Loanplace

In this post, we’re going to share the one thing that excites us more than anything else about our business. 

It’s the powerful story behind the day-to-day business of Loanplace. 

It starts with a regular New Zealand grandmother. 

And it ends the way we endeavor to make every one of our customer’s experiences with us end: 

In a vastly improved financial and personal situation that makes life less stressful and more manageable. 

We’ll call this customer Pam (not her real name).

Pam got in touch with us a few months ago, with a serious problem…

Debt Collectors Were Chasing Her For $10,000!

The short story is: Pam kindly lent her granddaughter her credit card. 

Then, her granddaughter went on a bit of spending spree.

Nek minnit, Pam was staring down the barrel of a maxed out credit card and a major — we won’t name names — finance company breathing down her neck.

Unable to repay the debt quick enough for the finance company, Pam suddenly had debt collectors calling her up.

They wanted $10,000. And they wanted it NOW.

But because Pam had been forced to default on the credit card debt…

No Other Finance Company Would Help Her Out.

The credit card default meant Pam’s credit rating check raised a red flag. 

Because of this, all the finance companies she approached refused to help her out.

All, that is… except Loanplace.

Unlike the other companies she approached, we were able to dig deeper into Pam’s financial situation and come up with a solution. 

While no one else was prepared to look at the full picture behind Pam’s debts problems…

We found she had her own property she could use as security on a consolidation loan.

In other words…

We Found A Solution For Pam While The Rest Just Treated Her Like A Problem

Using Pam’s property as security, we quickly assessed and approved a loan to help her get the debt collection agency off her back… 

And put an end to the stressful situation lending her granddaughter her credit card had created. 

Pam is one of hundreds of customers we’ve proudly gone above and beyond for when no other finance company wanted to deal with them. 

If you have any questions about obtaining fast, fair finance, we’re always happy to help.

Get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.

See what’s possible with our easy-to-use debt consolidation calculator.

As the saying goes, life is what happens when we’re making other plans. 

And sometimes, the unexpected requires that we access some extra cash to cover bills, repairs, or any type of unforeseen expense. 

Often, this is when people go looking for a loan. 

But before you borrow money from anyone, you must consider some important things. 

Borrowing without understanding what your loan will actually mean for you — over the short and long-term — is not a good idea. 

So before you sign up for a loan — from anyone, even if it’s a friend of family member — always consider the following:

Match the interest rate to your goals

The interest rate is the number one variable you need to consider when you take out a loan. 

It dictates what your repayments will be.

The lower your interest rate, obviously, the lower your repayments will be. 

Generally speaking, personal and business loans will offer you a much lower interest rate than a short-term, pay day-style loan.

It’s important you determine whether the interest rate will suit your financial goals over the term you agree to repay the sum you borrow. 

Will borrowing negatively impact your credit rating?

Borrowing money, in itself, is generally not bad for your credit rating.

Failing to meet repayments is what damages credit ratings. 

Whereas paying back your loan on time can actually improve your rating. 

So when you’re borrowing, if you’re in any doubt as to whether you can afford to make the repayments, consider that if you can’t…

The next time you apply for a loan, it may result in you having to accept a higher interest rate. 

This is why it’s so important to…

Understand how your repayments will affect your budget

Before you borrow money, make sure you adjust your weekly or monthly budget to ensure that you can still afford you current expenses.

You should still be able to afford all your regular expenses when you add the repayments into your budget. 

If that’s not possible, you need to discuss with your lender if there’s another term or structure for the loan that could make it feasible. 

And, if you’re in doubt, we always encourage you to seek independent, professional financial advice.

If you have any questions about obtaining fast, fair finance, we’re always happy to help.

Get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.

See what’s possible with our easy-to-use personal loan calculator.

Christmas may not feel like it’s right around the corner…

But it is. 

You have about 40 days to get everything in order before the 25^th — presents, your tree, food, drinks and, of course, money.

Many Kiwis feel the pinch when it comes to paying for Christmas. 

Like with everything that involves money, planning is key to avoiding stress and insuring success. 

So before you let the calendar run down like you did last year, check this quick Christmas cheat sheet to help you financially survive the festive season (and avoid the Boxing Day budget blues).

Beat The Festive Price Hikes — Buy Now!

Most of us get caught out by the last minute rush. December 23, to be exact. 

But if you’re reading this now, it means you’re thinking ahead.

So, rather than wait for the Christmas retailers to hike their prices at the last minute while most folks are freaking buying last minute presents and premium prices…

One way to save money (and limit stress) is to buy your gifts now.

You’ll avoid the last minute price hikes, plus the stress that comes with battling all the other 11^th-hour shoppers.

