FREQUENTLY ASKED QUESTIONS
The following are questions we are often asked of us
and these will assist you in understanding our lending process:
1. So what are your criteria?
There really is no fixed criteria, we look at the big picture including your credit history, job history, income, home stability, outgoings, repayment history, the lot. We then work out the best deal we can offer.
2. What ID do I need?
We need a copy of your drivers license or passport and sometimes one other form of ID such as both sides of a credit card. If you don’t have a passport or licence we will discuss other options with you.
3. What if I have bad Credit?
We will asses your situation and discuss the options with you.
4. What is a co-borrower?
If we are unable to approve you by yourself, we will often ask if you can bring someone else in on the deal. This is usually a partner or family member. They are used to “bump up” the profile of the loan, meaning we can take their profile into account and can also use any security they provide. They will be liable for the loan just as much as you are, so it does need to be someone you trust and who trusts you.
5. What sort of driver’s license do I need to have?
If you are buying a car and providing it as security then you must have at least a restricted licence.
6. How do I prove my income?
We ask for your last two pay-slips and your last two full months bank statements.
7. How do I get my information to you?
Fax or e-mail is the best. Which are: (09) 489 6521 or applications@advanceloans.co.nz. Often with bank statements it is easy just to copy and paste the online statement into a new e-mail.
8. What is the loan process?
First of all you apply online. We will review your details and give you a call to let you know what information we need to get your application underway, we will also send you an e-mail confirming your application is underway. Once you have sent us the information we will then assess your application.
Once your loan is approved we will organise the preparation of the loan document which we will send to you for signing. Once you have signed the documents and sent them back to us, we will have the loan paid out to you overnight.