Beneficiary Loans in NZ
If your main source of income is a Government benefit, then it’s often really hard to get a low interest beneficiary loan in NZ. A lot of banks and finance companies won’t lend to beneficiaries. However at Pronto we look at a range of factors with each application, and if you meet our affordability requirement and standard lending criteria, we can approve beneficiary loans NZ wide with our 9 minute processing promise.
The key with all of our loans, is that we use a broad range of data to create our Pronto Client Rating. So if you’re a beneficiary with a good credit history and low fixed expenses, we may be able to approve your beneficiary loan.
The best part about our loans for beneficiaries, is that we don’t charge the unfairly high interest rates that pay day lenders charge. All of our loans have a fixed interest rate, based on the applicants client rating, and the repayments are always set at a figure we know you can afford.
Benefits of our beneficiary loans NZ
- Fixed annual interest rates and repayments you can afford.
- Our easy online application can be completed in four minutes and you can have an answer with our 9 minute processing promise, to ensure your loan is sorted asap.
- We never charge a fee for early repayment, so if you have extra left over from your benefit or start working and have some extra income, you can settle your loan early and save on interest and fees.
- Loans for people on benefits are available all over New Zealand. Our easy to use digital technology lets you apply for and receive a quick loan on any smartphone, tablet or computer.
Benefit loans with flexibility
- You can select how much you need to borrow and what you think you can afford to repay. We always assess each applicant’s affordability and all repayments are set at a figure that leaves plenty of surplus for your standard living costs. But if you ever want to pay more than the scheduled amount, you’ll be able to do so and save money on interest and fees, with no risk of an early repayment fee.
- You can access a beneficiary loan anywhere in NZ. You don’t need to visit an office to apply or sign your loan contract, we use the latest digital signature technology to ensure the whole process is as easy as possible.
- Your loan is assessed with our 9 minute processing promise to ensure you’re not waiting around for an answer. Unlike banks and other finance companies, our technology allows us to assess an application using more data and to do so much faster. Which means we can make a more informed decision and reward good customers with fairer interest rates.
Use our beneficiary loans for a whole range of reasons
Our loans give beneficiaries the cash to achieve their goals. Just because your main source of income is from a benefit, does not mean you cannot afford to repay a loan. We understand this, and with our strict lending criteria, we ensure that beneficiaries with a good credit history and strong affordability aren’t penalised by unfair lending practices or high interest rates that are seen with some payday lenders.
Beneficiary loans can be used for
- Repairing or maintaining your car. This is often a big cost, and when the unexpected happens you need the cash to repair it. We understand that car repairs often come out of the blue and you simply don’t have the cash on hand to cover it. And the difference between having a car a not having one is huge. Whether it’s getting the groceries, dropping the kids to school or heading to a job interview, having a car is a necessity for a lot of kiwis. So if you need a fair beneficiary loan to cover this cost, we’re here to help. Just apply online and we’ll get straight back to you.
- Moving house is another expensive exercise. There’s the bond required before you move, alongside moving costs and any extra furniture or appliances once you’re into your new home. Our quick loans give you access to cash when you’re moving into a new house, so you can get set up in no time.
- Family emergencies are another situation a lot of us find ourselves in, where we need access to quick cash. So our loans give you the ability to get finance fast and set up a regular, affordable repayment with a fair fixed interest rate. So you know exactly what you have to repay before you sign the loan agreement.
Who uses beneficiary loans in NZ
There are a number of different people on benefits in NZ. Whether you’re on an unemployment benefit and looking for a small loan to help you while looking for a new job, or you could be on a sickness benefit and need assistance with medical costs. We realise that not everyone qualifies for WINZ loans. So if you meet our lending criteria, we may be able to help out. It’s really important that whatever your unique situation, you make an informed decision before applying for a loan.
We strive to be the best lender in New Zealand and a big part of that is ensuring that every loan we approve meets our strict responsible lending criteria. Our advanced system will assess all of your income and expenses, and we will only approve beneficiary loans where we can clearly see that you’ll be able to afford the repayments without any chance of causing financial difficulty. If you have any questions you can give us a call, and our site also has a range of budgeting tips that may help out.
Secured loans or unsecured loans for beneficiaries
At Pronto we offer two types of loans, secured loans and smaller unsecured loans NZ wide.
A secured loan is one that uses a vehicle for security, which provides an extra level of certainty to the lender. As a result, the borrower usually gets a lower annual interest rate. The good news with secured loans in NZ, is that the borrower doesn’t have to actually give the car to the lender, they just have a security interest in the vehicle should the loan not be repaid. The full details of this can be seen in our example loan contract.
An unsecured loan is available to customers with a very good credit history, and often attracts a slightly higher interest rate. At Pronto we offer small unsecured loans to beneficiaries, but do require a perfect credit history and low fixed expenses to ensure there is a large amount of affordability. Our Pronto Client Rating is used to determine whether a beneficiary qualifies for an unsecured loan, with repayments being tailored to each borrowers unique financial situation.
Beneficiary loans NZ – apply online in four minutes
Take a look at the process when applying for a loan online. You’ll need to add your income and expenses into the application form and then we will verify this when analysing your bank statements. Or check out our Facebook page and Blog for handy budgeting tips.