Borrower Information
This information has been prepared for borrowers of CASH4YOU Ltd (CASH4YOU). The following sets out some of the key information about your Consumer Credit Contract. This important information tells you about some of the rights and obligations of yourself and your credit provider. Full terms and conditions are included in your contract.
In this important information the credit provider is CASH4YOU Ltd (CASH4YOU). The credit provider also refers to itself as “we” and “us” and “our”. You might also refer to us as the “Creditor” or the “Lender”.
Responsible Lending
- Responsible Lending Policy
- CASH4YOU operates a policy of Responsible Lending. CASH4YOU is committed to improving your experience in the cash advances market in accordance with best practice.
- Responsible Lending Practices
- At CASH4YOU responsible lending practices are integrated into our systems and processes across our organisation.
- How does CASH4YOU decide if credit is suitable for me?
-
In meeting our commitment to responsible lending, CASH4YOU will:
- Take reasonable steps to verify your financial situation, and
- Make an assessment about the suitability of the contract for you and the affordability of repaying the advance.
- Where do I seek guidance?
- The CASH4YOU website provides clear guidance about using the service responsibly. CASH4YOU urges you to think carefully before applying for an advance because we expect it to be repaid as agreed. CASH4YOU's Charges section describe the potential consequences of failing to meet repayment obligations. In the case of a repayment default you will be notified immediately of the breach and the seriousness of the situation. CASH4YOU will then work closely with you to bring the advance back on schedule.
- Can I have loans with other short-term lenders?
- As CASH4YOU are responsible lenders, we believe you should only have one advance or short term loan at a time.
- What is CASH4YOU's arrears policy?
- If any of your payments dishonour we will contact you as soon as this happens. If there is a genuine reason for a payment dishonouring we will attempt to help you. If we receive your payment within 24 hours no dishonour fee will be charged. Please be aware, however, there may be additional daily interest added for the extra day.
If we still haven't received the money by the morning of the next business day default fees will apply as outlined in CASH4YOU's Charges section.
If your circumstances have changed significantly, we will do our best to offer a solution and come to an arrangement that helps you get back on your feet.
If we have had no response from any of our efforts to contact you, we will look at recovering payments by other means. Please remember, if your situation does change and you need our help to rearrange payments, we will do so if you communicate with us. If you have doubts over whether you will be able to repay a loan comfortably, please act responsibly by not applying.
Repayment plans for customers who qualify for financial hardship will cap interest and may also extend the payment schedule. Repayment plans require certain disclosures to be made by the customer to reassess the customer's creditworthiness and affordability as well as their ability to repay the loan.
Repayment modifications allow the customer to have a reasonable and predictable repayment plan. Any such modifications must be agreed upon by both parties and the customer may repay the full amount due at any time without penalty. - How do I get a contract?
- A credit contract will be offered to you after a number of steps have been completed to establish that you qualify for a CASH4YOU advance. To learn more, see our How it Works page.
- What is CASH4YOU's Credit Contract and Disclosure Statement?
- Important - This document sets out some key information as required pursuant to s17 of the Credit Contracts and Consumer Finance Act 2003.
The Credit Contract between CASH4YOU ("Creditor") and the Borrower provides specific information about the terms of the transaction in a Disclosure Statement. This Disclosure Statement outlines the key information and includes:
- The full name and address of the CASH4YOU Limited company that you are borrowing from.
- How much money you are borrowing.
- How much it will cost to borrow, including interest; each fee and charge is set out and explained clearly.
- How many payments you have to make.
- How much each payment will be.
- How you must make these payments.
- When and how you can cancel the contract.
- A statement of your right to cancel the contract.
- Other information about your contract
A CASH4YOU advance is not intended to meet long-term financial needs. The cost of your loan may be higher than loans offered by other lending institutions.
The following Government websites provide additional information about understanding your credit contract:
- How do I get a copy of the Credit Contract?
- Once you have completed your application and it is approved, you will be asked to sign your Credit Contract. Your signed copy is your copy of the contract.
- Can I ask for information about my advance at any time?
- You can ask for important information about your advance at any time, including the balance owed and the number of payments to make.
- Can I cancel the Credit Contract?
- The Credit Contracts and Consumer Finance Act 2003 gives you a right for a short time after the terms of this contract have been disclosed to you to cancel the contract.
- How to cancel
- If you want to cancel this contract you must email written notice to CASH4YOU.
- Time limits for cancellation
- As the Credit Contract is emailed to you; you must give notice that you intend to cancel within 5 working days after the electronic communication is sent. Saturdays, Sundays, and national public holidays are not counted as working days.
- What you will have to pay if you cancel
- If you cancel your contract you may have to pay the Initial Advance Balance. The Initial Advance Balance includes the Cash Advance, Establishment Fee and Administration Fee. If the Initial Advance Balance is not returned at the time of cancellation then the normal default fees and default interest will apply thereafter.
- Can CASH4YOU help me if I believe I'm suffering unforeseen financial hardship?
- If you are suffering unforeseen hardship because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, and you believe that this will make it unreasonable for you to meet your obligations under your Credit Contract, you should get in touch with us immediately to discuss the matter and see if we can come to some arrangement. Where financial hardship is confirmed, CASH4YOU will look to extend the repayment period and cap the interest on your advance at our discretion.
- What if CASH4YOU and I cannot agree on a suitable arrangement?
- If CASH4YOU refuses your request to change the repayments - and you have an issue with this - you can ask us to review this decision. If we still refuse your request you can complain to the following external scheme for dispute resolution - the Financial Services Complaints Ltd (FSCL).
- Can CASH4YOU take action against me for non-payment?
- Yes we can, if you are in default under your contract and we have exhausted all our attempts to come to a suitable arrangement with you. If you do not demonstrate a willingness to work with us to put the situation right, we may be compelled to take additional steps in recovering the debt which may include:
- Contacting your employer to have repayments directly deducted from you income.
- Registering a credit default against your name with credit agencies.
- Pursuing recovery of the debt through the District Court.
- Charging you all costs incurred in the recovery of the outstanding debt.
- What is CASH4YOUs Regulatory Information and Governing Law?
-
- Credit Contracts and Consumer Finance Act 2003 (CCCFA)
- The Credit Contract will be governed by the CCCFA
- Financial Service Providers Registration and Dispute Resolution Act 2008
- CASH4YOU Limited is a registered financial services provider
- FSP number: FST402246
- Trading name: CASH4YOU Ltd
- Dispute resolution scheme: FSCL
- Credit Contracts and Consumer Finance Act 2003 (CCCFA)
- Do I have any other rights and obligations?
- Yes. The law will give you other rights and obligations. You should also read your contract carefully.
- What if I cannot settle with you using your internal process?
- We pride ourselves on providing an exceptional level of customer service. However, if you feel we've got it wrong we want to know about it. Please email us on cash4you@xtra.co.nz.
We will do our best to resolve your complaint as soon as possible. But in any event we must do so within 20 working days. If we cannot resolve your complaint we must inform you of this. We must also inform you of your right to refer to our external disputes resolution provider and of the deadline for you to do so. - What if I cannot settle with you using your internal process? You can contact our external disputes resolution provider Financial Services Complaints Ltd (FSCL).
- How do I contact CASH4YOU?
- If you have any concerns about your contract or your dealings with CASH4YOU you can contact us at the following: