How QuickDraw® Revolving Credit Loans work
Once your QuickDraw® loan account is opened with us, you can choose to simply pay off your loan over the term you specify or you can choose to use the QuickDraw® (redraw) facility as and when you need it.
For most of our clients having the flexibility to QuickDraw® on their loan means they have easy access to quick money when they need it without having to go through the application process again.
Tom opens a loan for $2000 with payments of $55 a week over 12 months. Sometime later Tom finds he needs extra funds so he contacts us to confirm his current credit limit and to QuickDraw® on his account. He can keep his repayments the same so he doesn’t have to add another payment to his budget or he might choose to increase his payments. As he continues to pay down his account, he frees up his balance to QuickDraw® and he can do that as often as he needs to within his credit limit giving him peace of mind for life’s unexpected expenses.
Here’s an example of how it works:
Start the QuickDraw® application process
Applying is as simple as…
Open your QuickDraw® account
Simply apply online. Applying won’t affect your credit score.
Start making your repayments.
You’ll pay off your balance with regular repayments.
QuickDraw® on your account anytime your loan balance is $100 under your lending limit. No reapplying, or expensive re-documentation fees!
Apply online easily from anywhere in NZ
We offer a simple, one page, online application where you complete the parts of the form that you are comfortable with. And because it’s online, loans are processed no matter where you live in NZ. No need to visit an office or meet in person. You can call us toll free 0800 85 55 55.
We don’t need you to print and sign
All QuickDraw® documents are signed online though our ‘Secured Signing’ process. The only documents you will be asked to email to us will be a payslip and your photo ID.
Dedicated account managers and your own secure Login page
As a client you will have a dedicated account manager so you won’t have to explain what you want to a different person each time you call and you can manage your account online.
Easy to follow loan payment schedules
You receive a detailed loan payment schedule with your loan documents which clearly shows your opening balance and your scheduled payments going forward. Easy to follow so you can keep track of your account.
You’re in control
No obligation to proceed until YOU decide. You always have the option to cancel your loan application at any time, no questions asked.
Payment Waiver Agreement
We recommend this product to all our QuickDraw® account clients because it gives them peace of mind. For a small fee you know your payments are covered for up to 8 weeks at any time during your loan with us if you are either sick or have an accident and are off work or you are made involuntarily redundant. In the event of permanent disability or death the loan is repaid in full.
The cost for this is $2.29 a week, which will be charged to your account monthly. This is an optional service which is recommended and you can cancel at any time.
Why use Grabaloan?
Lots of so-called ‘finance companies’ on the web aren’t actually finance companies at all – they’re finance brokers. That means they’ll pass your application on to a genuine finance company like us, and take a cut in the process. But why would you want to deal with the middle men, when you can deal directly with the lender, and save yourself time and money?
Plus we’re a 100% Kiwi company, with real Kiwi staff, working right here in New Zealand. So when you talk with us, you’ll be speaking to a real person you can trust.
Relax and let your QuickDraw® account handle the unexpected
Here are some of things you could use your QuickDraw® account for:
- Car repairs
- Dental care
- Appliance repairs
- Birthdays
- Short-falls
- Vehicle warrant & registration
- And much, much more…
Never max out your lending limit again
At Grabaloan® we know you want to be on top of your finances
In order to do that you need a facility that provides you credit without adding more to your overall lending or adding another payment to your budget.
The problem is most facilities are set up so you make minimum payments, stretching the term out endlessly and worse, often leaving you with no available funds when you need them the most.
Reviews from our clients
Interest rates from 9.95% to 29.95% p.a. fixed.
A one-time $195* Establishment Fee and $10 per month administration fee applies (*while your account is open)
How much would you like?
The repayment frequency will match your income cycle.
Note: Repayments on this calculator are based on a Grabaloan “B” Credit Score – 19.95% (see our Interest Rates page) and includes a one-time $195* Establishment fee and $10 monthly account fee and should be used as a guide only. A full loan quotation will be provided to you as part of your loan offer. (*while your account is open)
Got more questions?
Try our FAQ section.
