • Not receiving a fixed wage or salary into your bank account;
  • Earning less than our minimum income thresholds;
  • Not working at your current job for the 3 months or more;
  • Are currently bankrupt, under a Summary Instalment Order or under a No Asset Procedure.
  • Our responsible lending processes indicate that the loan may not be affordable for you or could place you in to hardship.

Do I need security?

No, our cash loans are unsecured – your assets are not tied to your loan.

Do you do credit checks?

Usually no, but we reserve the right to if we feel it is necessary.

Do you need to contact my employer?

Yes, as responsible lenders and to ensure you can afford our loans we may call your employer to verify any information provided during your application process.  The process is kept as confidential as possible – we initially try to contact your employer anonymously during the approval process for the purpose of confirming you work there. Your money is your business, and no one else’s.

What if I have past bad credit history?

If you have had issues with your credit in the past – such as defaults, judgments and collections – you may still be approved for a loan as we mainly look at your current ability to repay it.

However, your application will be declined if you are currently Bankrupt or have come off bankruptcy or SIO within the last 6 months.

How many bad credit loans can I have?

Being a responsible lender, we only give one loan at a time. We like to make sure you are in a position to pay the loan back, so only one is approved at any one time, and only one per household.

If I previously had a loan with Bad Credit Loan, can it happen that my loan request is denied next time round?

We understand you may have had and repaid a cash loan with us previously, but to be responsible, we need to take into account the applicant’s (your) ongoing financial position. Therefore, every loan application is treated on an individual basis.

When can an application be made?

An application can be made online by you at any time, 24/7. You do not have to wait for anything to apply for a loan with us. However, we will only be able to process your application during business hours.

Can I apply for a loan over the phone?

Unfortunately, not. We require that all loan applications be submitted online, via this website. The online application ensures accurate information is relayed to us, which allows for speedy processing of your loan application. Please contact us if you are having issues on our website, we will be happy to assist you.

Application Process

How do I apply if I am a new customer?

It’s easy! You’ve already taken the first step – now that you are on our website, the loan – may be just a few clicks away! You can complete our online application process here.

  1. The whole application process is done online. This means you will need to have internet access, your own mobile phone and your own NZ bank account number to apply.
  2. Experiment with our calculator to find out what combination of loan amounts and number of repayments best suit your financial needs. Once you have decided what term, amount and number of repayments you would like, click the Apply Now and fill out our online application form.
  3. If you have filled this out, read and accepted the contract and click submit, you will then receive an email outlining the short set of documents we require to process your application.
    Supporting documents include; most recent 90 days bank statements, a valid photo ID, selfie and recent proof of address to process your application.
  4. Once our lending team have received your documents, they will process your application and will provide you with an outcome shortly thereafter.

What supporting documents are required with the application?

We will need to see the following documents:

  • Bank statements (latest 3 months)
  • Valid Photo ID (Passport, NZ driver licence or Firearm’s licence)
  • Proof of address (less than 3 months old)
Simply scan and email the requested documents. No printing, signing or faxing required.

How do I apply if I am a returning customer?

If you are a returning customer, the process will prove to be even quicker, all you need is your password to get the ball rolling. Simply log into your account and submit a new application by entering the loan amount and number of repayments.

What do I need to send if I am a returning client?

As a regular Returning Client, you usually wont need to send anything in.

  • If you did have a direct debit come out in the last 2 days, you will just need to send us a copy of your bank statement showing the payment has cleared from your end, as we are unable to confirm this for 2 business days.
  • If you haven’t had a loan in the last 3 months, you will need to provide a bank statement showing your full account number, name, running transaction history and last 2 pays.
  • You may have to send in an updated Photo ID, if it has expired since your last loan with us.
  • You may have to send in a Photo ID Selfie if you have not previously done so and you have triggered our internal threshold requiring us to obtain one from you.

How do I get my documents?

You will electronically sign your loan contract and direct debit form online. A copy of these documents will be emailed to you for your reference once you submit the application.

How do I know if you've received my documents?

Once your loan application has been submitted successfully, you should be able to log in to your account and under the ‘Loan Status‘ tab you will find our tracking system.
This will let you know what documents we have received and what documents we are still waiting on.
Normally, you should hear from us within 60 minutes of sending all the required documentation.

I applied for the wrong amount/ dates - what do I need to do to change it?

If you have changed your mind on the amount that you require or realised you made a mistake , you will need to contact us to cancel your current loan application. We will then advise you when you can go ahead and reapply by filling in a new loan application form for the desired amount within your eligible limit via the Client Login section using your login details.

However, if the amount you are requesting is more than your personal application limit, then the documents will default to your personal application limit.

