What is a Payday Loan?

A payday loan is designed to provide you with quick money over a short period of time. In most cases, they are used as a means to fund unexpected costs that arise before your payday can cover them, such as medical expenses or car repairs.

Unlike other loans, payday loans are repaid over days or weeks, rather than years, in order to be used as a stop gap until your wages arrive. The amount you can borrow varies depending on the lender but is usually between $100 and $1000.

 

What is a Payday Loan

 

How Much Do They Cost?

Fees and charges vary depending on the lender. At Chequers Finance, we offer the same fee and interest structure for all of our payday loans, whether you’re borrowing $100 or $1000. The total cost of the loan includes the amount borrowed, an establishment fee, daily administration fees and interest.

For an example of what a payday loan with Chequers Finance would cost, you can use our Loan Calculator here.

You can ask for your loan to be repaid anywhere from one week to six weeks. Generally speaking, the longer it takes to repay a loan, the more interest and admin fees will accumulate, so and the larger the repayments will be.

 

Benefits of Payday Loans

Unlike a lot of other loans, payday loans are easy to understand, simple to set up and, in many cases, cheaper than alternatives like getting a bank overdraft.

Other benefits include:

●       less interest – while the interest rate may appear high, you actually pay less as the interest has far less time to accrue

●       no collateral – our payday loans are unsecured, meaning they don’t require any collateral to be granted (there is no risk of your assets being repossessed)

●       predictability – short, fixed-term loans are much easier to budget for because you will know exactly how much you need to pay off and when you will need to pay

 

Understand Your Obligations

Payday loans are a quick and affordable way of dealing with sudden expenses. However, you should ensure you can actually afford it and get a good understanding of your obligations. Charges can mount quickly if you miss repayments or decide to extend the loan.

Stories about small loans spiralling into massive debts have been a source of negative sentiment against payday loans. However, this is not possible with Chequers Finance, as the total amount of fees and interest that can be added is capped at 100 per cent of the loan proceeds. This means, for example, you can’t face more than $400 in charges and fees for a $200 loan.

 

Interested in a Payday Loan?

If you think a payday loan could be the quick solution you need then get in touch with the team at Chequers Finance by calling 0800 243 783, visiting one of our branches or contacting us online.

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A payday loan is designed to provide you with quick money over a short period of time. In most cases, they are used as a means to fund unexpected costs that arise before your payday can cover them, such as medical expenses or car repairs.

Unlike other loans, payday loans are repaid over days or weeks, rather than years, in order to be used as a stop gap until your wages arrive. The amount you can borrow varies depending on the lender but is usually between $100 and $1000.

Visit us at any of our branches:

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Chequers Finance Hamilton

Caro House
137 Alexandra Street
Hamilton
Phone: 07 838 2939

Chequers Finance Henderson

334 Great North Road
Henderson
Auckland
Phone: 09 836 6201

Chequers Finance Papakura

155 Great South Road
Papakura
Auckland
Phone: 09 299 7883

Chequers Finance Otahuhu

13 Criterion Street
Otahuhu
Auckland
Ph: (09) 276 4384