All in all, you could easily save yourself several hundred bucks by buying your gifts this week, not next month!

Get Yourself An Extra $350 To Go Bargain Hunting in The Boxing Day Sales

You have seven weeks until Christmas right now. 

If you save $50 every week starting this week, you’ll have an extra $350 sitting in your bank account. 

Combine that with the savings you could make by getting your Christmas shopping done earlier than everyone else, and you could have a tidy few hundred bucks ready for the Boxing Day Sales.

By waiting a few days, you can pick up items at massive discounts in the days after Christmas.

And, if you have some extra cash sitting around, you’ll double down on your savings this year. 

Simple Secret To Avoiding Money Stress Next Christmas

Like we said, planning has a lot to do with financial freedom. 

And if you’re up for changing the way you go about preparing for Christmas by making some smart financial moves ahead of time, check this out:

If you save just $20 a week starting January 1, 2020, you’ll have about $900 sitting there by the end of November.

What would your Christmas look like this year if you had an extra $900 ready to use?

Of course, not everyone does plan and save like this.

If 2019 isn’t the year where you can budget and plan your way to doing everything you need to, don’t hesitate to get in touch with our team.

If you have any questions about obtaining fast, fair finance, we’re always happy to help.

Get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.

See what’s possible with our easy-to-use personal loan calculator.

If you’re applying for a loan in New Zealand, it might feel easy to get overwhelmed. 

There are a lot of options to consider and different numbers you need to understand. 

But rather than just going for the first loan you come across, we encourage you to do a little research before you settle on the loan that’s best for you. 

Here’s a quick three-point checklist to refer to when you’re looking for your next loan. 

From Bank To ‘Pay Day’ Loans: Understand The Range Of Options

The first thing you’ll learn when you start searching for a loan, is there’s a wide variety of options out there. 

Don’t let this overwhelm you — it’s a good thing to have a lot of options. 

Many people go to their bank first. This is the traditional place to start. 

Banks can give you a good deal. But they can also be slow and inflexible compared to other types of lenders. 

Then you have credit unions and peer-to-peer lending options.

And at the other end of the spectrum you have pay day lenders, who aim to give customers quick cash loans at high interest rates. 

Your personal financial situation will largely determine which type of lender you wish to deal with. 

Loanplace is a broker that works with New Zealand’s leading lenders and matches customers with the best option for them.

Get an instant estimate of how much we could help you borrow.

Choose A Finance Company That Prides Itself On Excellent Customer Service

You might be paying back your loan for several years after you settle on a provider. 

So it pays to choose a company that has a great customer service ethic and delivers friendly, professional service.

There’s nothing worse than being bounced around a call center by customer service reps who don’t seem to care whether they help you or not!

So whoever you select to borrow money with, be sure they treat you as a valued customer, that you can contact them easily and that they provide a professional service.

Make Sure Your Loan Provider Or Broker Has A Proven Track Record

This especially goes for small lenders and pay day lenders. 

Never borrow money from someone who can’t prove they deliver great results for their customers. 

Make sure they clearly state their terms and conditions — and their fees.

And, if possible, choose a finance provider who can substantiate their reputation with verified customer reviews!

(Here’s what that looks like.)

If you have any questions don’t hesitate to get in touch with us on 0800 461 228 — or email us directly at info@loanplace.co.nz.

We get a lot of people coming to us applying for loans, convinced that they have a bad credit rating.

However, many of these people don’t actually know the truth about their credit rating — or their rights when it comes to checking and correcting it.

So before you go assuming you have a bad credit rating — and therefore need to settle for something like a payday loan when better options may be available to you…

Read this post!

What exactly is your credit rating?

Your ‘credit rating’ is your entire history of financial decisions.

Every time you apply for a loan, a mobile or internet plan, mortgage or credit card, for example, the provider has to check whether or not your history demonstrates you will be able to afford the repayments.

Every time you apply for a financial product or service, the details of that application enter your credit report.

Learn more about how to improve your credit rating.

However, your credit rating is only as good as the information New Zealand’s ratings agencies receive about your financial behavior. 

You have the power to fix any mistakes in your credit rating

Unfortunately, sometimes the reality is that credit ratings agencies record incorrect information about you.

For example, if you bought a car that the previous owner owed money on, and that debt became your debt (on paper), this could dramatically change your credit rating.

The good news is that you have the right to make corrections to your credit rating — and it is easy to do so. 

You can request your own credit report at any time and make corrections via the reporting agency you deal with. 

It makes sense to ensure your credit rating is accurate and not carrying any incorrect financial information about you BEFORE you apply for a loan. 

Don’t just assume you have bad credit

Jumping to conclusions about your credit rating before knowing the facts could lead you to accept a less-than-ideal loan.

Checking your credit rating — and making corrections to it — is both free and easy. 

We encourage you to do so before applying for any loan, because your credit rating impacts:

• Whether your application gets approved or rejected
• The limit on how much you can borrow
• The interest rate on any loan you get approved for

If you have any questions don’t hesitate to get in touch with us on 0800 461 228 — or email us directly at info@loanplace.co.nz.

Along with all the amazing customers we deal with week to week here at Loanplace, we always receive more than our fair share of hate mail.

So today, we thought we’d take a little time to address a few of the recent accusations that have popped up on our social media pages.

There’s clearly a lot of Kiwis out there who don’t understand the realities of personal finance and debt consolidation… or who believe anyone who lends money is automatically a “loan shark” who’s out to get you.

The truth about Loan Place is a lot simpler and a less scary than that.

So let’s look at a few recent accusations we’ve seen.

Accusation: It’s A Scam

Truth: Hundreds Of Happy Customers Prove That’s Not The Case

As you’ll see in our post about responsible lending, we actually turn down a LOT more finance applications than we approve.

Why?

Because our mission is to help everyday people get finance solutions that will improve their financial position.

For most applicants, getting a loan is not the best option.

Naturally, some people get angry when we turn them down for a loan. 

But, as you’ll see on our testimonials page, there are literally hundreds of Loanplace customers who’ve come to us for personal loans, car loans, business loans and debt consolidation…

…and who have been thoroughly impressed by our service and the solution we helped them find. 

In other words, our growing community of happy, loyal Loanplace customers is living proof our business is not a scam.

Accusation: ‘Mature People’ Don’t Consolidate Debt

Truth: Consolidating Debt Is Often The First Step To Repairing Your Financial Position

One comment we saw recently concerned our debt consolidation service.

The gist was this: Taking one loan to pay off another loan doesn’t make sense.

Now, that might be true, IF you took a new loan to pay another at the same — or higher — interest rate.

But if you have multiple loans and the average interest rate across those loans is, for example, 25%…

Then you would be in a much better position if you took a debt consolidation loan and dropped the interest rate to, say, 19%.

It’s simple maths. 

We wouldn’t offer debt consolidation to our customers if it didn’t help them improve their financial situation. 

For a full breakdown of how debt consolidation works — and why — check out our in-depth article. 

Accusation: ‘Be Careful Of The Broker Fee’

Truth: Our Consultants Work Tirelessly To Find Great Finance Solutions, Tailored Specifically To Our Customers

One way to think of Loanplace is like an air travel aggregator website for finance.

We don’t lend money ourselves. We broker finance agreements on behalf of our customers using our working relationships with multiple lenders across the country. 

We do charge a modest broker fee to provide this service. We have never and will never hide this simple fact of our business model. 

While some people online seem to think we are ‘working for third parties’, the truth is we are working for our customers.

Our consultants work one-on-one with each of our customers to match their specific situation and goals to the right loan from the right lender. 

We are proud to provide this service to everyday Kiwis.

Discover how three of our recent customers used our
service to massively improve their financial position.

If you have any questions about our business or the services we provide, don’t hesitate to get in touch with us on 0800 461 228 — or email us directly at info@loanplace.co.nz.

OK, it is only October, but before you know it, the rush of Christmas is going to be upon you.

Most of us tend to leave our Christmas shopping to the last minute.

According to The Register, in 2016 Kiwis spent about $6 billion in December alone.

The busiest day is December 23.

That means most of us do the bulk of our spending at the last minute, often paying premium prices to get our hands on the gifts we want right before Christmas Eve. 

In other words, chances are you’ll be approaching Christmas this year in a mad last-minute rush.

That might mean you spend more than you planned and end up letting the pressures of the festive season put you or your family under unnecessary financial stress. 

So, well ahead of time, we’ve prepared a brief post to help you ace your financial preparation for Christmas 2019.

Christmas Money Tip #1: Start With What You Can Afford — Not What You Want

We’ve all been there.

Christmas sneaks up on us and all of a sudden it’s Christmas Eve and we’re at the mall scrambling to buy gifts using our credit card without a second thought.

Then, by the time the holiday season has ended, we’re left looking at a hefty credit card bill and find ourselves starting the new year financially on the back foot. 

There’s an easy way to avoid this.

Forget about what you want to get your family and friends this year…

And instead start with what you can afford. 

Set a budget now and then keep careful track of your spending as you do your shopping, making sure you don’t excess the level you’ve set.

