Questions & Answers
We have added a list of questions and answers that we get asked via email, please have a look to see if we have your question answered already, if not please feel free to Contact Us and we will get back to you with 24 hours, Thanks for visiting Finance District, your online money shop in New Zealand!
Frequently Asked Cash / Personal Loan Questions
The interest rates we are able to get for our clients Personal Loan applications varies depending on each specific client's financial situation.
If you're able to provide a vehicle or home as security, have a guarantor to go in on the loan with you can affect your interest rate.
Every client is unique, and every interest rate we're able to source is unique.
Yes, you can.
A clients Personal Loan application gets declined for various reasons if your financial situation has improved since you last applied for a Personal Loan at Finance District then feel free to re-apply for a loan application.
However, if your financial situation is in large part consistent from when your loan application was declined, it's best to wait.
Due to recent changes in New Zealand Anti-Money Laundering (AML) Act, we can only accept Photo ID's when processing your Personal Loan application.
That includes Drivers license, 18+ Card & Passport.
We won't be able to process your loan application if you're unable to provide a form of Photo ID.
We work with our banking partners immediately after you've submitted all of your documentation, we usually get a decision within 48 hours.
This is a great question, most if not all will look at your original loan asking price to make their judgement on whether they can approve or deny your loan application.
However, they'll also look at your income and expenses to get an understanding of how much could you potentially afford and offer you a loan amount that could work.
Thus, it's definitely possible to ask for a lesser amount.
The majority of the time we are unable to get clients Personal Loan applications funded due to the following reasons:
- Affordability - based on your bank statements if we can see that you don't have any money left at the end of the week to easily afford re-payments on a loan, then we can't get your loan approved.
- Gambling - if we can see you withdraw money from gambling institutions then it becomes very difficult to convince a bank to lend you money.
- Dishonour fees - if we can you see you have several dishonour fees on your bank statements it's virtually impossible to get your Personal Loan funded. Dishonours show that you're not able to pay your immediate financial commitments if you can't pay them then how can you pay off a Personal Loan.
- Employment cycle - if you've only been at your current job less than a year and you were at your last job for less than a year; it shows that you're not in stable employment. Banks get nervous and that you may not stay in your job long enough to pay back their loan.
- Home living - like above, if you've been at your current home for less than a year and you've been at your previous address for less than a year; it makes banks nervous because it shows you're not in a stable home/employment. If you're having trouble with your living situation then you may not prioritise repaying back your loan.
Why loans get declined can be one or a combination of the above.
Yes you can.
We work with banking partners that look beyond the simple credit score and see if a client can afford to pay back the loan.
Affordability is key, are you able to make the minimum re-payments easily.
That's it, it helps if you have a vehicle or home to use as security or guarantor to go in on the loan with you.
Absolutely, once we start working with a banking partner to get your loan funded we'll send through an email that'll include that specific banking partners phone number - you can give them a call to get a full update on your loan application.
After you've submitted all of your information through to us our team is working to get your loan approved if you haven't heard back from us - it means we're still working with our banking partners.
Once we've confirmed we have approved your personal loan application or declined your personal loan application - we'll notify you via email.
Once our Finance Broking team knows whether your Persona Loan application has been approved or declined we'll send through and email letting you know.
Once you've sent through all of your documentation our team gets to work talking with our banking partners to get your personal loan funded.
We may call you (or our banking partners) to request additional documents however do know we're working to do everything we can to get your loan funded.
Once you've sent through all of your documentation that we need when clients apply for a Personal Loan, our team gets to work immediately contacting banks.
Our banking partners get back to us within 48 hours whether or not they can approve your loan.