How soon will I receive the loan after I get approved?

We have two payment options available: Our Same Day Fast Payment option and our Overnight Payment option.

Same Day Fast Payment:

We guarantee that within 30 minutes of notifying you of your loan approval we’ll issue instructions to our bank to make payment to your account.

Don’t worry – if you have selected this option earlier in the day or for any reason we have been unable to provide notified approval before 4.30pm, we will simply waive the fee and process your loan using the standard overnight service.

Please note:

This service operates on banking days during standard business hours – For loans with the 30 minute same day Fast payment option selected that are applied for after 4.30pm or on weekends, we will process promptly on the next banking day.

Different banks can take longer to process than others but we can promise that we have issued the instructions – if you find that their transfer time is excessive please contact our help desk so we can ensure there has been no hiccup at our end.

We have had great speed from the following banks – ASB, ANZ, BNZ, HSBC, Kiwibank, National, Westpac. Unfortunately, at this stage, the following banks do not support same day Fast payments – Rabo bank, Co-operative, TSB, PSIS branches of the BNZ or Credit union branches of Westpac.

This service is optional – if your loan is approved and you are happy to wait for the standard end of day process then this service is not required.

What are the charges for Same Day Fast Payment?

A small fee applies. Please refer to our cost of borrowing page for more details.

What are the Limitations?

Following our Fast Payment to your bank they should promptly record this money as cleared funds on your bank account (often this happens instantly). However we cannot control how quickly your bank will act on our Fast Payment instruction. Should you not receive your Fast Payment within 90 minutes after we advised you that your loan has been approved and payment has been made, please contact us.

 

Overnight Payment

This is our standard method of delivering your loan – cleared funds are transferred into your account overnight for FREE.

Overnight transfer of cleared funds into your bank account

What are the charges for Overnight Payment?

FREE. No payment fee applies.

What do customers have to complete to receive the funds by Overnight?

All required paperwork (including where applicable a signed loan agreement, direct debit form and requested supporting documents (if any)) must be received no later than 5pm Monday to Friday (excluding public holidays) in which case we will usually be able to make payment to you that night. In very rare circumstances payment does not occur until the following working day.

Why do you need all that information on the application form?

We need basic information from you to confirm details, and administer the loan responsibly.
The most important information we require is:

  • Your income details: So we can ensure you are only borrowing an amount you can afford to repay!
  • Your physical home address: To confirm your residence in New Zealand.
  • Employment status: To help us confirm your eligibility, as without a job we cannot lend to you!
  • Pay cycle and the date of your next pay: This allows us to set up your direct debits correctly.

How long will it take for my application to be reviewed?

We strive to review all loan applications within 60 minutes of receiving all of the required paperwork (8.30am – 5.30pm, business days only).
Any delays in getting your paperwork to us will delay the process.

How long is my application valid for?

An online application submitted through our website stays valid for 3 days.
If we do not receive all required documents by the end of the third day – we cancel the application on the morning of the fourth day.
This is because the loan contract that was generated in your online application can only stay valid for 3 days.
We make several contact attempts via phone call, email and text during the 3 days your application is valid to follow up on any missing documentation we require to process the loan.

What if I want to cancel my application?

If you have applied but decide that you do not require the funds anymore, please contact us to cancel the loan application. This can easily be done if we haven’t yet paid the loan to you.

Repaying Your Loan

What if I want to cancel my approved loan?

You have the right to cancel the loan at any time. Interest and fees will cease being charged following full repayment. There are no additional costs for cancelling your loan.

Please refer to your Loan Agreement for full terms and conditions or see a sample Loan Agreement here.

How do I pay the loan back?

It’s easy – we set up an automatic direct debits for your convenience, to make deductions from your bank account when you get paid. No need to travel to the bank or set up automatic payments – hassle free!

You have to ensure the required cash is available in your bank account as agreed.
The total due will then be deducted from your bank account automatically on the repayment date(s).
The dates are typically aligned with your payday. All payment dates will be clearly stipulated in your loan agreement.

Can I repay early?

There are no fees or charges for you to pay your loan off early. You can pay back as soon as you are in a financial position to do so. Interest is charged on a per day basis, so you will actually pay less, due to the reduced interest from your early repayment.

We encourage our clients to make early repayments wherever possible.

Please contact us to arrange this, especially if you have a Direct Debit due (as we will not know whether to stop it or if you are simply making an extra payment on top of your Direct Debit).

Can I change my repayment dates?

If for some reason you are not able to make a repayment on time or you decide you want more or less repayments, then you can contact us and we can look into adjusting your repayments – adjustments are looked at on a case-by-case basis. We must be notified at least 24 hours before the day that your direct debit is due; otherwise we cannot guarantee that the payments can be amended. There is a small fee for this as set out in your loan contract. We cannot do adjustments on first loans.

