Last Updated: 18/6/2019

This page contains a standard version of our loan terms and conditions which you will be required to agree with before proceeding with a loan advance from

New customers will be shown this loan agreement on step 3 of our online application process. To proceed with a application this loan agreement must be read and signed online. Returning customers will be sent a copy of this loan agreement including specific details of their new loan by email.


It’s important that you can make an informed decision about our short-term loans so please read these carefully and print or save them to file.

If you don’t understand anything in these Terms and Conditions or have any questions, ask us before you accept them by contacting us at or by phoning (07) 5770136.

A cash advance loan can be a great way to help you out of a tricky situation, such as paying a power bill, avoiding repossession, keeping the phone connected, avoiding bank dishonor fees or late payment fees but these are short term loans only and should only be used as such. They should not be used as a permanent solution to a serious debt problem. 

We rely on the information you provide to us to assess your ability to meet your repayment obligations to us without incurring undue hardship. It is therefore important that you provide us with accurate information.

If you have any concerns about your ability to meet your obligations, you should consult an independent adviser before you enter this agreement. We do not provide financial advice.


Contact details for some independent advisers are:

– Citizens Advice Bureau

– Community law Centre

– Budget Advice                       0508 283 438


This Agreement records the Loan Particulars and Conditions of the loan between Ltd (CWL-The Lender) and you (The Borrower). Ltd is a New Zealand Registered Financial Service Provider – FSP1965


The Lender: (including references to “CWL”, “us”, “we”, “Cantwait” and “our”): 



PH:                          (07) 5770136



The Borrower: (including references to (“you” and “your”)





    • The Credit Contract and Consumer Finance Act 2003 gives you the right to cancel this Loan Agreement within 5 working days after agreeing to the Loan terms and Conditions.
    • If you wish to cancel your request must be by email to
    • CWL will only charge you interest for the number of days that you have had the use of our money plus any setup or schedule change fees that may be applicable. There are no additional fees for early loan repayment.



    • By submitting an online application at our website you understand and agree that CWL may contact you, from time to time, at your email address, phone number or by any other electronic means to help administer & manage your loan with CWL and to offer you any new services or products we feel may interest you.
    • If you do not want to be contacted by CWL with information regarding new products & services, please request this by sending an email to
    • If, after submitting your loan application you decide that you do not want to proceed with the loan application you can email and request that any information held on the CWL database about you is deleted.
    • CWL collects information that you have provided to us when you complete and submit our online application process. This information may include your full name, date of birth, address, employment information, telephone numbers, email address, bank account details & transaction history, driver’s license &/or 18+ card &/or passport information. If CWL performs a credit check on you that information will also be retained.
    • CWL uses the information provided by you to: Process your loan application, understand your financial needs, assess your current & on-going credit worthiness, administer your loan contract, comply with CWL’s legislative obligations, including but not limited to anti-money laundering legislation.
    • CWL may share information held about you to: Government or regulatory authorities, law enforcement agencies, debt Collection Agencies, any person or Company who may purchase CWL’s database as an asset of CWL
    • CWL will take all reasonable steps to ensure that the personal information we collect, use or disclose is accurate, up-to-date & stored in a secure environment protected from unauthorized access or disclosure.
    • The website and online application process is hosted on a secure server.
    • Personal borrower information is protected under a Fortinet (Firewall) protection with up to date virus protection, vulnerability scanning, web & email filtering.
    • Your personal & loan information is held at the offices of CWL.
    • CWL will keeps records that are reasonably necessary to enable a reconstruction of any given loan when requested to do so.
    • You can access or amend information held about you by CWL by emailing



    • Interest charges are calculated by multiplying the unpaid principal at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365.