Of course, this will be much easier to achieve if you don’t leave it till the 11^th hour to get your shopping done this year ☺

Christmas Money Tip #2: Recycle Last Year’s Unloved And Unused Gifts

Books, toys, gadgets, clothes — whatever you bought last year, chances are those you gave gifts aren’t still using all of them 10 months later.

(Perhaps you also received a few things you no longer use.)

If this is the case, a great way to quickly create some extra cash for your Christmas budget is to sell your unused gifts from last year online.

You’d be amazed how quickly you can turn unloved items into hundreds of dollars of extra cash — helping you avoid getting into money trouble this year.

And speaking of money trouble…

Christmas Money Tip #3: Get Your Finances And Existing Debts In Order Before The Christmas Rush

As personal finance and loan service experts, we know that a sound, realistic financial plan is key to making sure you don’t let unexpected events — like last-minute Christmas shopping — damage your financial position.

So if, like many Kiwis, you have existing debt you’re paying off, it could be a smart idea to analyze those debts with one of our debt consolidation consultants.

They may be able to help you lower your repayments by restructuring your existing debt.

This, in turn, may help free up some extra cash flow and stop you getting further into debt this festive season.

If you have any questions about obtaining fast, fair finance, we’re always happy to help.

Get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.

See what’s possible with our easy-to-use debt consolidation calculator.

This week on the Loanplace blog, we’re pulling back the curtain on three real-life success stories. 

When people apply for a loan with us, no matter whether it’s a small loan or finance for a major purchase, our aim is always the same:

We want to help our customers improve their long-term financial situation by access fast, fair finance solutions that suit their specific needs and background. 

And we’re pleased to be able to share with you today three stories of customers we’ve proudly served in the past few months.

These are everyday Kiwis who found us online, applied for a loan and worked with one of our dedicated consultants to find a solution that would allow them to borrow the right amount of money under the right conditions.

See for yourself! 

(We’ve changed their names to protect their privacy.)

From Out of Business to Making $40,000 a Month

Rob is a business owner who unfortunately had to deal with the failure and closure of his business. 

Not long after though, he got the opportunity to become an ‘owner driver’ for a container transport freight company.

The only hitch was that he had to find $140,000 to buy his own truck and trailer before he could get started.

How could Rob possibly go from dealing with a collapsed business to finding that much money to start work with the new firm?

He called us.

We quickly analyzed Rob’s situation and income potential, and helped him obtain a loan for the new truck.

Rob only had to provide a small deposit and use the truck as security on the loan.

He’s now up and running with his new small business, generating $40,000 a month in revenue.

Mortgage Cleared and Property Project Complete!

Damian had been building a house in Queenstown over the past couple of years but had gone over budget (as building projects often do) and found himself $100,000 away from finishing.

Because he was self-employed, the banks required two years’ worth of financial statements in order to lend Damian the funds he needed to complete his new building. 

Luckily for him, Damian found Loanplace. 

We were able to help him arrange a $780,000 mortgage refinance that cleared the existing mortgage and advanced him the funds to finish the project.

Today, the building is complete and Damian recently rented it to his first tenants. 

A $50,000 Loan Facility Approved in Just 2 Hours

Janet runs a food truck company. Business had been going well, so she was looking to expand her fleet and buy a late model Isuzu to help serve more customers. 

She started looking around for a lender to help her finance the new truck. 

Unfortunately, Janet had difficulty proving a stable income and found that most lenders deemed her to be a high risk customers (she already had multiple trucks on finance).

But when she spoke with us, we dove a little deeper into her situation.

As a property owner who’d be running a successful business for 10 years, Janet was not the high risk our competitors told her she was.

In just two hours, we had approved a $50,000 loan for Janet’s new truck.

Her business is now growing even more successful and she’s thinking about working with us again to finance another truck!

There you have it.

These are just three of the hundreds of success stories we’ve shared with everyday Kiwis here at Loanplace. 

If you have any questions about obtaining fast, fair finance, we’re happy to help.

Get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.

See what’s possible with our easy-to-use loan calculator.

Why pay multiple debts…

At different interest rates…

Over different timelines…

And potentially pay back thousands of dollars more than what you borrowed…

When you could forget all of them today?

Credit card debt, high interest ‘pay day’ loans, other personal loans you might have taken on — all of it.

That’s what we’re talking about when we say ‘debt consolidation’.

Debt consolidation is the process of taking all your existing debts and paying them all off with a single new loan.

The idea is that rather than paying, say three loans off at an average interest rate of, for example, 20%, you instead take a new loan that covers off the old ones and charges you a lower interest rate to repay it.

