Frequently asked questions
General Loan Questions
It’s like a credit card or an overdraft facility, where you can access funds up to your credit limit without having to re-apply. A QuickDraw® Revolving Credit Personal Loan has affordable fixed scheduled payments which means you pay down your balance, freeing up funds to draw down later. This makes your QuickDraw® Revolving Credit Personal Loan work so much better for you than a credit card or an overdraft and is way more flexible than a term loan.
A QuickDraw® Revolving Credit Personal Loan could be a good choice if you need access to funds on an ongoing basis, but also want the discipline of fixed payments to help manage your finances.
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).
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 business 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 Ltd (FSCL) ‐ A Financial Ombudsman Service. 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.
Making payments on your Revolving Credit Account
When you receive your loan documents you will receive details of all scheduled repayments throughout the initial 12- or 18-month term, 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 (not including any redraws you subsequently make). 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.
We encourage you to contact us as soon as possible. Our friendly and experienced accounts team can assist you through a difficult period. Please email email@example.com or freephone 0800 85 55 55. Also see Unforeseen Hardship.
If you have taken our Waiver Agreement (payment protection) you may claim up to 40 working days 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.
No. You can make any additional payments (above your agreed minimum payment) anytime you choose, including to settle and close your account.
Once your loan has been approved you will receive a loan offer and loan quote which will give you a complete breakdown of your loan over the initial term (12 or 18 months) including total payment costs (of course this will change should you draw down further funds). You will also receive a initial schedule of payments with your loan agreement.
You can login into your account anytime to see your transactions. Here you will be able to see your repayments as they are received plus interest being charged weekly to your account. That is the only charge, there are no additional account fees* (*unless you have taken up the optional Payment Waiver).
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 a transaction report
- Access your QuickDraw® Personal Loan Account to withdraw additional money from your account (within your credit limit, conditions apply).
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 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 not contact your employer as we are able to confirm your income via your Bank Transaction Report.