MoneyShop

MoneyShop eligibility and required documents

MoneyShop assesses whether repayments are affordable alongside living expenses and existing debts. Being over 18 or receiving an income does not establish eligibility. A fixed minimum income and detailed visa requirements could not be verified from its application guidance.

Its document checklist requests:

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

For secured borrowing, MoneyShop accepts cars and property. Existing finance may need to be settled, potentially increasing the new loan. Its unsecured product page advertises a NZ$5,000 ceiling, although another FAQ version quotes NZ$7,000. Confirm your limit and whether security is required, particularly at NZ$5,000, where its wording overlaps.

Who should consider a MoneyShop personal loan?

MoneyShop may suit someone with a specific expense, sufficient repayment capacity and a preference for branch support. Receiving a benefit does not automatically exclude an applicant.

Our assessment is that borrowers with access to cheaper personal loan options should compare those first. Offering security does not attract a lower advertised interest rate here: the published rate is the same for secured and unsecured borrowing, while security introduces additional costs and asset risk.

For debt consolidation, compare the new total repayment with the remaining cost of existing debts. A smaller weekly payment can result from extending repayment rather than saving money. If essentials already exceed income, debt management support may be more useful than another loan.

How MoneyShop applications and repayments work

Application and assessment

Apply through MoneyShop’s application form or a branch. General enquiries can be made on 0800 66 66 39. Provide your requested amount, purpose, income, address and supporting documents. MoneyShop then checks your information and decides whether to offer credit.

The application requires privacy consent. MoneyShop’s privacy policy describes credit reporting, identity verification and information sharing with relevant service providers and authorised parties. Read the application consent as well as the policy.

Before signing, check the cash you receive against the total amount financed, including added charges. Repayments are advertised weekly; available payment methods include automatic payments, direct debit and branch payments.

How long does approval take?

MoneyShop says it can normally process complete applications on the same day, subject to lending checks. Online submission does not mean immediate approval or payment. Its application and getting-started pages show different Saturday processing hours, so confirm availability if timing matters.

Payment difficulties and complaints

Contact the credit team promptly on 0800 66 66 50 or credit@moneyshop.co.nz to discuss repayment difficulties or a hardship application. Changes that extend repayment can increase the total cost.

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 can be referred to Financial Services Complaints Limited, a free external service, on 0800 347 257.

Questions to ask before accepting a quotation

• How much will reach my account, how much will be financed, and what is the total repayment?
• Which establishment-fee band applies, and are security charges additional to third-party costs?
• What asset and insurance are required, and what happens if I cannot repay?
• What does the optional waiver cost, including interest, and which borrower and events does it cover?
• Can I make extra payments, and what would full early settlement cost?
• Which current rate, arrears charges and repayment figures apply where the website disclosures differ?

MoneyShop advantages and limitations

Advantages: Online and branch applications; consideration of benefit income; an advertised unsecured option; and a rate fixed for the agreed term.

Limitations: Substantial interest plus daily fees; security requirements for larger loans; possible early-settlement charges; and inconsistent supporting disclosures. The optional waiver also has significant exclusions.

MoneyShop interest, fees and total borrowing cost

All amounts below are in New Zealand dollars. The borrowing-cost schedule publishes 29.95% p.a. fixed, calculated daily on the unpaid balance. The general FAQ instead says rates depend on the application; confirm the contractual rate.

Published establishment fees

The published bands overlap at $800 and $5,000; obtain the applicable fee in writing.

The $0.55 daily account fee equals $16.50 over 30 days or $200.75 over 365 days, calculated before interest and other charges. This fixed daily cost weighs more heavily on a small loan.

Additional scheduled charges include $10 per extra borrower or guarantor, $22.50 for an out-of-branch setup, $40 for the first vehicle used as security, $25 per additional vehicle, $103 for a caveat and $140 for a mortgage. Third-party setup costs are passed on at cost. Clarify which charges apply together.

Required insurance and the optional Repayment Waiver

The standard terms require comprehensive insurance for security at the borrower’s expense. Their introductory summary specifically mentions vehicle-secured balances above $3,000; confirm the requirement for your agreement rather than assuming smaller secured loans are exempt.

The Repayment Waiver is optional. Its fee is added to the loan principal and attracts interest. Ask for quotations with and without it.

The linked waiver contract, internally dated 15 June 2018, covers only the nominated borrower. Eligible temporary accident or illness claims can waive instalments for up to six months; illness has a seven-day waiting period. Death relief is capped at the lower of the outstanding balance or $10,000. Exclusions include specified pregnancy-related conditions, mental illness and substance-related events. Claims are excluded when repayments are more than 35 days overdue at the event. Notification and claim-document deadlines apply.

MoneyShop’s repayment guidance also excludes redundancy. Obtain the version offered with your quotation and assess whether its protection matches your circumstances.

Missed payments and early settlement

The cost schedule currently states no default interest, but lists $1 daily arrears fees, $5 for a reversed payment, letters up to $50, $5 calls, $80 plus GST home visits and third-party recovery costs. Its repayment-help page instead lists $0.90 daily arrears and a $20 default-payment fee. No effective dates resolve this difference; request the current contractual schedule.

