Dear Customers & Prospective Customers,
In this post today, we want to address the topic on everyone’s mind this week: The Covid-19 Novel Coronavirus.
We are now officially in a state of global pandemic.
The effects of the Coronavirus outbreak — and the measures the New Zealand Government has taken to slow it — reach into every facet of our country’s businesses and communities.
That means the financial markets — and specifically the lending business ecosystem — will be affected by this.
So, allow us to clarify a couple of things.
Firstly…
We are still accepting, processing and settling finance applications across our range of products and services.
As with all Kiwi businesses, we remain vigilant for the wellbeing of our staff and their families.
But at the time of writing, we’re all hands on deck.
Should this change, and mean we are unable to serve our customers at our normal capacity, we will let you know.
Like the rest of the country and world, we are of course monitoring the situation daily and standing by to adhere to Ministry of Health directives.
We will do our best to remain fully operational.
And…
We’ve always prided ourselves in going above and beyond for our customers here at Finance Today.
While there are obviously huge and rapidly changing factors at play right now, we remain focused on matching our customers with the best possible financial solutions from our network of lenders across the country.
The basic conditions we must use to assess loan applications remain the same.
We will always ask for proof of income.
We will never lend to a customer who can’t afford to repay their loan.
Our commitment to responsible lending in line with regulatory requirements and industry standards remains the same, regardless of how severe and prolonged the Coronavirus outbreak becomes.
Should you have any queries regarding the current lending conditions and options available, please feel free to get in touch.
Look after yourself, and each other.
Sincerely,
The Finance Today Team
Posted in Business Loans, Car Finance, Debt Consolidation, Mortgages, Personal Finance
Money worries are no fun.
As anyone who’s ever struggled to pay a bill or had to forgo a fun activity in the name of the weekly budget knows…
Money can buy peace of mind — even if they say it can’t buy happiness.
A recent survey by Sorted shows that Kiwis worry about money.
A lot.
Almost a third of those surveyed reported that money worries had prevented them from using health services.
A similar number reported making poor food choices because of financial stress… and one in five reported that money worries were causing problems in their personal relationships.
So, chances are you’ve experienced — or know someone who is experiencing — money worries.
Money problems can make us feel out of control.
When we feel our options are limited because of bills or debt, it can be easy to stress out and feel helpless.
But you always have options.
Even if you feel you’re in a dire financial situation, there will be some things you can do.
You might choose to review your financial situation with a friend, a professional money coach or financial advisor to get clarity around what you can do to improve things.
You can also access apps like Pocketsmith — which plugs into your bank account to analyse your spending and give you a clear idea of how to budget based on your expenses and income.
You always have options.
If your financial stress is due to debt, then there’s one thing we recommend doing right off the bat.
So many Kiwis we speak with have multiple debts.
They have taken various loans over the years — sometimes for stuff they can’t remember buying it was so long ago — that their account is constantly being stalked by direct debits.
The first thing we help them do is to consolidate those debts.
It’s a simple process where a single new loan pays off all the old loans, at a renegotiated interest rate and repayment term.
You still have the debt, but it’s now one debt which you repay at the pace you can afford — ideally reducing undue financial stress.
We’re always ready to help you understand how debt consolidation could help you improve your immediate financial situation.
It’s free to speak with us and see what’s possible.
Posted in Debt Consolidation
The pressure to spend over the holiday season can be huge. All those gifts, all that food, maybe travel and accommodation…
The bill has a way of racking up in the blink of an eye.
For many Kiwis, this means they are forced to go into debt to get through the festive season.
Whether it’s overdraft, credit card, borrowing from family or getting a loan at the bank, many of us look at our account once the holiday’s over and get a nasty shock.
If that’s you, read this quick guide on how to tackle any debt hanging around from Christmas 2019.
Focus On This Quarter First
If you’ve taken on debt specifically over the festive season, it might pay to prioritize getting rid of it in the first quarter.
In other words, if you want to get back to the financial position you were in before Christmas and New Year, use the first three months of 2020 to pay off the debt you got into.
That way, by the end of March, you’ll be back to where you were in late 2019, debt-wise.
Remember, any progress is better than no progress.
Even if you can reduce your debt by 10% or 20% over the course of the quarter, you’re on the right track.
If You Are Struggling With Multiple Debts, Try Condensing Them To Lower Your Interest Payments
We can’t stress this one enough.
If you’ve got debt spread across credit cards, loans, overdrafts facilities and so on…
It often helps to consolidate those debts down into a single loan.
It’s called debt consolidation and — depending on your circumstances — it can help you lower your repayments and pay off your total debt faster.
Loanplace specializes in helping Kiwis assess how much less they could be paying week to week on their debt.
Talk to us today about a debt consolidation.
Make A Resolution To Not Be In Debt This Time Next Year (And A Plan To Make That Happen)
The great thing about a new year is you can start doing small things today which, 12 months from now, could put you in a much better situation financially.
What sort of things?
The boring, but important, kind.
