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How Does it Work?

At Zebra Loans, we know it’s difficult to plan for small emergencies. Whether it’s urgent car repairs, emergency dental work, or you want to take advantage of an early payment discount, Zebra can help you. There are legitimate examples of where Zebra may save you money.

The 3 Step Application Process

Step 1 – Apply Online

When you have selected the amount you wish to borrow on our online calculator and the term of the loan, click apply.

  1. In the application you will be asked to verify your phone number via SMS.
  2. You will be required to enter your bank’s online login details. This only allows us to view your account over the last 90 days to verify that you can repay the loan. Don’t worry, we don’t keep a record of your banking credentials. This option ensures you take out your loan confidentially without your employer knowing.
  3. Only some banks allow our computers to view your statements online. If your bank is not one of these and you would like to send your last 90 days worth of statements to us, please email these to loans@zebraloans.co.nz.
  4. If you prefer not to input those details, and are happy for us to contact your employer to verify your income and pay day details please select the appropriate box.

Step 2 – Approval and receipt of your loan

Once your application has been approved, you will receive an SMS notification. The funds are transferred directly into your bank account within 60 minutes of approval (during business hours). Depending on your bank, you could have the cash in hand within minutes after the transfer. Please be aware that not all banks have the ability to receive a same day cleared payment. In this case we cannot guarantee you will receive it within 60 minutes of your application being approved.

Step 3 – Repayment

Your repayments will be automatically deducted from your bank account by Direct Debit, according to the agreed repayment schedule calculated during your application. This is based on your pay, the amount borrowed and the number of repayments chosen. You can pay back no more than 25% of your income per pay period.

What would the repayments look like?

Let’s take the example of Gary. Gary earns $600 net a week and would like to borrow $500 for urgent dental work. He is paid on Wednesdays. Today is Monday 10th July, and Gary is next paid on Wednesday 13th July. Having chosen 5 repayments, Gary’s loan repayments will be on:

  • 13th July;
  • 20th July;
  • 27th July;
  • 3rd August;
  • 10th August

Gary’s final loan repayment is therefore on the 10th August. Gary’s loan was approved and paid on Monday 10th, meaning Gary will be borrowing the money for 30 days. The total fees on the $500 Gary borrows will be:

  • Establishment fee: $25
  • Direct Debit fee ($5 per transaction): $25
  • Interest (30 days @ 547.5% per annum): $150
  • Total: $200
  • Total repayment amount: $700

Gary’s repayment schedule would look as follows:

  • 13th July: $140
  • 20th July: $140
  • 27th July: $140
  • 3rd August: $140
  • 10th August: $140

Total repayment amount: $700