Declined? What do I do now?
If you have been declined for a loan with us, please see below for your options
Due to the introduction, and changing of rules around lending, such as the responsible lending code and the CCCFA, there are many reasons as to your situation why we cannot help. Below are a list of situational issues we encounter when trying to get people finance, one can possibly be mitigated, however two can be hard and more than two is impossible. We ask that you look at this list and understand why you have been declined:
- Being on a Benefit
- Bad Credit
- Learners License
- Being under 22 years of age
- Being “transient” in work or home
- Affordability test failed.
- Work Visa
Many on the list above are situational issues and cannot be rectified immediately. We suggest that you ask a parent, guardian, or close family relative (i.e grandparent, but not cousins or friends) that has full license, employed and has good credit, to come on as a guarantor for you. then just re-apply.
If you cannot get a guarantor, then you need to look at the list and make some changes. We can help with getting booking your restricted license if you have a learners.
If you have more than two on the list then we suggest you start to think about making changes to your life to help yourself get the finance you deserve. Find a permanent job, get your restricted etc, start paying back creditors if you have bad credit. If you really want to change your situation then talk to us and we will help you with a plan to get you approved.
If you are a beneficiary, its not that we can’t get you finance, its that its extremely difficult in this climate.
On a recent discussion with them via telephone, The Commerce Commission’s expectations on fair lending is that we don’t lend to Beneficiaries, full stop. According to them its predatory and all financial services advertising this are to be ashamed on themselves and are to stop. In our view, it maybe prudent, but it’s also discrimination.
That being said, it comes down to affordability and situation. If you budget well, have a restricted or full, have good credit and can afford the loan then we will try to help you.