We want our service to benefit our borrowers. We encourage responsible borrowing and take responsible lending seriously.
Unmanageable debt doesn’t help our clients and it certainly doesn’t help us, so we encourage our clients to save on interest by repaying their payday loan as early as they possibly can & by not over-committing themselves to payday loan repayments. We understand that unexpected bills pop up from time to time and that can put anyone’s budget off track so our goal is to provide money for these emergencies as fast as possible while encouraging healthy spending habits.
We strongly urge our clients to keep in contact with Cantwait.com if there are any payday loan repayment issues as we will always endeavor to work out a mutually suitable repayment solution plan and referral to a Collection Agency will not only affect future ability to borrow money in the future but could substantially increase the total debt owed.
Payday loan Reasonable Enquires
Cantwait.com takes its responsible lending obligations seriously because of this we need to undertake reasonable inquiries before we can lend to any client.
We collect information that you have provided for us when you complete & submit the application page of our website & send us your supporting documents. This information may include your full name, date of birth, address, telephone numbers, email address, bank account number, bank statements, drivers licence, passport.
Our online application process requires photo ID, proof of address, mobile & email verification and will finally request that the borrower submit a bank statement report which will help CWL confirm the borrower’s identity and also show Cantwait.com loan assessors a detailed report of the borrowers spending habits, financial commitments, income, and other financial data.
We may also collect other personal information about you from credit reference agencies.
From the information provided to us on the application page, copies of bank statements & information from credit reference agencies were able to assess a client’s financial needs plus his/her current & on-going creditworthiness & also to assess the lending risks to Cantwait.com. We only lend to clients that we believe have the ability to repay us without causing themselves or their families financial hardship.
How much will we lend?
The amount of money a client can borrow with Cantwait.com is based on his/her income.
We offer new clients cash loans from $250 – $500 with repayment terms of up to 10 weeks.
Our repeat clients can borrow up to $1500 with repayment terms of up to 70- days.
However for both new and repeat clients we have special procedures that we follow to try to ensure a client doesn’t borrow more than he/she can afford to repay.
Cantwait.com Ltd does not lend to beneficiaries, if that is the only source of income, as we believe that on a limited income the loan repayments add an additional cost to a normally already stretched budget.
We require that any potential client is a New Zealand citizen or permanent resident, aged 18 or over & is in paid employment within New Zealand earning $350 or more per week before we will accept an online application.
Cantwait does not lend to current bankrupts or people under SIO or NAP schemes.
Cantwait.com’s fees reflect the costs we actually incur and if any fee, such as a same day transfer fee, applies to a payday loan it will be shown on the scheduled loan repayments of the Payday Loan Contract. Provided all repayments are made on time and according to the repayment schedule the repayments will not alter, there will be no additional fees to pay.
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 any of our borrowers suffer from unforeseen hardship we will work with them to establish a mutually acceptable repayment plan for their loan.
If unforeseen events affect your financial circumstances, you must notify CWL by emailing firstname.lastname@example.org as soon as possible.
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.
Upon receipt of any supporting documents required to process a hardship claim, CWL may either extend the term of the contract so that the amount of each repayment is less or (at our discretion) put you onto a fixed discounted repayment amount plan.
If you default on a hardship repayment plan CWL may pursue debt repayment by normal means including but not limited to, activating the borrower’s wage deduction authority or by sending the borrowers account to its debt collection agency to collect the debt.
For more information about reasonable “unforeseen hardships “contact your local Community Law Centre communitylaw.org.nz
THE BORROWER CAN NOT CLAIM “UNFORESEEN HARDSHIP” IF:
You have not made a loan repayment to CWL for two months or you have missed 4 consecutive repayments.
You knew or had “reasonably foreseen” any of these events when you accepted the loan agreement contract knowing it would be unlikely that you would meet your obligations to the repayment of your debt to CWL.
If none of the above apply, & your hardship claim is reasonable & you are prepared to repay the full amount as specified on the loan contract, CWL may agree to vary the terms of your contract.