Frequently asked questions
General Loan Questions
We offer both secured and unsecured loans to approved borrowers.
To qualify for a loan, you will need to be a New Zealand citizen or hold New Zealand permanent residency status and you must reside in New Zealand.
Every situation is different, so it’s still worth applying even if you do have some minor bad credit, but please tell us in your application. It’s much better to disclose bad credit history when you make your application, as this will give your loan assessor some background when reviewing the credit report. If you have defaults on your credit report from other financial institutions, your application may require a co-borrower, security or both.
The loan application process is quite simple:
First you’ll need to complete and submit the loan application form. Your loan assessor will then review the information you provide. If we believe you meet our current lending criteria we will email you with a link to a secure portal to generate a bank transaction report for the last 90 days for review.
The process is simple and you will not be required to send us any further supporting documents at this point. As required under the Responsible Lending Code Act, the company must review your bank transaction report so as to confirm your income, assess your outgoings and to structure the payments so they are affordable.
Your loan assessor will call you once your loan has been approved and provide you with a detailed loan quote and a loan offer which you can review before proceeding with the loan. At this point we will request a copy of your ID and most recent payslip. Your employer will not be contacted.
A copy of the complete loan documents will be emailed to you to review before being sent to you again via our secure digital signing portal where you will then be able to sign the document online. (No need to fax/scan/post documents back to us). Additionally a hard copy of the signed loan documents will be posted to you.
No, unfortunately if you do not have either a current driver’s licence or a passport, we will not be able to process your application for security reasons.
Once your loan is approved, your loan documents will be emailed to you for signing online and funds will be paid into your bank account the following week day.
We are always looking for ways to improve our service to you. If something has gone wrong, we want to know.
Please send an email to firstname.lastname@example.org and tell us what has happened and how we can resolve matters.
When we receive your complaint, we will:
• acknowledge your complaint within 1-2 working days
• gather and evaluate information about your complaint
• respond to you within 20 working days.
If we cannot agree on how to resolve the complaint, you can contact Financial Services Complaints Limited (FSCL). FSCL are an independent, not-for-profit, external dispute resolution scheme approved by the Minister of Consumer Affairs. FSCL’s service does not cost you anything and they will help resolve the complaint.
Repaying your personal loan
When you receive your loan documents you will receive details of all scheduled repayments through the term of your loan and on what date they fall due, the commencing first payment date that you requested, the total cost of the loan and the interest rate. Also see our interest rates page
The approximate payment cost for the amount borrowed, frequency and the length of the loan you choose can be calculated on the loan calculator on the home page. Once your loan is approved, your Loan Assessor will discuss options with you so that your repayments can be set up to suit your circumstances. You will also be provided with a detailed loan quote showing all standard transactions for the term of the loan.
It’s good to keep in mind the quicker you pay down the loan, the lower the cost, as interest is only charged to your account on your daily loan balance. You can also choose to start your loan with lower payments and later increase them to reduce the term of the loan and the total cost.
The company can provide options under the “Unforeseen Hardship” provisions to reduce or suspend your payments if necessary. You should contact the company in this event so we can assist you.
If you have payment protection (Waiver agreement) including redundancy you may claim up to 8 weeks of your payments. However, first thing to do is talk to us when you think you may have problems making your payments. Under our provisions for Unforeseen Hardship, the company will assist where possible. There are some conditions relating to this and you can see these in our Unforeseen Hardship section.
Yes of course – just email the office and we will change them to suit you best. You can choose weekly, fortnightly, or monthly repayments.
An administration fee of $45 may apply to cover the cost of closing your loan, but there will be no other ‘break fees’ to pay.
Once your loan has been approved you will receive a loan offer and a loan quote which will give a complete breakdown of your loan over the entire term of your loan including the total payment cost. Additionally when you receive your loan document to sign, a full breakdown of scheduled costs will be provided.
Managing your account
When you click on the log-in button, a secure login code will be sent to you via email which will allow you to access your account and enable you to:
- View or download a transaction report (statement) for 2 months or any date range
- Make a deposit or a payment to your account
- Access your QuickDraw® account to top-up/redraw money from your account
Yes! We really are based in New Zealand, and so are all our staff. So when you call us you’ll be speaking to real people right here in NZ. Grabaloan.co.nz is a division of New Zealand Finance Ltd, and is a well established New Zealand registered and owned company, with our head office in the central city, Auckland.
You can phone our offices toll free. Our efficient system allows you to record your request and a real person will return your call or email about your loan within a short period. No matter where you are in New Zealand, just call our 0800 85 55 55.
How we use your information
Yes, completely confidential. Your application will only be viewed by the loan officer or supervisor who processes it, and only for the purposes of assessing your loan application and it is protected by our SSL secure site.
Protecting your information is of paramount importance to us. Your application is stored in our password-secured server.
No, we will never send you any junk mail, nor will we sell or pass on your details to any other company.
No, we will not contact your employer as we are able to confirm your income via your Bank Transaction Report.