Moneyshop NZ

Moneyshop eligibility and required documents

Moneyshop provides lending within New Zealand and requires applicants to be at least 18. Its emergency-loan FAQ says help for someone with bad credit depends on a credit check. This supports conditional consideration, not automatic acceptance of defaults, bankruptcy or other adverse history. The checked sources did not establish a minimum credit score or a complete policy for those circumstances.

Assessment includes income, expenses, existing commitments and credit history. Benefit income can be considered, subject to lending criteria. If you are not a New Zealand citizen, confirm the residency or visa requirements before applying.

Moneyshop’s document checklist requests:

• Two forms of identification, including one with a photograph, from its accepted list: passport, driver licence, birth certificate or Kiwi Access Card.
• Access to internet banking or three months of bank transactions showing income and expenses.
• Three recent payslips or other proof of income.
• Proof of address or a tenancy agreement.

For secured borrowing, Moneyshop accepts suitable vehicles or property. Existing finance generally needs to be cleared, although it says a payout can sometimes be included in the new loan.

Who should consider Moneyshop?

Moneyshop may suit someone with an essential expense, documented income and enough money left after household costs and existing repayments. An unsecured loan up to $5,000 offers a route that does not require pledging an asset, subject to approval.

Providing security does not buy a lower advertised interest rate: Moneyshop currently publishes 29.95% p.a. for both secured and new unsecured lending. Security can support a larger advance, but adds asset-loss risk and potentially insurance and registration costs.

Reconsider borrowing if it would cover a recurring budget deficit or require another loan to make repayments. Compare other personal loan options where eligible. For existing debts, assess consolidation costs against keeping the current arrangements; a smaller weekly payment can still mean paying more overall. If repayments are already unmanageable, explore debt-management support first.

How to apply and manage the loan

Application process

Use the official application, visit a branch or call 0800 66 66 39. Supply your contact, address, income and loan details, then provide the requested evidence. Moneyshop assesses the application before offering a contract.

Read the application’s privacy authority before submitting. Moneyshop’s privacy policy describes credit checks and sharing application, account and repayment information with credit-reporting agencies, including Centrix. Applying should not be treated as an anonymous eligibility check.

Before accepting, check the cash you will receive, any financed fees, security, repayment schedule and total payable. Repayment methods include automatic payments, direct debit and branch payments.

Processing and payment timing

Moneyshop says eligible applications with complete documents can often be processed the same day. This remains subject to checks and processing hours. Its application page and document checklist publish different Saturday closing times, so confirm availability directly if timing matters. Submitting online outside processing hours does not mean the application is assessed immediately.

Repayment support and complaints

If you expect to miss a payment, contact the credit team on 0800 66 66 50 or credit@moneyshop.co.nz and ask about payment arrangements or hardship assistance. Its repayment-support page explains the available process.

Send complaints to info@moneyshop.co.nz. Moneyshop’s complaints procedure states acknowledgement within two working days and a response within 20 working days. Unresolved complaints may be referred to Financial Services Complaints Limited, a free external dispute-resolution service, on 0800 347 257.

Questions to ask before signing

• Can you consider my specific credit history, and when will a credit enquiry be recorded?
• How much cash will I receive, and what is the total payable including fees, insurance and any waiver?
• Which establishment-fee band applies, especially if I borrow exactly $800 or $5,000?
• What security and insurance are required, and what could happen to the asset if I default?
• Which default charges apply, given the different figures on your website?
• What would early settlement cost, and are additional repayments accepted?

Moneyshop advantages and limitations

Advantages

• Its emergency-loan information allows for individual consideration of applicants with bad credit.
• Eligible borrowers can access up to $5,000 without security.
• Online and branch applications, plus a dedicated credit team, provide several ways to obtain assistance.

Limitations

• Interest, establishment fees and daily administration charges increase the cost beyond the advertised rate.
• Loans above the unsecured limit involve security, with additional costs and risk to the pledged asset.
• Published examples and some contractual disclosures conflict, making written clarification necessary.

Moneyshop interest, fees and total borrowing cost

The pricing schedule states 29.95% p.a. fixed interest, calculated daily on the unpaid balance. Its general FAQ instead says the rate depends on factors including security and term. Confirm the contractual rate; the pricing schedule does not advertise a separate bad-credit rate.

Establishment and ongoing charges

The published bands overlap at $800 and $5,000. Ask which fee applies at those amounts.

• Administration: $0.55 per day while the account remains open. Our calculation is $200.75 over 365 days, before interest or other charges.
• Third-party costs: Credit checks, security searches and registration costs are passed on at cost.
• Conditional setup charges: $10 per extra borrower or guarantor; $22.50 for an out-of-branch setup; security charges of $40 for the first vehicle, $25 for each additional vehicle, $103 for a caveat or $140 for a mortgage. Ask which apply and how they relate to third-party charges.
• Additional statements: Free by email; otherwise $5.
• Early settlement: The fee page lists a possible $50 administration charge, described as averaged, plus security-deregistration costs. The terms also allow compensation for qualifying loss, so obtain a settlement quotation rather than treating $50 as a cap.

Late-payment charges

The pricing page lists a $1 daily arrears fee, $5 for a reversed scheduled payment, letters up to $50, telephone contact at $5 and home visits at $80 plus GST. Third-party recovery costs may also be charged. However, the repayment page lists $0.90 daily arrears, a $20 default-payment fee and $10 letters. Neither page establishes which version supersedes the other.

The pricing page says default interest is not currently charged, while the standard terms retain provision for it. Have Moneyshop identify the applicable default charges in your disclosure statement.

