How much money can I borrow?

Customers can borrow a maximum of $2000. Your maximum borrow amount will depend on your credit worthiness and affordability.

Will my short term loan be approved?

We lend to most applicants but the final decision will be made once your completed short term loan application has been reviewed by our loan processing officers. A lending decision will be emailed to you as soon as possible.

How soon will I receive the loan?

On normal business days CWL runs 3 payment batches, one at 10am, one at 1pm and one at 5pm. If your loan acceptance response has been received it will be transferred in the next payment batch.

If you have requested the express payment option CWL staff will transfer your loan into your bank account as soon as possible after your loan acceptance response has been received.

On Weekends and Statutory Holidays CWL will transfer loans into the borrower’s bank account on the next scheduled payment batch (10am the following “normal” business day). If the express payment option is requested, CWL will transfer the funds into the borrower’s bank account as soon as possible after the loan acceptance response has been received.

On Weekends and Statutory Holidays CWL can only transfer loans to borrowers who hold Kiwibank, ANZ, ASB or BNZ bank accounts.

How many short term loans can I have?

New clients

One only.

Repeat clients

As long as you are current with all your repayments and you’re within your maximum affordability you’re able to take out an additional advance dependant on the approval of a Can’t Wait lending manager.

Can my partner apply for a short term loan too?

Yes – as long as your partner has a bank account in their own name, meets our affordability and lending criteria and the combined advances don’t exceed 40% of your combined net weekly income.

Can I apply if I’m self employed?

Yes – If our affordability and credit worthiness criteria is fulfilled.

Can I apply if I’m on a benefit?

Yes – as long as you are receiving at least $400 per week in the hand and our affordability assessment shows you can meet the loans repayment schedule without experiencing financial hardship.

Can I apply if my employer pays me in cash?

Sorry but your wages need to be direct credited to your bank account. We can’t approve you for a wage advance if your employer pays you in cash.

Do you do credit checks and What if I have bad credit?

We do credit checks – We consider all things when making our lending decisions.

Your credit history does not need to be perfect to be approved but it will be a factor in our lending decision.

If you’re currently bankrupt, under a summary instalment order or a no asset procedure or have extremely bad credit history your application is likely to be declined.

How much will my short term loan cost?

Try our short term loan calculator to find out what the cost of your loan will be.

You will be shown cost of borrowing within the very first steps of our online application process. You will have multiple chances to review this information through out our application process.

How do I get my short term loan documents?

You will be sent a final loan agreement containing all loan terms and conditions as well as a full disclosure statement containing your repayment schedule after your loan has been approved.

You can also request any information CWL holds on you at any time by emailing manager@cantwait.co.nz

What supporting documents are required with the application?

New Clients

  • Photo ID – Must show clearly: Full Name, Date of Birth, A Photo of your face and your signature. This can be a Drivers Licence or Passport.
  • Proof of address – This can be a copy of a utility bill showing your name and address.
  • Access to your own Internet Banking.

Repeat Clients

Cantwait.com needs to keep your account updated and verified. Our Lending managers may require supporting documents from time to time.

Can I request a time extension to my short term loan?

 If an emergency has popped up please feel free to get in touch to discuss an extension or change to your current loan repayment schedule – our staff are always willing to help.

Schedule change requests must be emailed to manager@cantwait.co.nz

How soon can I apply for another short term loan?

There is a stand down period of 3 working day between advances.

Do I need security?

No our cash loans are unsecured against your assets.

Can I repay my short term loan early?

We encourage early repayment. Phone our customer service team on (07) 5770136 or email us at manager@cantwait.co.nz at least 24 hours before the date of your scheduled direct debit.

You will only be charged for the days you have had the loan and for the fees that have been incurred thus far.

Can I change my direct debit date?

Direct debit dates are always aligned with your pay days. We discourage variation from this and a change from the specified schedule of repayments is at the sole discretion of a Can’t Wait lending manager.

If an emergency has popped up, please feel free to get in touch to discuss a change to your schedule.

Any change to your repayment schedule may incur a $10 schedule change fee.

What happens if I experience unforeseen hardship?

  • If you are not reasonably able to keep up on your repayments to us, you may be able to apply to us for a hardship variation. Unforeseen hardship is classed as illness/injury/redundancy/relationship breakups (including the death of your partner) or anything which would reasonably cause you to be unable to pay your repayments.
  • If you experience unforeseen hardship, we will work with you to establish a mutually acceptable repayment plan for your loan.
  • If unforeseen events affect your financial circumstances and you wish to apply for a hardship variation you must notify CWL in writing explaining the reason for your application. The best way is by emailing manager@cantwait.co.nz or filling in the CWL online hardship application form as soon as possible. If you delay, we may not have to consider your application.
  • When you make an application, you need to request one or both of:
    • Extending the term of the loan and reducing the amount of each payment.
    • Postponing, during a specified period, the dates on which payments are due.

Access the CWL hardship application form by clicking HERE

  • If you lodge a hardship claim CWL will process this claim within 3 business days.
  • If the hardship claim is declined CWL will provide written reasons via email telling you why the claim has been declined.
  • CWL may ask for proof of any unforeseen hardship claim. This may be a redundancy letter/death certificate or medical certificate. This needs to be supplied to us within 48 hours of the request for this information.

How do I make my short term loan repayments?

Simply ensure the are sufficient funds within the bank account at the date of scheduled payment. Before your direct debit is due we’ll email you a reminder and each pay period we’ll direct debit the payment due from your nominated bank account.

If your direct debit is cancelled for any reason (A Direct debit authority can only be cancelled by yourself or by your bank) CWL will let you know and will request manual repayment until the direct debit can be re-activated.

Do I have to pay by Direct Debit?

Yes, our Terms and Conditions specify that you must authorize us to direct debit payments when due directly from your bank account. Cancelling your direct debit authority is a breach of our Terms and Conditions and may result in your advance being cancelled and becoming due and payable in full immediately.

If your direct debit is cancelled for any reason (A Direct debit authority can only be cancelled by yourself or by your bank) CWL will let you know and will request manual repayment until the direct debit can be re-activated.

What happens if I default on my short term loan repayments?

CWL will contact you to let you know that a default has occurred. CWL will request that the defaulted repayment be paid manually. CWL offers a “Mange your own default” process – This will provide options to the borrower to help get the loan back on track.

If your repayment schedule needs to be adjusted as result, a $10 schedule change fee may be incurred.

Full details regarding payment default will be emailed to you with your Loan Agreement.

Do you contact my employer or relative?

We may contact your employer anonymously simply to verify you are still currently employed. We may also contact your employer to activate a wage deduction authority in the event that you are defaulting on your loan repayments and are not maintaining contact with cantwait.com. Your reference may also be contacted as part of our collections procedures if your account goes into default.

Can I get a short term loan renewal by contacting Customer Service?

No – you must go through the returning customer section of the website to apply for another loan.

You will need your client number which can be found on any of the correspondence Cantwait.com has sent you.