MoneyShop

MoneyShop eligibility and required documents

MoneyShop assesses whether repayments fit your income, expenses and existing commitments. Receiving a benefit does not automatically rule you out, while a poor credit history requires individual assessment. The checked sources did not establish a universal minimum income or complete visa-eligibility rules.

Its document checklist requests:

• Two accepted forms of identification, including one with a photograph.
• Access to internet banking or three months of transaction history showing income and spending.
• Three recent payslips or other proof of income.
• Proof of address or a tenancy agreement.

For secured borrowing, MoneyShop must accept the asset offered. A vehicle or property used as security can be at risk if repayments are not maintained.

When a MoneyShop quick loan may suit

This option may suit someone facing an essential, unexpected expense who has enough income left after normal bills to repay the loan. Online applications and branch assistance offer different ways to complete the assessment.

For a small cash shortage, compare the cost of borrowing with an agreed payment extension from the organisation you owe. If there is time to compare other personal loan options, use the same amount and repayment period. Where borrowing would cover a recurring monthly deficit, debt-management support may address the underlying problem more effectively.

How to apply for a MoneyShop quick loan

Application and assessment

Complete MoneyShop’s online application or contact a branch. The form requests contact details, borrowing purpose, income, employment and citizenship information. MoneyShop then assesses the application and supporting documents before making an offer.

Its privacy policy describes identity verification, credit reporting and related information sharing, including with credit-reporting agencies. Read the consent before submitting. If approved, review the disclosure statement and agreement before accepting; funds are then deposited into your bank account.

Processing time versus receiving the money

MoneyShop advertises processing in less than two hours when the required documents are available, subject to lending checks. Its emergency-loan page also allows for next-business-day review. Online submission is available outside processing hours, but submission, approval and money arriving are separate stages. Confirm availability directly if a deadline matters, particularly on Saturdays, where published closing times differ.

Questions to settle before accepting

• How much will reach my bank account, and what is the total repayable including every fee?
• Which establishment fee applies, particularly if I borrow exactly $800 or $5,000?
• Does the repayment include the daily administration charge and any financed protection fee?
• What asset insurance is required, what does it cost, and what happens to the security if I fall behind?
• What would early settlement cost, and can extra repayments reduce the balance immediately?
• When will assessment finish and, if approved, when should the funds arrive?

MoneyShop advantages and limitations

• Small borrowing amounts: The advertised $200 minimum allows applications for relatively modest expenses.
• Unsecured option: Eligible borrowers can request up to $5,000 without pledging an asset.
• Ongoing costs: The daily administration charge continues while the account is open, alongside interest.
• Disclosure inconsistencies: Overlapping fee bands and conflicting example details make a written, itemised quotation particularly important.

MoneyShop interest, fees and total repayment

The product and pricing pages specify 29.95% p.a. fixed interest, calculated daily on the unpaid balance. The general FAQ describes rates as varying, so confirm the contractual rate rather than relying on that general wording.

Establishment and ongoing charges

The published establishment bands are:

The three upper bands specify terms of three years or less. The published boundaries overlap at $800 and $5,000; obtain confirmation rather than assuming the lower fee.

The administration charge is $0.55 per day. Our calculation is $200.75 over 365 days, before interest and other charges. Extending the term therefore adds administration costs as well as potentially increasing interest.

Conditional setup charges include $10 per additional borrower or guarantor, $22.50 for an out-of-branch setup visit, $40 for the first vehicle security and $25 for each additional vehicle. Property-security charges are $103 for a caveat or $140 for a mortgage. Third-party checks and registration costs are passed on at cost.

Insurance and the optional Repayment Waiver

MoneyShop’s security clauses require comprehensive insurance for pledged assets at the borrower’s expense. Ask for the applicable insurance requirement and premium separately from the loan instalment.

The Repayment Waiver is optional. Its fee is added to the loan and attracts interest. The linked waiver contract, dated 15 June 2018, provides conditional relief for the nominated borrower: qualifying illness or temporary accident-related incapacity can cover instalments for up to six months; death relief is capped at the lower of the balance or $10,000.

Exclusions include pregnancy-related illness, mental illness and specified alcohol or drug-related events. Redundancy is not covered. The contract excludes claims where repayments are more than 35 days overdue and sets notification and evidence deadlines. Request the version applying to your offer and compare the cost with and without the waiver.

Early repayment and missed payments

Early settlement may incur an administration fee described as $50 averaged, plus security-deregistration costs. The terms also allow a charge for applicable early-repayment losses; request a dated settlement figure.

The current pricing page says no default interest is charged, although the general terms retain a default-interest provision. Confirm your disclosure statement. Published default charges include $1 per day in arrears, $5 for a reversed payment, letters up to $50, calls at $5 and home visits at $80 plus GST. Third-party recovery costs are additional.

Published $3,000 example: figures needing clarification

MoneyShop publishes $3,000 over 78 weeks at 29.95% p.a., with weekly payments of $58.87 and a final payment of $58.72. Its footer associates this example with the Repayment Waiver and a stated APR of 35.9%.

Our arithmetic check: assuming 77 payments of $58.87 followed by $58.72, repayments total $4,591.71. The homepage instead states $4,592.86 and describes the example as excluding optional fees, while its footer includes the waiver. These descriptions do not reconcile.

The quoted weekly payment averages approximately $255.10 a month, calculated as $58.87 × 52 ÷ 12; actual payment dates govern cash flow. Treat the published APR and example as lender figures requiring clarification, not a verified quotation. Request a schedule separating interest, establishment fees, daily charges, third-party costs and any waiver fee.

Is MoneyShop worth considering for quick borrowing?

MoneyShop’s strongest feature is access to small emergency loans through online and branch channels, with unsecured borrowing available to eligible applicants. Its main limitation is the combined cost of interest and fees, compounded by inconsistencies in the public examples. Compare quick-loan alternatives by confirmed arrival time, total repayment and security requirements before accepting.

MoneyShop quick-loan FAQs

Will providing security let me borrow more or get a lower rate?

MoneyShop advertises up to $5,000 unsecured, with acceptable security required for larger loans up to $20,000. Its published rate is 29.95% p.a. for both secured and unsecured borrowing, so providing security does not carry an advertised interest-rate discount. When comparing offers, include security-registration charges and required insurance, alongside the risk to the asset if repayments fall behind.

Can I rely on MoneyShop’s two-hour processing claim for an urgent payment?

The claim depends on complete documents and satisfactory lending checks. MoneyShop also states that some applications are reviewed the next business day. Before choosing it for an urgent bill, confirm whether the quoted timeframe means assessment completed, loan approved or funds received. Applications submitted outside processing hours may wait until the next business day; online availability does not mean continuous assessment.

Is MoneyShop an option if I receive a benefit or have bad credit?

MoneyShop may consider benefit income and assesses applicants with poor credit histories individually. A credit check and affordability assessment still apply. Acceptance of your income type does not establish how much you can borrow. For comparison, request the approved amount, repayment schedule and complete cost, rather than choosing solely because a lender considers benefit recipients or previous credit problems.

Which costs should I compare beyond MoneyShop’s 29.95% interest rate?

Include the $65–$455 establishment fee, $0.55 daily administration charge, third-party costs and any applicable security, insurance or optional waiver charges. The daily fee alone adds $16.50 over 30 days. Compare the total repayable for the same cash amount received and repayment period: financed fees can make the loan balance larger than the money deposited into your account.

Can I use MoneyShop’s published repayment example to compare other lenders?

Use it cautiously. MoneyShop publishes a $3,000 loan over 78 weeks with payments of $58.87 and a final payment of $58.72. Assuming 77 regular payments plus the final payment, these total $4,591.71; its homepage instead states $4,592.86. Descriptions also differ on whether optional protection is included. Request an itemised repayment schedule before comparing that example or its stated APR with another offer.

Could early-repayment charges make MoneyShop less suitable for a short cash gap?

Yes. The published costs describe a possible early-settlement administration fee averaging $50, plus applicable security-deregistration costs. The terms also allow a charge for early-repayment losses. If you expect to clear the loan after your next payday, request a settlement estimate for that date before signing. Compare the resulting total cost with an offer that allows early repayment without those charges.

Is the Repayment Waiver compulsory, and does it cover job loss?

The waiver is optional, and MoneyShop’s repayment guidance excludes redundancy and dismissal-related income loss. Its fee is financed as part of the loan and attracts interest. Other exclusions and limits apply, including restrictions when repayments are overdue. Ask for quotations with and without the waiver and check whether its qualifying events match the income risks you actually face.

What happens to the cost if I miss a MoneyShop repayment?

Published charges include a $1 daily arrears fee and possible reversed-payment, contact and recovery fees. Contact the credit team on 0800 66 66 50 or credit@moneyshop.co.nz promptly. The repayment support page explains hardship applications. Ask how any revised arrangement affects ongoing charges and total repayment; lower instalments over a longer term may increase the overall cost.

What recourse do I have if MoneyShop’s charges or service differ from what I understood?

Email info@moneyshop.co.nz, attaching the quotation, agreement, relevant messages and disputed figures. State the correction or resolution you want. MoneyShop’s complaints procedure provides for 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 dispute-resolution service, on 0800 347 257.