Security insurance and optional Repayment Waiver

The terms require vehicle insurance where a vehicle secures a balance above $3,000, but their wider security provisions also require comprehensive insurance at the borrower’s expense. Confirm the requirement and premium for your particular security, including smaller secured loans.

The Repayment Waiver is optional. Its fee is added to the loan and attracts interest. Published conditions limit protection to the nominated borrower and include exclusions for redundancy, dismissal, mental illness, pregnancy-related events and specified alcohol or drug circumstances. Arrears can invalidate protection.

The linked waiver contract is dated 15 June 2018. It includes a $10,000 death-benefit cap, limits on illness and accident relief, and claim deadlines. Obtain the current agreement, full exclusions and price before choosing it.

Published repayment example: discrepancies to clarify

Moneyshop publishes an example of $3,000 over 78 weeks at 29.95% p.a., with weekly payments of $58.87 and a final payment of $58.72. Assuming 77 regular payments followed by that final payment, our arithmetic gives $4,591.71 total repayments.

Its homepage instead displays $4,592.86 and says the example includes a $300 establishment fee and daily administration charges but excludes optional fees. The footer describes the example as including the Repayment Waiver and publishes an APR of 35.9%. These disclosures do not reconcile.

A separate $1,500 example over 52 weeks publishes an APR of 56.7%. These are lender-published example APRs, not verified all-inclusive quotations or rates available to every applicant. Request a personalised schedule reconciling the amount advanced, fees, waiver, interest, instalments and final total.

Is Moneyshop worth considering with bad credit?

Moneyshop is a conditional option for applicants with impaired credit, with unsecured borrowing up to $5,000 its strongest practical feature. Its main limitation is the combined borrowing cost, compounded by discrepancies in public disclosures. Compare written offers for the same amount and term, including the total repayable. Pledging an asset deserves particular scrutiny because Moneyshop advertises the same interest rate for secured and unsecured lending.

Moneyshop bad credit loan FAQs

Will Moneyshop consider me if I have defaults or have been declined elsewhere?

Moneyshop’s emergency-loan FAQ says applicants with bad credit may be considered following a credit check. It does not establish which paid or unpaid defaults are acceptable. Before submitting an application, explain the amount, age and status of your defaults and ask whether they fall within its lending criteria. Willingness to assess poor credit is different from accepting your particular credit history.

Can I compare Moneyshop with other lenders without a recorded credit enquiry?

Do not assume an initial application is a quotation without a credit-file footprint. Moneyshop’s privacy policy says it may share application and credit information with Centrix. The checked information does not establish a separate eligibility check that leaves no recorded enquiry. Ask when a credit check occurs and whether preliminary pricing is available beforehand, so you can distinguish gathering information from making a formal application.

Would offering my car as security make a Moneyshop loan cheaper?

Not on the advertised interest rate alone: Moneyshop publishes 29.95% p.a. for both secured and new unsecured loans. Eligible borrowers can obtain up to $5,000 unsecured, while larger loans require security, up to its $20,000 overall limit. Providing a car may support a larger advance but can introduce insurance and security-related costs, alongside the risk of losing the vehicle following default. Compare the complete secured and unsecured quotations before pledging an asset.

Does accepting benefit income make Moneyshop easier to qualify for?

Moneyshop’s FAQs confirm that benefit recipients can be considered, but this does not establish a higher approval rate or relaxed affordability checks. Ask whether your particular income source is acceptable before applying. When comparing providers, distinguish acceptance of your income type from approval of the amount requested: existing repayments and household expenses still affect what you can afford.

Can I rely on Moneyshop’s same-day service for an urgent payment?

Moneyshop says complete applications can often be processed the same day, subject to lending checks. Its emergency-loan page also acknowledges that processing may move to the next business day. Application processing and cleared funds are separate stages. If a bill has a deadline, ask whether your documents are complete, what conditions remain and when payment would actually be released. Compare another lender’s confirmed funding arrangements rather than its application-speed headline.

How should I compare Moneyshop’s cost with another bad-credit lender?

Compare the same cash amount received, repayment term and total amount repayable. Moneyshop’s fee schedule lists a $300 establishment fee for a $1,000 personal loan, before interest, the $0.55 daily administration charge and other applicable costs. That setup fee alone equals 30% of the amount borrowed. This illustrates why fees can outweigh a modest difference in advertised interest rates on smaller loans. Obtain quotations with optional products identified separately.

Can I make extra repayments or move to a cheaper lender later?

Full early repayment is permitted, but Moneyshop’s published terms say it may decline partial prepayments. Its fee page lists a possible $50 administration charge, while the terms also provide for qualifying loss compensation; security-deregistration costs may apply. Do not treat $50 as a maximum settlement charge. If you expect to repay faster or refinance, compare repayment flexibility and obtain a settlement figure before calculating potential savings.

Would Moneyshop’s Repayment Waiver cover me if I lost my job?

Its published exclusions include redundancy and loss of income through dismissal. The waiver is optional, and its fee is added to the loan and attracts interest. Protection for specified illness, accident and death circumstances applies to the nominated borrower, subject to limits and exclusions; arrears can also affect eligibility to claim. Compare quotations with and without the waiver, and assess the actual covered events rather than treating it as general income protection.

Which missed-payment charges should I check before choosing Moneyshop?

Moneyshop’s pricing page lists a $1 daily arrears fee and $5 for a reversed scheduled payment, but its repayment page lists $0.90 daily and a $20 default-payment fee. Contact and recovery charges may apply separately. Ask Moneyshop to confirm the applicable schedule in writing and explain whether an agreed payment arrangement stops daily arrears charges. For an existing repayment problem, contact its credit team on 0800 66 66 50.