    • The annual interest rate is 521.22%.
    • Interest is charged daily at 1.428% on the unpaid principal amount.
    • Interest is not compounding.
    • Interest is not charged on fees.
    • This interest rate will remain the same for the term (life) of this loan.
    • Each loan repayment you make will repay part of the principal loan amount plus interest and any fees incurred.
    • The original loan amount will get lower as you make repayments, providing you stick to the repayment schedule, until your loan is repaid in full.
    • Interest charges are applied to your loan with CWL on the scheduled repayment days.
  1. FEES:

Fee TypeAmount ChargedCharge Conditions
Setup Fee$10.00Applied to all loans. Charged on the first repayment of your loan agreement schedule, or if the first repayment defaults, this fee will be spread over the remaining term of your loan. This fee covers the cost of account setup/admin, loan transfer, associated bank fees, credit checks, and bank statement verification.
Schedule Change Fee$10.00Charged immediately when a repayment schedule needs to be adjusted due to a repayment default or at your request. The cost of this fee will be spread over your remaining loan term.
Default Fee$25.00Charged when a loan repayment is unsuccessful/unpaid for any reason and contact/payment is not received within two business days from the date of default. The cost of this fee will be spread over the remainder of your loan term.



    • The nominated bank account must be an open and active New Zealand bank account in respect of which you have full operating authority and into which your wages or salary are paid.
    • Only one bank account per borrower will be stored within CWL’s system at any one time.
    • New loans will be transferred into the nominated bank account unless otherwise authorized by CWL management.
    • Loan repayment direct debits will be taken from the nominated bank account unless otherwise authorized by CWL management.



    • You confirm that on the day of electronically accepting this Loan Agreement that you remain employed as stated on the application form.
    • You agree to notify CWL immediately if you change employment, are made redundant or enter into an insolvency arrangement.
    • You confirm that you have provided to CWL all facts and circumstances which might affect CWL’s decision to lend to you.



    • You confirm that, to your knowledge, neither yourself nor any family member or known associate has held a prominent public position either in New Zealand or overseas within the last 2 years.



    • Upon new loan approval, CWL will email loan documents to the borrower’s nominated email address. The approval email will ask that the borrower follow a specified link to a loan acceptance form on CWL website.
    • Loan acceptance will be considered to be received once the borrower has filled in and submitted the loan acceptance form online.
    • Loan acceptance responses must be sent from the account holders nominated email address.
    • Loan acceptance responses must contain the correct statements as stipulated by the loan approval email sent to the account holder.



    • On business days the loan amount will be transferred into the borrower’s nominated bank account as soon as possible after the loan acceptance response is received by CWL (Refer clause 9)
    • Weekends & Statutory Holidays – CWL will only process loans to borrowers who hold Kiwibank ANZ ASB & BNZ bank accounts on weekends and statutory holidays.



    • Allocation of your repayment amounts will be prioritized towards the incurred interest and remaining principal. Interest will not be charged on fees incurred.
    • The borrower’s repayment amounts will be calculated in such a way that the final repayment of the schedule will settle all owing balances of the loan.



    • CWL will direct debit loan repayments from your nominated bank account on the dates outlined in the Repayment Schedule above or dates included in subsequent adjustment repayment arrangements you may receive.
    • CWL will email a copy of any adjusted repayment schedule to your nominated email address.
    • CWL will send you an emailed reminder of repayment before it’s due.
    • CWL will credit the repayments you make to your loan as soon as possible.



    • CWL does not charge an early repayment fee.
    • Early repayment can be requested by the borrower by emailing
    • CWL will calculate and provide the amount required to settle the loan for the requested date of settlement.
    • Provided Settlement amounts will include all incurred interest up to and including the date of settlement and all previously incurred unpaid fee amounts.



    • Schedule adjustment requests must be received at least 24 hours prior to the date of your next direct debit.
    • Requesting an adjustment to your repayment schedule including a postponement request, date change or lowering the repayment amount request may incur a $10 schedule change fee.
    • The Fee of $10 will be applied to your remaining loan repayments and this fee will be spread out over any remaining loan repayments.



    • If extra repayments are made towards your loan outside of your current repayment schedule, except in the case of full repayment, a $10 schedule change fee may be applied to the remainder of your repayment schedule. You will be advised, by email, of the adjusted loan repayment schedule.



