FAQ

Applying for a Quick Cash Loan

Q. What does Loans NZ do?

A. This website is for New Zealanders in need of a quick cash loan. We want to lay a good foundation for you so that you know what your options are when it comes to personal loans are and make sure that you have everything you need to make an informed decision.

Once you’ve applied here, we’ll match you up with a credit provider that suits your individual needs, but it’s up to you whether you want to accept their terms and go with that particular loan provider.

Q. Who can apply for a personal loan?

A. Need help finding a quick cash loan? We’re glad you found us. We’re your gateway to the personal loan sector, and all the lenders operating within it. Apply here and we’ll help you find a quick cash loan to suit your situation, and we’ll do it quickly.

Before you apply for a personal loan with us, please make sure you are:

• 18 years of age or older
• Being paid regularly into a personal bank account
• Able to show that you have been paid regularly for at least 90 days
• A New Zealand resident, or a permanent resident
• Able to give us a direct contact number

Q. I get public welfare payments. Can I apply?

A. You can! Apply for a personal loan through us. Typically, lenders will do a full assessment of your financial situation to make sure that you can comfortably afford to make your repayments.
To find out what your repayments will be, head over to the loan calculator on our home page.

Q. What is provisional approval?

A. It’s pretty simple, really. If you’ve been provisionally approved, you’ve met our basic requirements and we’ve started looking for a loan provider for you. Congratulations – you’re one step closer to getting the cash you need in your bank account.

Q. How do I apply?

A. To make things super simple, we’ve built an application process that’s 100% online. Just use the handy form above and you’ll be on your way.

If there’s anything else we need from you, we’ll make sure we get in touch with you ASAP, and you can use the form over on our contact page to make suggestions or request further information as needed.

P.S. We love suggestions – if there’s something you found tricky, hard to navigate or just a bit annoying let us know!

Submit your application on our website at any time. Just bear in mind that we have regular office hours, and that we only flick through applications during them. We’ll be online and at your service at:

Monday to Thursday – 8am to 6pm

Friday – 8am to 4pm EST.

If you apply for a loan after hours you will be contacted the next business day.

Unless there’s something we’re really not sure of, you won’t need to send us any docs. We’ll find you a loan, and you may need to submit a few documents to the lender to confirm your identity and expenses. They may also need to give your work a call just to verify your employment if applicable. Your personal information and loan application won’t be disclosed, don’t worry.

Q. Can I get a no credit check personal loan?
A. Yes – if you have bad credit, you can apply for a loan of $400 or less and there will be no credit check done. To help you stay on the straight and narrow, the lender we partner you up with must do a full assessment to make sure that you can pay back your loan comfortably and that it really is the right solution for you.

Q. When will my loan be in my bank account?
A. If you’ve applied during regular working hours, your cash could be transferred over to you in the same day!

To find out exactly how long it will take for your funds to reflect, check which banks your loan provider uses. If it’s the same bank as you, your funds could take 1 hour. If not, it may take up to 24 hours for the funds to show on your side.

Fees and payments

Q. What do personal loans cost?
A. The rates, interest and fees can change from lender to lender, but most work like this:

Small Amount Credit Contract (loans from $300 to $2000), costs are:

• Flat monthly fee: 4 – 12% of loan principal.
• Direct debit dishonor fee: can be $20-35 per dishonor.

Q. How do I make repayments?

A. Your lender will be able to help you organize a direct debit so your payments can be deducted automatically after pay day – be it weekly, fortnightly or monthly.

Q. What will happen if I can’t make a repayment?
A. If you can’t make your repayments, get in touch with your quickly to find out if you can make an alternate arrangement or if you qualify for a Financial Hardship variation. The amount you need to pay will be outlined in your loan contract.

If you repeatedly miss payments without contacting your credit provider, they can pass the collection of funds over to a debt collection agency and would be able to add defaults to your credit history file. Remember, they could stay there for up to 5 years.

Q. What is Financial Hardship?

A. Unexpected or sudden changes to your financial situation could lead to you no longer being able to meet your financial obligations – this is known as Financial Hardship. If you’re unable to meet your financial obligations, let your lender know and head here to find out more http://www.kiwisaver.govt.nz/already/change-contrib/contributions-holiday/ks-hardship.html
Before you’re granted with financial hardship assistance, you may need to provide evidence (like separation certificates, Centrelink papers or proof of bills) to support your claim.

Just make sure you apply with enough lead time. If you don’t give your credit provider ample warning (well, as much as possible), you may not be eligible.

Q. Can I apply for a loan if I am bankrupt?
A. If you’ve been declared bankrupt, you might still be able to apply for a certain type of loan, but it would likely be secured.

Depending on the amount you’d like to loan and your individual bankruptcy situation, you may need to put up a car, boat, motorbike or caravan. These loans range from $2,001 to $4,600.

Apply today to find out if you could qualify for a secured personal loan with your bad credit score.

Additional Questions

Q. When could I get another loan?

A. It will depend on three things:

• Your individual financial situation
• How much you still have to pay back on your current loan
• How much you’re wanting to loan.

Get in touch with your current loan provider to find out, or contact us right here.

Q. How do I lodge an official complaint?

A. Complaints are not something we take lightly. If you have a problem or complaint, head over to our contact page to get your complaint in writing and over to us so that we can get cracking on setting things straight as soon as possible.

You can contact the Credit Ombudsmen Service on 0800 888 202 or visit www.ifso.nz for more information.

Q. What responsibilities do borrowers have?

A. If you’re worried about missing a payment or not having enough cash on hand to make sure that your repayments are successfully processed, get in touch with your credit provider NOW.