How the Cash Doctors Payday Loan works

1. Complete the online form

There’s no paperwork to fax. No phone calls to make. Do it all online with the clever Cash Doctors system.

To start, apply in 3-4 minutes. When you submit your application, an automatic lending decision, credit check and calculation of your cash advance happens in 1-2 seconds. You’ll get a loan offer that suits your financial needs and is within the limits of what you can afford to repay.

2. Confirm your cash advance

Then we’ll show you the exact breakdown of your fees, repayment dates and terms and conditions before you proceed. If you’re happy with everything, confirm your cash advance.

3. Contact your payroll

On your first cash advance, Cash Doctors does a quick call to your payroll officer to confirm your details. This saves you faxing documents to us. Just give your payroll officer permission to speak to us.

4. We confirm your details

Cash Doctors does a quick call to your payroll officer to confirm:

• Address
• Length of employment
• Type of employment
• Income
• Pay schedule
• Bank details

The payroll call only happens when you first join. After that, your applications are processed and paid in seconds automatically 24/7.

5. Cash Doctors pays you

The fun part. You’ll get an SMS and email telling you when you’ve been approved. We’ll deposit the cash straight into your bank account over night. As soon as the money hits your account we send you another SMS and email to confirm payment. Even repayment is hassle free - coming out of your bank account automatically on your next payday.

First time clients are paid overnight, but once you’re a member it’s 24/7 within 5 seconds of a 1 minute application.

The Cost of a Cash Doctors Cash Advance

We charge a flat fee of 26% of what you borrow. If you borrow $100, the fee is $26, you repay $126. Whether you borrow for a few days or a few weeks, you’ll pay 26% of the amount borrowed. Simple as that.

Some people think this seems expensive, but they forget that these are very small cash advances for short term purposes only - just days or weeks. It’s also the fastest and most convenient way to borrow in New Zealand - members get up to $600 in seconds around the clock without going anywhere.

Why the APR (Annual percentage rate) is not the best measure of the costs of our loans

APR or annual percentage rate is a measure for comparing the costs of traditional loans that run for years. The APR is the amount you will pay in interest and fees over a year. For certain financial products - short term cash advances, or any loan less than a year - the APR is not a useful comparison tool.

Using the APR when considering a Cash Doctors cash advance is a bit like planning a short hotel stay using the cost expressed as if you were to stay all year. ‘How much is it to stay here? - $54,700 per year. How many nights would you like?’

The taxi analogy is hard to beat - using Cash Doctors to solve a short term cash flow problem is like taking a taxi to get from the airport to the city… it’s cheaper to walk for 4 hours, hitch hike or take a bus, but most people are happy to pay a bit extra for speed, 24/7 availability and safety.

For example, Cash Doctors cash advances run for an average of 21 days - and no more than 45 days. The APR was designed to compare interest and fees charged for loans of several years. Our APR is 48% -this is the result if you run the 26% flat fee through a complex APR calculator.

We believe the most useful information for a short term cash advance is the total cost of the cash you want to borrow. So we provide all the information as clearly as possible. Then it’s up to you to decide how much it’s worth paying for cash accessible in seconds 24/7.

The subject of short term lending costs is often misunderstood. In reality it is not terribly complex. If you’re a curious type and want a complete understanding of the subject, read our article ‘The Economic and Social Benefits of Payday Lending’

Is Cash Doctors right for me?

People use Cash Doctors for all sorts of reasons, but you should always ask yourself whether you can possibly wait until your next payday. If there’s a chance you can, then a payday loan from Cash Doctors may not be the best option as it is more expensive than other sources of credit. We’re here to help you manage your cash flow when you can’t wait until payday.

We offer a solution for occasional, urgent and short-term cash needs as opposed to a larger loan or credit card you have to commit to for a long time. Nor is it a solution to a bad debt situation. If you’re worried that you’re drowning in debt, please don’t apply. Our loan will only add to your existing commitments because it needs to be paid back within 45 days at the most. Instead, contact your existing lenders and try to come to an arrangement to help you with your payments.

Transparency and good communication

We’ll always tell you upfront exactly what the costs are. There are no catches or extra costs to worry about. Play with the calculator before you apply and we’ll show you a breakdown again when you confirm your cash advance after the application form. You can also login anytime and view your current cash advance and all previous cash advances. SMS messages and emails are also sent to help you track your applications and keep up to date with repayment details. The only way your costs can increase is if you fail to honour your side of the agreement.