Frequently Asked Questions

Applications

What happens once I have completed the Application?

Firstly you will receive an email acknowledging receipt of your application and advising who your loan consultant is and how best to contact them. Your consultant will then commence the loan approval process, typically this takes between one and two hours and your consultant will contact you if we have any queries or need to clarify anything.

You have approved my loan, what happens now?

We arrange to get your loan documents signed and collect any outstanding information required such as a payslip, bank statement or identification / insurance details. There are several ways you can sign your loan documents

Come into our centrally located Auckland office.
We can post, courier and in some cases email them to you to sign and return. In most cases they must be witnessed.

What happens once I have signed everything?

Once the completed loan documents are returned to us with the requested information, your loan is processed that day with cleared funds paid out over night.

What if I have a poor credit rating or defaults?

We can normally assist if we know the circumstances, in most cases we can still help or we may require additional security. If you do not have the security required we may need to add a guarantor to the loan. The guarantor will be responsible for the loan if you do not pay.

Who will see my application?

We treat your application confidentially and the only people who will see your application are Loan Direct and any Finance Company that we send it to. All applications that do not proceed are securely destroyed.

How do I get my information to you?

Fax or email is the best. With bank statements the easiest way is to copy and paste the information into a new email and send to us.

I can’t find the answer to my query?

Please contact us on 0800 323 130 0800 323 130

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Debt Consolidation

What debts can I consolidate?: We like to do this properly which means we take all of your debts and consolidate them into one loan which is in sync with your income.
Do you pay my debts directly?: Yes, we require settlement figures that have a valid settlement date and bank account details. We then pay your debts directly to the other lenders and ensure any security they hold is removed.
Can I get some cash at the same time?: In most cases we can get some cash for you also, it all depends on your security value and your affordability.
What if I have a poor credit rating or defaults?: We can normally assist if we know the circumstances, in most cases we can still help or we may require additional security. If you do not have the security required we may need to add a guarantor to the loan. The guarantor will be responsible for the loan if you do not pay.
Who will see my application?: We treat your application confidentially and the only people who will see your application are Loan Direct and any Finance Company that we send it to. All applications that do not proceed are securely destroyed.
How do I get my information to you?: Fax or email is the best. With bank statements the easiest way is to copy and paste the information into a new email and send to us.
I can’t find the answer to my query?: Please contact us on 0800 323 130 0800 323 130

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Insurance

What types of Insurance do you offer?

We have four different policies available as follows:

Lifestyle Protection - Covers you in the event you are unable to work due to sickness, accident or if you should unfortunately be made redundant. It also repays your loan should you die. Request Full Policy Wording
Vehicle Warranties - Covers against the unexpected mechanical or electrical fault. Request Full Policy Wording
Comprehensive Vehicle Insurance - Covers against accident damage and theft. Request Full Policy Wording
Guaranteed Asset Protection (GAP) - Covers against the shortfall if your insurance company payout is less than your finance settlement. Request Full Policy Wording

Are the insurance policies underwritten?

Yes we only deal with companies who have their policies fully underwritten.

What is the cost?

The cost of all the above policies vary depending on the size of your loan, the year and mileage of your vehicle and your driving history. Please contact us on 0800 323 130 0800 323 130 for a quote.

How do I pay for the insurance?

We can add the cost of your insurance to your loan or alternatively you can pay separately.

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Personal Loans

What can I use a Personal Loan for?: Pretty much any legal reason, we do need to know!
What security do you use?: The majority of our loans require security, we can use either motor vehicles or property. If you do not have security we can add a guarantor to the loan if they have suitable security and are happy for us to use it.
What if I have a poor credit rating or defaults?: We can normally assist if we know the circumstances, in most cases we can still help or we may require additional security. If you do not have the security required we may need to add a guarantor to the loan. The guarantor will be responsible for the loan if you do not pay.
Who will see my application?: We treat your application confidentially and the only people who will see your application are Loan Direct and any Finance Company that we send it to. All applications that do not proceed are securely destroyed.
How do I get my information to you?: Fax or email is the best. With bank statements the easiest way is to copy and paste the information into a new email and send to us.
I can't find the answer to my query?: Please contact us on 0800 323 130 0800 323 130

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Property

What if my property has a mortgage on it?: Most of our clients do have a mortgage on their property, this is not a problem as we calculate the available equity after allowing for this mortgage. Depending on the deal we may require confirmation of the outstanding balance from the mortgage holder.
Do I need to have my property insured?: Yes we will require full insurance over the property as it is security for the loan.
How do you value my property?: We tend to use the Capital Value (CV) or Quotable Value (QV), or if you have had a registered valuation recently we can work off that.
What if my property is owned by a Trust?: No problem, we have the loan documentation completed in a specific way that you sign as a trustee of the Trust and then normally a guarantee in your personal name.
I can't find the answer to my query?: Please call us on 0800 323 130 0800 323 130.

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Vehicle

Do you finance vehicles through private sales?: Yes we are able to finance vehicles bought privately, through Trademe, vehicle tender, auction or from a reputable vehicle dealer.
What if I have a poor credit rating or defaults?: We can normally assist if we know the circumstances, in most cases we can still help or we may require additional security. If you do not have the security required we may need to add a guarantor to the loan. The guarantor will be responsible for the loan if you do not pay.
Do you do pre approvals?: Most definitely, we thoroughly recommend getting pre approved prior to purchasing your next vehicle. All pre approvals last for 30 days giving you plenty of time to track down that bargain.
Who will see my application?: We treat your application confidentially and the only people who will see your application are Loan Direct and any Finance Company that we send it to. All applications that do not proceed are securely destroyed.
Do you do no deposit vehicle finance?: We can often assist home owners purchase vehicles with no deposit. If you do not own your own home but have an excellent credit rating we can normally get you an approval with a very low deposit. In some cases we can get around the deposit requirements by using additional security such as another vehicle.
Are you a car dealer?: NO! we are an independent financial services company, we have no association or interest in any motor vehicle dealers.
Do I need vehicle insurance?: Yes, you need to have full insurance on the vehicle as it is security for the loan. We can help arrange this for you if required.
I can't find the answer to my query?: Please call us on 0800 323 130 0800 323 130.

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Complaints

What do I do if I want to make a complaint?

Email
loans@loandirect.co.nz

Post
Loansmart Limited T/A Loan Direct
PO Box 28 231
Remuera
Auckland 1541

If we cannot revolve your issue immediately, here is how we will deal with it.

If you have made your complaint verbally or via our web site, we will acknowledge your complaint immediately. If you have made your complaint in writing we will acknowledge it within 5 working days of receiving it.
We aim to have your complaint resolved within 5 days and will email or write to you outlining the resolution. If we are unable to resolve your complaint within 5 working days we aim to resolve it within 20 working days.
In the event that we cannot resolve your complaint within 20 working days, we will write to you advising you why we require more time to resolve your complaint.

If you are unhappy with the outcome of your complaint or if it has not been resolved within 40 working days, you can contact to Financial Services Complaints Ltd (FSCL). FSCL is an independent approved disputes resolution scheme to which we belong (FSP 7461). It will not cost you anything to refer your complaint to FSCL and you can contact them in the following ways:

Phone
0800 347 257 or 04 472 3725

Email
info@fscl.org.nz

Post
FSCL
P O Box 5967
Wellington 6145

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