Are Payday Loans illegal?

The Payday Loan industry is a legitimate industry. This is fact. There are rules, regulations and laws in which the industry must function and these are geographically relevant to the country in which you live. The laws in Australia are different from the laws in New Zealand, which themselves are different from the laws in the UK or the USA. But regardless of where you live, there are local regulations and laws in which the industry must operate.

In order to operate legally within the Payday Loan industry, each lender must have a licence and follow the regulatory and legal requirements laid out in their country of operation. If you want to make sure your payday lender is operating legally, then you want to ensure the following:

• Make sure they have a licence

• Confirm their registration number that should be displayed clearly on their site

• Make sure they give you details of their regulator and which financial organisations that they are associated to. These again should be shown clearly on their site.

If you can confirm that your lender has all of the above, then they are operating legally and your loan is legitimate. There are however, as with every area of lending, those that are out to take advantage and it essential to avoid these providers at all costs. If a loan provider does not fulfil all of the above legal requirements then they are operating outside of the law. For your own safety and financial security, you should avoid any such provider that cannot prove that they meet their legal obligations.  

Looking for a quick and reliable Payday Loan service?

Save My Bacon is one of New Zealand's most trusted and popular payday loan service providers. You can apply for our loans through our Online Loan Calculator. Why not see what we do and review the following links if you would like to find out more about us and how our service works.

* Subject to Save My Bacon's right to request required information via fax, scanner or other paper means.

The type of credit is not intended to meet your long-term financial needs or to be used for dealing with existing ongoing financial problems.
This loan should only be used to meet short-term cash needs and not be used as a continual source of credit.
If you are concerned that you are falling into a bad debt situation, then please do not apply for a Save My Bacon loan as our loan will only worsen your situation.