Frequently asked questions

The following are questions we are often asked which will assist you in understanding our lending process:

1. What are your lending criteria?

There really are no fixed criteria, we look at the big picture including your credit history, job history, income, home stability, outgoings, repayment history, etc . We then work out the best deal we can offer.

2. What ID do I need?

We need a copy of your drivers licence 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 a poor credit history ?

We will asses your situation and discuss the options with you.

4. What is a joint applicant?

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 licence/vehicle insurance do I need to have?

If you are buying a car and providing it as security then you must have a minimum of a restricted licence, and full comprehensive vehicle insurance on the vehicle.

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. Our fax number is: (09) 489 6521 or email us at 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 call or e-mail you to let you know what information we need to get your application underway. When you have sent us the information we will then process your application.

Once your loan is approved we will e-mail, fax or courier the loan document to you for signing. Once you have signed the documents and returned them to us, we will pay you the funds overnight.