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    Personal Loans & Finance FAQ’s

    If your question is not answered below please either call us on 0800 MY FINANCE (693 462) or submit a query using the live chat or contact us page and one of our friendly staff will be more than happy to assist you.

     

    Q:  What is a secured loan?
    A: A secured loan is a loan which you use an asset, usually a car, boat, house or the like as security. A secured loan generally attracts a lower interest rate than unsecured loans and are available over longer terms. When using security for your loan you can also borrow larger amounts subject to the security value compared to an unsecured loan.

    Q:  What is an unsecured loan?
    A: An unsecured loan does not use an asset for security. To qualify for an unsecured loan you must be over the age of 18, have a clean credit history, minimum income of $260.00 net per week and be stable in residence. Unsecured loans generally attract a higher interest rate than secured loans. You also need to be a New Zealand resident or citizen.

    Q:  What is debt consolidation?
    A: The combining of all your debts into one payment and one fixed interest rate. There are a number of benefits to debt consolidation. Once you have combined your debts will have only one payment. You could also free up valuable household income as debt consolidation loans can often have a lower interest rate than the combined finance charges of all other loans, hire purchases and credit cards. Debt consolidation loans usually require security which definitely helps the application, however strong applicants can qualify for fully unsecured or at least a portion of the loan unsecured.

    Q:  How much can I borrow?
    A: The amount will depend on your income level and ability to be able to repay the loan and security offered for secured loans. Depending on these and the credit lending criteria of our lenders, we can arrange loans from a minimum of $600.00.

    Q:  Do I need a good credit history?
    A: The short answer is no. If you do have some bad credit it helps your application if these are paid or at least under some repayment arrangement. We have lenders that will at a bad credit history, however this does mean you will attract a slightly higher than average interest rate.

    Q:  What can I use a personal loan for?
    A: This is your choice. A personal loan can be used for home renovations, retail purchases, holidays, weddings and the list goes on. Tell us what you are wishing to do and we will do our best to make it happen.

    Q:  Can I borrow more in the future or “top up” my current loan?
    A: Not a problem as long as your repayment history is good. Generally loans need to run for at least 6 months before we can looking at “topping up” your loan.

    Q:  What if my situation changes and I can’t make the payments?
    A: We offer “loan repayment insurance” options for full time employees that cover you if such an event occurs.  loan repayments if you can’t work due to accident, sickness or redundancy subject to the terms and conditions of the policy.

    Q:  Can I pay extra off my loan?
    A: Yes you can, this is to your advantage as this will help shorten the loan term and lessen the total interest amount, this is although as long as you continue with your regular payments. Paying extra on your loan will also help you improve your credit worthiness especially if you had bad credit to start with.

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