So what is your criteria?
There really is no fixed criteria, we look at the big picture including your credit history, job history, income, home stability, outgoings, repayment history, the lot. We then work out the best deal we can get from our lenders and go and get you an approval.
What ID do I need?
Typically we need a copy of your drivers license or passport and sometimes one other form of ID such as both sides of a credit card. If you don’t have a passport or license we can still approve your loan, we just need to make up the ID in other ways such as bank statements, 18 + card, etc. Just give us a call if you are worried.
What if I have bad credit?
It all depends on the credit. If you have unpaid defaults to other financial companies, then we will need security (car or house) or a co-borrower who can offer security. If it is a paid default to LTNZ (seriously, this is more common than you would think) we couldn’t care less. The important thing is to tell us about it, if we know why the defaults came about it is easier for us to work out a good loan for you.
What is a co-borrower/guarantor?
If we cannot get you approved by yourself, we will often ask if you can bring someone else on the deal. This is usually a partner or family member. They are used to “bump up” the profile of the loan, meaning we can take their profile into account and we can also use any security they provide. There is essentially no difference between a guarantor or co-borrower, as in both cases they will be liable for the loan just as much as you are, so it does need to be someone you trust and who trusts you.
Awesome service and communication for the loan. Only issues I had was the lack of explanation regarding the Insurance policy. Putting it on the quote letter and the loan documents without even mentioning it or explaining it, is shady as far as I am concerned. thanks for the help.Andrew Mallia