My bank account has changed for my direct debits. What do I need to do?

  1. We will need you to update your bank account, either by clicking the “update any changes” link of your login account, or by contacting our customer service team either by email or phone.
  2. We will then need a bank statement showing your new account number, and that the new account is in your name, and with your last two pays on it.
  3. We will issue you with a new Direct Debit Authority form to sign before we can make the change in the system.

We will need to know about updating the bank account number at least 24 hours before the date that you have a direct debit due; otherwise we cannot guarantee that the account will be changed.

If you are applying for a subsequent loan, please make sure you have updated your bank account number prior to applying; as our renewal process is very quick and could be processed before you have been able to notify us of the changes.

What happens if I default or miss a payment?

A default fee will apply for every missed or failed payment and will be added to your existing loan balance.
You can find information on these fees in your loan contract or on our cost of borrowing page.

Default Interest is also charged on an account once a payment has failed and the account has fallen in to arrears. Default interest is charged only on the amount that is overdue.
Once the overdue amount is paid and the account is brought up to date, default interest is no longer applied.

If you contact us early to arrange a make-up payment within 48 hours, we may be able to wipe some of the default fees and interest.

When do you issue a wage deduction?

We will only use the wage deduction authority on your loan contract as a last resort if you seriously default on your repayments. If you miss one payment and contact us to sort out the payment, then we will not send off the wage deduction.

However, if you repeatedly miss repayments and do not make timely contact with our office to make alternative arrangements, then we may send off a wage deduction authority.

When can I reapply for another loan?

It can take up to 2 business days for a payment from you to clear so if you wish to apply for another unsecured loan before then, you will need to send through a bank statement showing that your final payment has cleared. Please consider if reusing our service is appropriate for you.

Managing Your Account

When will you take the money out of my account?

Our direct debits are taken out on the dates stated on your loan contract. These dates must be in line with your pay dates (i.e. if you select the 15th of the month, then we will direct debit (generally in the early evening) on the 15th).
We will contact you to adjust the date selected if it does not coincide to your pay date.

Will my payment be direct debited on a weekend or public holiday?

If your payment date falls on a weekend or public holiday, then we will attempt to direct debit on the following business day.

How do I reset my password if I have forgotten it?

Unfortunately we don’t keep your passwords on file for security reasons, so you will need to head to the returning customers tab and reset it by entering your email address into the reset password box.
You will need the mobile you applied with to receive our SMS Authorisation Code to reset your password.
If your mobile has changed, you are on the Skinny network, or you haven’t received the code after ten minutes, then please call us and we will happily assist in resetting your password.

How do I update my information if I change my employer?

Please advise us of any change to your contact information by logging in to your account online and clicking the “Update Personal Details” in the ‘My Account’ tab.
For employment changes we will need the new contact details for your new employer and will require a bank statement showing your last two deposited pays to verify your new base income.

Please keep in mind that if your pay amount has changed this may affect your personal application limit, for example, if you earn more you could be eligible to borrow more than you have previously. Please also advise us if your pay date changes, so we can amend your direct debits too.

How do I update my information if I move or change contact details?

Please advise us of any change to your contact information by logging in to your account online and clicking the “Update Personal Details” in the ‘My Account’ tab.

General Questions

I can't open my documents

You may need a PDF Reader installed on your computer – you can download it for free from www.adobe.com.

Is your online Bank Verification tool safe and secure to use?

Absolutely!
We provide a 256-bit bank level encryption of data, creating a ‘read only’ service – this means we cannot make any changes or transactions on your accounts. Once the data has been loaded, the connection to the bank is closed immediately.

We have also had our service independently tested by an industry leading security service.

We do everything we can to ensure that only the best level of security is safeguarding your important information.

I have repayment difficulties

Please click here for assistance on what to do.

I have a complaint

We strive to provide a quality service to all of our customers. However on occasions things don’t always go smoothly, but don’t worry we will endeavour to put things right.

As a responsible lender, we are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs.
Please click here for information on our complaints process and details on our independent dispute resolution scheme.

I wish to make a hardship application

You are eligible to apply for unforeseen substantial financial hardship if:

1. You have not been in default for more than 2 months; and
2. You have not missed 4 or more payments; and
3. You have not previously applied for hardship in the last 4 months (unless your current application is due to materially different reasons than the last application); and
4. The cause of your financial hardship was NOT reasonably foreseeable to you at the time you took out the loan.

Please click here to fill in our form to request our financial hardship application and guide.

Once submitted, you should receive our PDF application and guide within 48 hours.