About Us

Loan Direct is a Finance Broker, but in certain circumstances will lend money through its parent company / owner – Loansmart Limited

Your Finance Consultant will advise you if your loan is with Loansmart or if it is being brokered to another company. If your loan is brokered to another company we will advise you of the fees, interest rate and payments prior to your loan being drawn down. These rates and fees vary from Company to Company but currently start at 13.95%.

When you apply for a loan we have some responsibilities to you, these include that we understand your needs and your situation. This will allow you to make an informed decision about your loan and rest assured all information provided will be kept confidential. Depending on your circumstances the sort of information we may request from you is as follows:

  • Your personal circumstances including your age
  • What existing loans you have and whether they will be repaid with this loan
  • Recent bank statements to confirm your income and expenses
  • Whether your employment is full, part time or casual
  • What assets you have and their value
  • Details of your credit history and your consent to a Credit Check
  • Requesting to see your identity documents (drivers licence / passport etc)

To understand your needs we may also ask the following:

  • The amount you would like to borrow
  • When you require the funds
  • The purpose of the loan
  • The loan term that best suits your needs / budget

It is very important to us that you understand your contract and we endeavor to do the following:

  • Make sure you know your rights and responsibilities before you sign the Contract
  • Have clear terms and conditions that are easy to understand
  • Ensure you understand the Interest Rate & Fees that apply to your Contract
  • Clearly specify any security being used and ensure you are aware of this
  • That you understand what may happen in the event of non payment (repossession or sale of any property that you have provided as security)
  • Give you this information at the time you apply and have details on our Website.

If your loan is with Loansmart the following will apply:

  1. Interest rates start from 13.95% and are fixed for the term of the loan.
  2. An Establishment Fee will be charged on each loan which will be no more than $995, our Establishment Fees applied to new loans are as follows:
    $1,000 - $2,499 No more than $395
    $2,500 - $4,999 No more than $495
    $5,000 - $9,999 No more than $595
    $10,000 - $14,999 No more than $695
    $15,000 - $19,999 No more than $795
    $20,000 or greater No more than $995
  3. An Administration Fee is charged to your account each month that your account has a balance. The Administration Fee will be no more than $3.50 per week.
  4. If you loan falls into arrears you will be charged the following Default Fees
    If the Loan arrears are less than $500 $5 per week
    If the loan arrears are more than $500 but less than $1,000 $10 per week
    If the loan arrears are greater than $1,000 $15 per week

To view our Terms & Conditions including a schedule of our fee’s and charges, please click on the following Loansmart Terms & Conditions.

To view our Loan Agreement please click on the following Loansmart Loan Agreement.

Other websites that can assist you with borrowing money:

www.sorted.co.nz
www.consumeraffairs.co.nz
www.comcom.govt.nz

If you have any queries with regards to the above, please contact us on 0800 32 31 30 or email loans@loandirect.co.nz.

© 2017 Loan Direct - Personal Loans New Zealand