Early settlement may incur a $50 administration charge, described as an average, plus security-release costs. The terms also provide for a loss-related prepayment charge, so $50 should not be treated as a maximum.

Published repayment example: discrepancies to resolve

MoneyShop publishes a $3,000 example at 29.95% p.a. over 78 weeks, with weekly payments of $58.87 and a final payment of $58.72, including its waiver. Assuming 77 regular payments plus the final payment, our arithmetic gives $4,591.71 total repayments, or $1,591.71 above the cash borrowed.

Its homepage instead displays $4,592.86 and says optional fees are excluded. The total and waiver treatment therefore differ. MoneyShop also publishes 35.9% APR for a $3,000, 18-month example and 56.7% APR for a separate $1,500, 52-week example. These are provider-stated figures; we could not reconcile their complete cost assumptions. Obtain an itemised quotation rather than treating either example as your final cost.

Is MoneyShop worth considering?

Our assessment is that MoneyShop’s strongest feature is access to online or branch-based assessment, including consideration of benefit income. Its main limitation is the combined interest, establishment and daily-fee cost. Compare the same cash amount and repayment period elsewhere, then assess total repayment, insurance and asset risk. A signed quotation that resolves the website discrepancies is essential to a meaningful comparison.

MoneyShop personal loan FAQs

Can I borrow $20,000 from MoneyShop without security?

No. MoneyShop’s dedicated unsecured-loan page advertises up to NZ$5,000 without security, subject to approval. The NZ$20,000 maximum includes secured borrowing. If you need more than NZ$5,000, compare lenders’ unsecured limits before offering an asset: a larger available loan can come with insurance costs and the risk of losing the security after default.

Is MoneyShop’s 29.95% interest rate enough to compare its loans?

No. The published 29.95% p.a. fixed rate excludes the full effect of fees. MoneyShop also quotes 35.9% APR for a particular NZ$3,000 example, but its published repayment figures and waiver inclusions differ between pages. Compare written quotations for the same cash received and repayment period, using the total repayment and all compulsory costs. The example discrepancies explain why the advertised APR needs clarification.

Why can a small MoneyShop loan cost disproportionately more?

Its establishment and daily administration fees can be substantial relative to the amount borrowed. Illustration: under the published schedule, a NZ$1,000 loan open for 365 days attracts a NZ$300 establishment fee plus NZ$200.75 in daily administration charges: NZ$500.75 before interest, third-party costs or optional protection. This is a fee calculation, not a repayment quotation. Compare the complete borrowing cost, especially for a small balance.

Will offering my car as security get me a lower MoneyShop rate?

MoneyShop’s cost schedule publishes the same 29.95% p.a. rate for secured and new unsecured loans. Security may support access to a larger amount, but it does not carry a lower advertised rate. Registration charges and required insurance can add costs. Ask what financial benefit the secured offer provides compared with an unsecured quotation.

Can I qualify with benefit income rather than wages?

Yes, MoneyShop considers benefit recipients, subject to its lending criteria. Its document requirements allow proof of income instead of payslips, alongside bank transaction information showing income and expenses. Acceptance of benefit income does not establish how much you can borrow. When comparing providers, distinguish between accepting your income source and approving a repayment that leaves enough for essential spending.

Does MoneyShop offer loans without credit checks, and will applying affect my credit file?

MoneyShop’s application consent provides for credit enquiries, so it should not be treated as a no-credit-check lender. Its privacy policy also describes sharing application, account and repayment information with Centrix. Before submitting applications to several lenders, ask whether an initial quotation records a credit enquiry. We could not verify a separate quotation process that leaves no enquiry on your credit file.

Can I reduce the cost by making extra payments or settling early?

Full early repayment is permitted, but MoneyShop lists a possible NZ$50 administration charge, described as an average, plus relevant security-release costs. Its terms also allow a loss-related settlement charge and reserve the right to decline partial prepayments. Request a settlement figure and written confirmation of how extra payments would be applied. Repayment flexibility deserves particular attention if you expect a bonus, commission or other lump sum.

Could consolidating my debts with MoneyShop make them more expensive?

Yes. A lower weekly instalment may come from spreading repayments over longer, while new fees increase the balance being financed. Compare MoneyShop’s proposed total repayment, including any existing-loan settlement charges, with the remaining payments on your current debts. If the new loan requires security, previously unsecured borrowing could also become an asset risk. Assess debt consolidation options on both the cost and the change in security.

Is MoneyShop’s Repayment Waiver compulsory, and does it cover redundancy?

The Repayment Waiver is optional and does not cover redundancy, according to MoneyShop’s repayment guidance. Its fee is financed as part of the loan and attracts interest. Protection applies to the nominated borrower, with limits and exclusions; the linked contract excludes claims where repayments were more than 35 days overdue when the event occurred. Request quotations with and without the waiver and read the coverage conditions. This optional protection is separate from insurance required for loan security.