Our Policy on Responsible Lending
In this document Cashwise (the provider of loans through this website) is referred to as Cashwise, us or we.
Our responsible lending principles
Cashwise has a duty to act responsibly towards its customers and we strive to achieve this in a number of ways including:
- Providing agreements in a clear readable format with terms appropriate and not unduly onerous for unsecured loans
- Providing our full agreement to you before you commit to a loan with us
- Ensuring as best we reasonably can that our customers can repay our loan without suffering substantial hardship
- Advertising our products and services appropriately without misleading, deceiving or confusing our customers
- Providing details of our interest and fees on our website
- 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)
We believe in being 100% transparent with our clients and actively practice responsible lending.
If you require more information or clarification on any of the above topics, feel free to contact us so that we may further assist you.
Our responsible lending policy requires us to assess loan applications against numerous criteria including:
Your cash loan will not exceed a certain percentage of your regular income as determined by our proprietary affordability index. The maximum amount you could be eligible for will always in part depend on the amount of your net income (your pay less expenses).
Your pay must be deposited into your own NZ bank account that has been opened for a minimum of 3 months.
Your personal details
We will need to see the below documentation, prior to the final decision on your loan, to verify your personal details and also allow us to briefly assess your current financial situation:
- At least the latest 90 days of Bank Statements
- Valid Photo ID (Passport, NZ Driver’s Licence, 18+ Card or Firearm’s Licence)
- Proof of address (less than 3 months old)
- A selfie of you holding your Photo ID (see our guide)
- A statement of account for each short-term loan you may be wishing to consolidate
You will need to provide summarised details which demonstrate that your available net funds per pay period (after expenses) are sufficient to meet your loan repayment obligations.
We reserve the final right to approve or decline each loan application and take this decision seriously.
Unfortunately there are times when we feel it is inappropriate to provide a loan to certain customers and we will reluctantly refuse to provide a loan in those circumstances. However please be assured we endeavour to help all loan applicants if we can and sometimes we will approve a lesser amount than requested if we consider such a lesser loan amount to be affordable to the applicant.
There are two sides to any arrangement and we rely on our customers to provide honest and complete information to us and to conduct themselves responsibly.
Alternative lending sources
We recommend you consider if other alternatives may be more suitable prior to applying for a cash loan – such as, for example, borrowing from a family member, friend, colleague, boss or getting a credit card advance. You might also consider obtaining an overdraft, a line of credit or consolidating your debt at your bank, however we understand on occasions that you may decide the effort in arranging such facilities is not appropriate or that the speed or response does not meet your needs.
Make sure you can meet the repayments
Please ensure you can afford the repayments, never borrow more than you know you will be able to pay back on your scheduled repayment date(s).
You could use services like Sorted , MoneyTalks or Family Budgeting for your budgeting needs.
Read our loan agreements
Please be sure to understand our agreements and all fees and interest charges associated with a loan. If you do not understand any of the Terms and Conditions of the Loan Agreement, seek independent advice. See a copy of our standard loan agreement here.
Please make sure you plan your budget prior to applying for a loan. We have found this site to be helpful to many our clients.