    • If your direct debit authority is cancelled, CWL may request that your repayment schedule be met by you making repayments manually via internet banking or directly through a bank branch.
    • CWL will advise the borrower if manual repayments are needed to meet your loan repayment obligations.
    • Automatic reminders will be sent to the borrower before the date of the scheduled manual repayment.
    • A scheduled manual repayment will be in default if contact requesting a schedule alteration is not received prior to the due date.
    • A scheduled manual repayment will be in default if the full repayment is not received within two business days of the date due.



    • Refinancing is available at the express consent of CWL management.
    • Refinancing a borrowers CWL loans will result in new loan documents being sent to the borrower. Another email will be sent to the borrower detailing the conditions of the refinance amount, including the value of the approved new loan, the amount required to settle the specified active loans and the amount that will be transferred to the borrowers nominated bank account.
    • Upon acceptance of the new loan contract, the refinance will be actioned, settling the previously specified loans and transferring the remainder of the approved amount into the borrowers nominated bank account.



    • If your normal regular payday falls on a stat day or weekend, you will be issued with a repayment schedule that adjusts for this and will move the affected repayment date forward to the previous business day immediately preceding the affected date.





    • Your loan repayment is processed and the repayment reverses.
    • Your direct debit authority is cancelled by yourself or by your bank without our knowledge and/or consent.
    • Your nominated bank account is closed before full repayment of your loan is received.
    • You knowingly provide false or misleading information to at any time.
    • You leave the country.
    • You apply for bankruptcy or become insolvent.
    • You breach any other term of this Agreement

    • We strongly urge all our borrowers to keep in contact with CWL if you have repayment issues we will endeavor to work out a mutually suitable repayment solution plan before applying default fees.
    • Referral to our Collection Agency may not only affect your ability to borrow money in the future but could substantially increase the total debt you will incur with this loan.
    • If you know you won’t be able to meet this obligation you are required to contact CWL as soon as possible before the due date of the direct debit. We can then work with you to bring the loan repayments back on schedule.



    • A default fee of $25 per missed repayment based on the administration costs and losses incurred because of your actions and/or omissions may also be applied each time a loan repayment defaults/is not received. This will change and increase the loan repayment amounts you will need to pay. In this case, CWL will email you an adjusted repayment schedule – “Disclosure Statement”.
    • A default fee of $25 may be applied to the total amount you are required to repay to CWL two business days after a repayment default. The payment of this fee will be spread over the remaining term of your loan.
    • A default fee may also be applied once per unpaid manual repayment if the terms in clause 16 are not met.


    • You will be in default and be notified by email that your repayment has been reversed. Our bank details will also be sent to you so that you can make a manual repayment.
    • A default fee may be applied to your account if contact or payment is not received within 2 business days of the due date.
    • CWL will attempt to make contact using the information provided to us by you or a third party to get in touch to discuss a new repayment arrangement and repayment options.
    • CWL may at its discretion lower your repayment amounts and extend your loan term to help settle your loan.
    • CWL may rework your repayment schedule to align with your future payday(s) or any other day that we believe you may receive a regular income, including benefits.
    • CWL may split your scheduled repayment amount into smaller partial debits to increase the likelihood in receiving at least partial payment.
    • The full amount may become payable in full immediately. Regular interest will be applied at the usual daily rate until your account is settled in full or passed onto a collection agency
    • In accordance with clause 30, if CWL has not had contact from you regarding the loan arrears and/or a repayment to cover any loan arrears within 30 days from the first day of default, CWL may contact your employer who may discuss the situation with you and activate your wage deduction authority.
    • If your account remains in default for longer than 40 days, we may, at our sole discretion, refer the debt to our collection agency. In this event, you will be liable for any reasonable collection’s costs incurred.
    • CWL may send your account to its collection agency to collect any amount that is outstanding. The collection agency will apply their own collection costs to your total debt and will attempt to contact you on our behalf to arrange a repayment arrangement.
    • The collection agency may load your default with credit reporting agencies, which may affect your future borrowing ability and/or your credit rating.
    • CWL may sell or assign your debt to a debt collection agency. If this occurs your debt will belong to the debt collection agency and you will need to deal with them directly. (Refer clause 26.8)



    • 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 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


    • 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.



