Loans, criteria and approval process

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Explanation of our loans, criteria and approval processes

In this document Cashburst (the provider of loans through this website) is referred to as Cashburst, us or we.

Cashburst currently provides $500 – $5,000 for up to 3 – 24 months.

Your personal loan limit will be partly determined by our proprietary affordability index – a large component in determining your affordability is the amount of your regular net income (your pay less your expenses). Your personal loan limit will be calculated at the beginning of the application process. As a responsible lender, we will never lend more than a small percentage of your regular pay.

Our proprietary affordability index draws on our experience of tens of thousands of payday type loans and is one of the ways we ensure you can meet the agreed obligations under a loan without causing you undue hardship. If you feel this is not the case, please do not sign the Loan Agreement.

Our key lending criteria

If you fit the criteria below, you have a good chance of getting approved and receiving the money you need today:

  • You need to be at least 18 years old and a NZ citizen or resident currently living in New Zealand;
  • You need to have been permanently employed with the same employer for at least 3 months;
  • You need to be earning at least $350 a week (after tax);
  • Your pay needs to be credited on a regular basis into your own NZ bank account that has been open for at least 3 months;
  • You are not currently Bankrupt, under a No Asset Procedure or Summary Instalment Order;

Please note this is a guide only – in certain circumstances we may not be able to offer you a loan.

Our approval processes

Once you send through the documents we require, we will need to conduct some checks in an effort to ensure the affordability of the loan.

In general, it takes us 60 minutes to review a new loan application once we receive all the paperwork we need.

Once we have made a lending decision, we will inform you by email and TXT.

Receive funds

If the loan is approved, we will notify you and then transfer your funds to your NZ bank account overnight (if accepted before 4.30pm in order for us to process it in time for that night’s payment cut-off time).