Like setting a budget, saving some money to avoid borrowing under stress next Christmas, and…
Paying off or restructuring your current debt.
Posted in Debt Consolidation, Personal Finance
We’re talking to so many customers lately who are using our service to improve their situation, we just can’t resist sharing another of their stories with you today.
Jim (not his real name) is a transport operator from Northland.
For years, he’s worked on his business, expanding his fleet and building his client list with contract work.
As with many business owners who have bootstrapped their way to success, Jim hit a point where he needed to borrow some money in order to take it to the next level.
He found a property in Northland that was perfect for a new base for his business.
So he approached the bank for a loan, and, predictably enough…
The Bank Didn’t Want To Loan Jim A Cent
The piece of land Jim had found was only $70,000.
The bank didn’t like it. They said it was too remote to justify lending him money to buy — they also didn’t like the look of Jim’s broader financial position.
As we’ve seen with a number of self-employed customers we work with, Jim had multiple finance arrangements with a few different companies.
This contributed to the bank turning him down for the cash he needed to keep building his business.
But rather than accept defeat, Jim came to Finance Today to see how we might be able to help.
We Helped Jim Consolidate His Existing Debt And Secure The New Property For His Business
We took a close look at Jim’s complete financial position.
The result?
We assessed and approved a loan for $200,000 so that he could clear his existing mortgage debt…
Acquire the new block of land…
And crush his interest rate down so that he’s now making lower repayments on the money he’s borrowed than before we approved a loan for him.
In other words:
Finance Today Handed Jim A Financial Win-Win
This, for us, is the perfect outcome for a customer.
While Jim has had to borrow more money to do what he wants to do, he’s actually in a stronger financial position week-to-week thanks to the solution we put together for him.
And he’s 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.
Posted in Business Loans, Debt Consolidation, Personal Finance
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.
Finance Today 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!
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.
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:
If you have any questions don’t hesitate to get in touch with us.
Along with all the amazing customers we deal with week to week here at Finance Today, 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.
There are literally hundreds of Finance Today 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 Finance Today 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.
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 Finance Today 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.
If you have any questions about our business or the services we provide, don’t hesitate to get in touch with us
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 11th 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.
This week on the Finance Today 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 Finance Today.
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 Finance Today.
If you have any questions about obtaining fast, fair finance, we’re happy to help.
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 Finance Today, 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.
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 Finance Today 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!
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!
When we talk about your ‘credit rating’, we’re talking about your entire history of financial decisions.
That might sound scary, but it doesn’t have to be.
See, 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 payments.
Your credit rating is the sum total of your applications and the rate of success or failure you have had in both obtaining and repaying loans.
This means that every time you apply for finance, you’re not really going up against some big bad company who doesn’t want to lend you money.
Really, you’re going up against your own financial past.
If your credit rating reflects a long history of successful applications and diligent repayments, you’ll generally stand a higher chance of succeeding with new applications.
But, if you have a long history of missing payments or being chased by debt collectors, for example, chances are you’ll find it more difficult.
Simple Ways To Protect & Improve Your Credit Rating
If you already have a good credit rating and you want to keep it that way, here’s three things to keep in mind.
Keep on top of all your accounts: Whether it’s your mobile phone, your Sky account, broadband connection or home utilities accounts, make sure you stay up to date with payments.
This shows the credit rating agencies that you can be relied on to meet your payment obligations.
Minimize your debt: OK, we know sometimes you have to borrow to improve or stabilize your financial position.
But think carefully before you borrow.
The more debt you have to your name, the riskier you might seem to potential future lenders, because this debt will show up in your credit rating.
Show stable income and living arrangements: The longer you’ve been earning income from a job, and the longer you’ve owned or rented your home, the more likely your credit rating will demonstrate stability and reliability — two things which finance companies like to see when assessing a loan application.
Common Pitfalls That Can Damage Your Rating And Make It More Difficult To Get A Loan
At Finance Today, we see a LOT of finance applications. Time and time again, we see people making the same mistakes and costing themselves the chance to secure a loan at a good interest rate.
Here’s three things to avoid if you’re looking to build a good credit rating:
Applying for heaps of loans: This is important. You don’t have to obtain a loan for your credit rating to change, you only need apply.
There’s no sense applying for 10 loans in a single day when each company you apply for can see you’re applying to the nine others.
The better option is to do your research and apply for one loan, not many.
Accepting payday loans: These high interest, short-term loans are sometimes necessary for those trying to alleviate urgent financial problems.
But the reality is that accepting a high interest loan like this demonstrates to credit rating agencies that you may be in financial hardship — making it tougher to get accepted next time you need finance.
Gambling before applying for finance: Successful loan applications require proving your income and financial behavior via bank statements.
Lenders will look for evidence of gambling.
This can negatively impact your chances of getting approved, because lenders ideally want to give you finance to improve your financial situation, not make it worse.
Posted in Car Finance, Debt Consolidation, Mortgages, Personal Finance