    • The information supplied in your loan application and any accompanying documentation that you provided to us is true and correct to the best of your knowledge and that we can rely on it accordingly, including your employment history.
    • You have disclosed all information that you know could or would influence us processing and approving your application.
    • You were advised to see independent advice before entering the Agreement to ensure you fully understood the terms and your obligations.



    • You cannot cancel the Direct Debit authority to Cantwait Ltd (CWL) and understand that if you do so you will be in breach of this Agreement.
    • You authorize CWL to direct debit your loan repayments from your nominated bank account or any future bank account you may provide to CWL.
    • You understand and agree that if you have incorrectly entered your next pay date CWL will amend the scheduled repayments to align these with your correct pay days.
    • The repayment schedule may also need to be adjusted if you default on a loan repayment to CWL or if you request a change to the repayment schedule due to unforeseen circumstances.
    • If the repayment schedule needs to be adjusted for any reason CWL will email you a new repayment schedule.
    • You understand and agree that you need to pay interest on this Loan.
    • You agree and understand that you are not able to assign any rights benefits or obligations under this Agreement at any time.
    • You agree and authorize that CWL may transfer or assign any of its rights under this contract at any time in its sole discretion.
    • You agree to promptly provide CWL with any information requested by CWL relating to your financial position and to advise of any change of name and/or address details within 14 days of such change.
    • You agree to receive any communication including via Email, SMS, Phone Calls to personal and employment phone numbers under this Loan Agreement from CWL.
    • You consent to us contacting you on the telephone numbers you have provided, provided such contact is at reasonable times.
    • You agree to promptly provide CWL with any information requested by CWL relating to your financial position.
    • You grant CWL permission to contact your employer in the case of repayment default and non-communication with CWL.
    • You agree and understand that if your loan account with CWL is in default and you have not contacted CWL, CWL may contact your employer to activate the wage deduction authority held on your file.
    • You agree, understand and authorize your employer, or any future employer, to pay to CWL up to 20% of your net wages, salary, commission and /or all income earned until the total amount of unpaid loan principle, plus any accrued interest & fees are repaid in full to CWL.
    • You understand and agree that any reasonable debt recovery fees or legal expenses associated with your loan will be payable by you and will be added onto your debt to CWL.
    • You give CWL permission under the Privacy Act 1993 to undertake a credit check on yourself and to verify your NZ identity with a driver’s license check/ passport check and to hold and use this information to meet all its legal obligations.



    • If you have any concerns or are dissatisfied with the services CWL has provided, please let us know by emailing
    • Our internal complaints procedure team will be more than happy to discuss, explain and hopefully resolve any problems you may have as soon as possible.
    • If you are not satisfied by our response to your complaint, you can request the involvement of an External Dispute Resolution Scheme for an independent and objective review of the circumstances.
    • CWL is a participant in Financial Services Complaints Limited (FSCL) which is an independent dispute resolution scheme approved by the Ministry of Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.



    • Full details of how to access the FSCL scheme can be obtained on their website The FSCL services are free to consumers.


Phone: 0800 347257.

Post: Financial Services Complaints Ltd, PO Box 5967 Lambton Quay Wellington



    • CWL is governed by New Zealand Legislation including:
      • The Registration & Dispute Resolution Act 2008
      • The Credit Contacts & Consumer finance Ac 2003
      • The Privacy Act 1993
      • The Companies Act 1993
      • The Fair Trading Act
      • Responsible Lending Code 2015
      • The AML/CFT Act
      • The Unsolicited Electronic Messages Act 

    • This contract is unsecured against any of your assets however CWL requires a wage deduction authority to be completed by all borrowers during the application process online.
    • CWL will hold on file a Wage Deduction authority which will be activated if your account goes into default (refer to clause 19 above) and we have not received contact from you or are unable to contact you.
    • We will notify you of our intention to contact your employer 10 business days before we do so to allow you a chance to explain to your employer the situation. Such notice will be sent to your nominated email address.
    • This authority will ask your employer to put up to 20% of each payment per pay period of your wages, salary, commission and other monies earned until the total amount of unpaid loan principle, plus any accrued interest, fees & collection costs at the date of activation of this authority has been repaid to CWL.
    • This amount will be indicated at the time of activation of this authority.