FAQ

A. There are just a few basic requirements that must be met before you apply with Personal Loan Pal. You must:

• Be 18 years old of age
• Be a New Zealand citizen or permanent resident
• Have a personal bank account with a regular income deposited into it for at least 90 days prior to applying
• Have a direct contact number and email address

A. You sure can! We can still consider welfare payments as income, as long as they are consistent and reliable. Should we find a lender for you, they will conduct an assessment to determine if you are able to afford a loan.

A. If you qualify for our service, click the apply now button and get started on your application. Take a bit of time out to fill it out and submit it, then it’s over to us to take care of the hard part. We’ll search the internet in search of a lender, and if there’s one out there for you, we’ll find them. If we do, we’ll leave you in their capable hands.

A. Since we only handle the initial application and lender-finding process, we won’t need you to submit any supporting documentation to us. You might need to supply your loan provider with copies of bank statements or pay slip bills, for example. They’ll be looking to confirm both your identity and your personal circumstances. The requirements may differ from lender to lender.

A. As we are a lender-finder, we will not contact your employer. If we find a lender for you, they will likely do a quick employment check, but not to worry. Our partner lenders employ well-trained operators who avoid disclosing any personal information about you or your application to your employer.

A. We are 100% online. All applications must be submitted via our mobile friendly website. If you have a question or suggestion, you can send an email to [email protected].

A. Applications can be submitted any time via our website. If you apply outside of our business hours, outcome times may differ.

Our hours are:

Monday to Thursday – 8am to 6pm

Friday – 8am to 4pm AEST.

A. The speed at which your money is transferred into your account will depend on your lender, and the bank they used in comparison to yours.

A. Your lender should be able to set up a direct debit schedule in line with your income – the amount you need to repay and when you receive your monthly payments are important here.

A. If you don’t make a repayment, a fee may be added to the balance of your loan. Such fees should be outlined in your loan contract. If you think there’s a chance that you’ll miss a repayment, or if you’re going to be paid late at all during your repayment period, make sure you let your lender know so you can try to come to an understanding.

A. If you stop making your repayments, you run the risk of having your default listed on your credit file which, as you know, could have a severe effect on your credit history and stay there for up to 5 years. Your account could be passed on to an external debt collection agency – a final step for lenders. If your circumstances suddenly change, contact your lender as soon as possible. There’s a chance you could apply for Financial Hardship.

A. If you have a sudden change in circumstances and are unable to meet your financial commitments like bills, expenses and loan repayments, make sure you advise your loan provider.
If you are finding it hard to manage your finances, consult with an accredited financial adviser or visit http://www.kiwisaver.govt.nz/already/change-contrib/contributions-holiday/ks-hardship.html

If you are in a current or undischarged bankruptcy, we will not automatically count you out. Apply using the form above and let’s find out if you’re eligible.

If you are currently in a Part 9 Debt Agreement, you are not eligible for a Small Amount Credit Contract (loan from $300 to $2,000). You could be eligible for a Secured Medium Amount Credit Contract which involves you putting up some form of security like a car, boat, motorbike or caravan. These loans range from $2,001 to $4,600.

A. We’re not happy if you’re not happy. If you have found our services less than satisfactory, please let us know. You can contact us using the form on our contact page, or send an email to [email protected].

We will get in touch with you quickly to reach an agreement that works for both of us. If you are still not satisfied with the outcome you can contact the Insurance and Financial Services Ombudsmen for an independent review.

You can contact the Insurance and Financial Services Ombudsmen on 0800 888 202 or visit www.ifso.nz for more information.