Responsible Lending

In this document Bad Credit Loan (the provider of loans through this website) is referred to as Zethus Holdings Limited, us or we.

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

Why do people use payday loans?

When faced with an emergency shortage of funds due to an unexpected bill or repair, a payday loan can be a good solution. For example, it can be less expensive to use one to pay a late telephone or other bill to avoid a re-connection charge, or to cover a cheque you have written to avoid a dishonour fee charge from your bank.

Such loans are meant for occasional use only. If you find yourself using payday loans on a frequent basis, you should consider using other sources of financing, or consulting a credit counsellor. Payday loans are not meant to be used continuously, or as a long-term financial fix.

Our responsible lending criteria

Bad Credit Loan is here to help you when you need it the most.
That’s why Bad Credit Loan’s responsible lending criteria is in place to help ensure you have the ability to repay the loan as it is due.

    • We will not lend unless you are currently employed. If you do not have a fixed regular income of at least $350 per week (after tax) excluding government benefits, we are unable to assist.
    • Your pay must be deposited into your own NZ bank account that has been open for a minimum of three months.
    • The amount we will lend in part is based on your income. We do not want you to borrow more than you can afford.
    • We encourage all our clients to always plan their budgets prior to signing the loan contract and disclosure statement. For this purpose, you may find it helpful to use one of the following websites:
  • We are required to hold copies of your ID, 90-180 days of bank statements and proof of address prior to your loan being approved.
  • Early repayments are encouraged and will save you money as interest is calculated daily.
  • We encourage loans to be used only in cash loan emergencies: while we welcome your return, loans are only a short-term cash solution.
  • There may be alternatives you should consider other than payday loans, e.g. family, friends, employer, credit card advance, etc. Only you can decide if the cost of a payday loan is worth it to solve today’s problem.

Understand the terms of your loan

You should read your loan agreement in full and be sure you understand all the costs and terms of the loan. If you have any questions, ask us! Ensure you receive a copy of each document you have signed. We are a responsible lender and believe in transparency – we will disclose all costs and fees to you, and provide you with a copy of your documents.
You will know when your repayment is due as there is a payment schedule sent to you – make sure you have enough funds in your account on the due dates so you do not incur any dishonour, collection fees and additional interest charges. If your loan goes into default, you should contact us as soon as possible to work out a repayment arrangement to clear the arrears quickly. We are committed to collecting your past due loans in a professional, fair and lawful manner.

Help is available

If you find your monthly bills are often exceeding your monthly income, if credit and collection agencies are calling constantly, or if debt stress is making it difficult to cope with everyday life, these are all signs that debt has become a problem. It is always better to recognise a problem and try to deal with it than to let it build into a larger problem. A credit-counselling agency could help you in this situation.

Some sites that maybe helpful include:

Head over to our External Resources page for more suggestions.

New Zealand Government registered financial service provider

Bad Credit Loan is a trading division of Zethus Holdings Limited. Zethus Holdings Limited is 100% New Zealand owned and operated, and supports the New Zealand Government’s requirement that financial service providers register with the Ministry of Economic Development in order to conduct business. Zethus Holdings Limited is registered. It’s registration number is FSP298566.

The governing legislation is the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Only registered entities like Zethus Holdings Limited can operate in New Zealand.

You will have access to the electronic register of financial service providers which will help you to be comfortable that Zethus Holdings Limited has passed the Government requirements for registration.

You will be confident that the directors, senior managers and controlling owners of Zethus Holdings Limited 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.