In our experience serving hundreds of Kiwis here at Loanplace, debt consolidation isn’t just a financial no-brainer.

In most cases, we see it as the number one thing you can do to simplify your existing financial situation, remove some of the stress that comes with servicing multiple loans and regaining some control and predictability. 

Debt Consolidation: Crush Your Credit Card Balances and Outstanding Personal Loans Immediately

We’re publishing this short article to show you three reasons why consolidating your existing debt might be the right money move to make right now.

Reason 1: You have high interest debt that’s eating into your weekly pay

Maybe you took a pay day loan recently to cover off some unexpected expenses. 

It was handy at the time. 

But now it’s costing you an arm and a leg every week in repayments because the interest rate is in the hundreds of percent (learn more about the realities of pay day lending).

If you are paying off loans like this, consolidating them down into a single, lower-rate loan might make perfect sense.

Reason 2: You’re struggling to keep track of multiple debts and repayment deadlines

Paying off multiple loans can be a real headache. 

You’ve got to keep track of which days the finance companies will debit money from your account and balance your income and other expenses with that.

If you’re working or running a household, this can quickly become stressful and put you in a worse financial position. 

Consolidating all that debt down (if it makes the best financial sense — and our consultants here at Loanplace can help you determine this) can help alleviate this stress of paying multiple loans.

Imagine it. Instead of worrying about three, or four, or five direct debits chipping away at your weekly budget…

You could instead just have one!

Reason 3: You want to simplify your financial situation and stress less about repayments

If you’re looking to rebalance your financial situation — maybe save for a house, invest in some renovations or start a new business — one of the first things you’ll want to do is get rid of what we call ‘bad debt’.

Bad debt is what we’ve mentioned above.

It’s high interest debt that has a major impact on your financial situation. 

Better debt is, essentially, debt with a lower interest rate, giving you lower repayments on the track to getting debt free and ultimately improving your situation. 

Debt consolidation can be a huge tool for those in this position. 

TL;DR: If you’re paying high interest loans off (especially if you’re paying multiple loans) you might want to consider consolidating your debts down into a new, lower interest loan that allows you to pay less interest and worry less about repayment deadlines. 

If you have a question about debt consolidation, we’d love to help!

See what’s possible with our easy-to-use Debt Consolidation Calculator.

You can also get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.

One of the things some like to claim is that you are better off going to the bank for a loan than applying with us.

We thought it would be helpful for those considering applying for finance with Loanplace to get the facts straight first. 

We’re a New Zealand Government Registered Financial Services Provider. 

We have thousands of satisfied customers who’ve borrowed amounts from just a few thousand dollars up to several thousands, for reasons ranging from debt consolidation and home improvements to buying a new car or going on a much-needed holiday.

If you don’t want to take our word for it (we are, of course, biased), then read some of our hundreds of independently verified reviews.

We’re Agile: We Can Quickly Approve Loans Large And Small

The biggest advantage we have over the banks is that we are an impartial business that has strong working relationships with multiple finance companies in New Zealand.

That means we can match your application with the best lender based on your individual situation.

A bank, on the other hand, is only interested in lending you money itself — even if there’s a better option out there.

One of the best things about being a small, independent business is we can offer our customers great flexibility — often more so than the banks.

While applying for a loan through a major bank can require large amounts of paperwork, we pride ourselves on offering customers a quick, user-friendly online application that only requires you prove your income using our secure online portal.

Another advantage we offer our clients is our lightning-quick response and approval times. 

If you apply for finance with a bank, you can sometimes expect to wait days for a result. 

At Loanplace, our quick-and-easy online application process means we can process, approve and settle your loan within just two hours (that’s best-case scenario, of course — some applications are more complex and we rely on our customers providing their information quickly in order to deliver a fast service).

So while we are small and independent, we are not looking to scam anybody — just deliver fast, fair service.

We’re 100% Legit (And Fully Capable Of Beating The Banks’ Interest Rates)

Loanplace is a New Zealand Government Registered Financial Services Provider. 

We’re in business to help everyday kiwis get access to fast, fair finance with friendly, one-on-one service.

We deliver our service via our website and our hand-picked team of consultants here at our office in Christchurch. 

We’re also fully committed to responsible lending. Because we believe in only lending money to those who can afford to pay it back, plain and simple. 

Our team assesses each loan application fair and square. 

The interest rate we offer our customers is always directly in line with the information they provide in their application and their credit history. 

While the banks tend not to offer interest rates on loans lower than 13.95%, we’re able to beat that by about 5%.

If you have a particular question you’d like to ask us, we’d love to help!

You can get in touch with us on 0800 461 228 or email us directly at info@loanplace.co.nz.