Applying to borrow from a lender is always a bit of nerve kicker and trying to get a NZ loan is no different! It can be quite a daunting process especially if you’ve never applied for one before. Will your loan be approved? Will you have all the right information? Are you getting the right deal?
There’s a lot to think about but just like so many other things, the more prepared you are before you start, the better! In this post we’re gonna point out all the essentials you’ll usually need to have handy when applying for a loan in NZ.
Get these vital items in order and you’ll have a much better chance of completing your application as quickly and smoothly as possible.
Here they are:
This needs to be a government issued ID. Any old card with your photo on it won’t cut it. You need a driving licence or your passport in most cases. Whether you’re applying for your loan online or otherwise, you won’t get far without state issued ID that isn’t expired. Of course, your real ID is only immediately verifiable in person. If you’re filling an online application, the lenders will have specific instructions for you to follow. Make sure you follow them exactly! Your application will likely be halted or significantly delayed if you don’t follow these steps correctly or seem to be falsifying anything at all.
Proof of your income
When applying for a loan, most lenders understand that you want things to be done efficiently, with transparency about the deal you are getting and all the repayment details upfront. The same goes the other way. Your lender wants to see up to date and honest records of your income, bank activity and perhaps in some instances, your household expenditure.
Most banks and private lenders around the world still ask for this information even if you currently have active accounts with them. NZ loans are no different. This information is vital for the lender to assess your financial suitability for the product. In the vast majority of cases, the more honest you are about your financial standing, the more the package you’ll receive will meet your needs. The files you’ll need may include the following:
- A recent bank statement showing at least your last three consecutive income transfers. It’s usually best to play it safe and prepare statements that go back further if you can. Like with the ID, if you’re completing your application online, you will be given clear instructions that you should follow closely. Any deviation may lead to delays or refusal.
- If you are paid monthly by your employer, you should grab your most recent payslip. This will show your annual income and match up to support your bank statements. Collect your last three payslips to be safe.
- If you work for a huge and widely recognised company, this final suggestion might not be so necessary, but if you work for a small firm, it’s a good idea to have an original and signed letter from your employer confirming that the current level of income you are claiming is correct. The larger the amount you are looking to borrow, the more important this addition becomes.
Previous or current loan statements
If you already have a loan or are perhaps refinancing existing debts, almost all lenders will want to see statements from the lender of your current finance showing your repayments in recent months. If this is the case for you, it would be best to collect records as far back as you can. At least 4-6 months should be adequate in most cases.
Proof of your current address
This is vital and should be up to date in your ID. If it is not on your ID, you’ll need to be able to prove it with at least 3 letters from reliable senders. This means a bill from a utility company, from your bank or from the government. Make sure the letters are as recent as possible and sent to you within at least the last 2 months.
That should be that! These are the most important documents and bits of information you need to complete most loan applications in NZ. Get all of these in order before you start to avoid running into any surprises and having to double back to scour the right documents together while you apply. We hope this list has helped and that everything goes smoothly for you!
Need financial assistance? Use our cost calculator to decide whether or not a Pretty Penny NZ loan is right for you.
Then to apply, simply complete our quick online application and send us a bank statement. Or call us and one of our friendly staff members will be happy to help. You can use our cost calculator to get an estimate of your bad credit loan repayment amounts. We do our very best to help every kiwi that applies.
If you have any questions check out or FAQ’s or contact us: https://prettypenny.co.nz/how-it-works/