Cyclone Finance Limited exists to assist parents to finance a digital device for their child as part of a digital teaching and learning programme in their local school.
As New Zealand schools move towards the integration of technology with learning, the requirement for all students to have their own device (available both at school and at home) is growing.
Many schools are requesting that parents provide a device for their student, and in some instances this financial cost cannot be bought as a one-off purchase, and a financing option is required.
Consumer finance in New Zealand can be expensive. Many finance companies are not interested or capable of providing consumer finance to individuals on what can be a relatively small individual transaction basis. Those that are generally offer finance only with high establishments fees (often over $250 per instance) and at interest rates of up to and over 21%.