Looking for Low Income Loans? Jacaranda NZ has the Lowdown!
Finding the right low income loan for you
Are you looking for low income loans in New Zealand? At Jacaranda NZ we can help you find lenders, giving you a better chance at approval on a personal loan. Although we do not claim to provide loans for low income NZ, Jacaranda could match you with a lender that could provide an appropriate loan product.
At Jacaranda NZ we aim to find lenders who take a realistic look at the financial circumstances of borrowers, rather than focusing on their credit score alone. If you are receiving government benefits, there is no need to stress, it doesn’t mean our lenders will rule you out. Unlike traditional forms of borrowing, Jacaranda NZ will submit your application to open-minded lenders who prefer to focus on how you are going to repay the loan. So, what are you waiting for? You could scroll up and apply right now!
Can you get a personal loan with low income?
The short answer is, yes! Many lenders will consider applicants with low income so long as they can afford to meet loan repayments. So, if you receive government benefits or an alternative form of income you may still be eligible for a personal loan with select Kiwi lenders. Ultimately, it comes down to each individual lender and their requirements.
What are low income loans?
Cash loans for low income earners are basically personal loans for those who may be earning a low income or receiving government benefits. Jacaranda NZ is a lender-finding service which means we can’t guarantee all of our lenders will be able to provide low income loans. However, by looking for responsible lenders, you can rest easy knowing that they will give you a fair and reasonable assessment. You should never be allowed to borrow an amount of cash that you can’t ultimately repay.
How can I get a loan with low income?
There are two main ways you can access low income loans. Jacaranda NZ could help you to find a suitable lender to offer a cash loan for low income, or you could be eligible to apply for a low income loan through New Zealand’s no interest loans program (NILS).
Above all, it is important to remember that Jacaranda NZ is a lender finder. That means we submit your application to a variety of online lenders who could offer you a personal loan. Our lenders do not claim to offer low income loans, loans for low income and bad credit NZ, loans for low income benefits, low income loans near me, cash loans for low income earners, or loans for low income single mothers NZ. A possible lender might be able to provide you with a fair and reasonable rate on a personal loan, however, Jacaranda NZ cannot guarantee this will be a low income loan.
What is NILS?
NILS is New Zealand’s no interest loans scheme that provides individuals and families with access to safe, fair and affordable credit. As a result, NILS can be used for a variety of different expenses from dining room furniture to medical bills. Repayments on no interest loans are set up at an affordable rate over a set period of time.
How does NILS work in your community?
The No Interest Loans Scheme is not a payday loan, low income loan or a bank loan. Unlike traditional forms of lending, NILS works through a process of ‘circular community credit’. What is circular community credit? Basically, circular community credit means that when a borrower makes a repayment to NILS the funds are then available to someone else in the community.
What can you get a NILS loan for?
No interest loans are available for the purchase of essential goods and services:
- Dining room furniture
- Lounge suits
- Some medical and dental services
- Education essentials like computers and textbooks
- Some other items as requested
How do I qualify for NILS?
To be eligible for a NILS loan you need to meet the following criteria:
All applicants must be entitled to a Community Services Card;
Applicants must have resided in their current premises for more than 3 months;
All applicants must show a willingness and capacity to repay their loan.
How can I apply for NILS?
- Enquire: Enquire about a loan by filling out the form online.
- Interview: You will be asked to attend a meeting with a local provider. Subsequently, you will need to bring along the appropriate documentation. Get in touch with your local provider in regards to the required documentation.
- Assessment: Your loan application will be assessed by your local provider.
- Get your NILS: Once the assessment on your no interest loan is complete you will be informed of the outcome. If your loan application is successful the NILS team will arrange your repayment schedule. This will usually be set up in line with your income to ensure meeting the repayments is simple and stress-free.
Jacaranda Finance New Zealand
Jacaranda Finance NZ is the lender-finder Kiwi’s can trust. We do our best to match New Zealanders with the best lenders in the business. The best part is we are 100% online. That means you can apply for a personal loan wherever you are and whenever you like.
Our team are here to make the process as simple as possible. So, we won’t ask you to provide paper payslips or pages and pages of paper forms. The Jacaranda NZ team will cut straight to the chase. We love helping Kiwi’s get the cash they need when they need it!
If you’re a little wary when it comes to online lenders you’ll be pleased to know that Jacaranda NZ aims to only match you up with responsible lenders. That means you will never be approved for a loan that you can not repay. Our lender will always conduct a fair and reasonable assessment of your loan application and do their best to match you with a loan product that is suitable for your individual circumstances.
That being said, our lenders will not base their assessment of your credit score. We’ll take a realistic look at your finances. Jacaranda NZ loves helping Kiwi’s get the cash they need without the fuss.
Who is eligible to apply?
- To apply for a personal loan with Jacaranda NZ you will need to meet a few basic criteria.
- All applicants must be over the age of 18;
- You must have received some type of regular income for the last 90 days into a bank account that is your own;
- Applicants must have an active mobile phone number and email address that we can contact you on;
- Internet banking must be set up.
If you can satisfy all of the above, then the Jacaranda NZ team will do their best to match you with a compatible lender.
What documents will I need to submit?
The good news is, the team at Jacaranda NZ won’t ask you to provide a whole heap of unnecessary documentation. However, here’s what we recommend you have with you whilst completing our online application form:
- Personal details like your online banking & employment info;
- An active email address and mobile number;
- The reason you are applying for the loan;
- Your MyGov details (if you are receiving Centrelink payments);
- Employer and contact details.
Once we receive your form our lending team will submit your application to a panel of lenders. Jacaranda NZ aims to give you the best chance possible at approval on a personal loan. It is important to remember that we do not claim to provide low income loans, loans for low income earners NZ or car loans for low income earners.
We recommend that you head to the NILS website for more information on no income loans.
Will a lender call my boss?
Yes, if we find you a lender they will most likely get in touch with your employer as part of their assessment process. There is no need to stress though, this is just a routine check and is used to confirm some important details. Your lender will always be discreet when conducting an employment check.
If you’ve got questions regarding employment checks the Jacaranda NZ team encourages you to get in touch with your individual lender or head to our FAQ page for more information.
Why do I need to provide online banking details?
Your lender will use online banking details to access read-only copies of bank statements. Bank statements allow our lenders a look at your current financial situation. So, your lender will most likely look at your spending habits, income and pre-existing financial commitments to ensure a personal loan is appropriate for your individual financial circumstances.
All of the lenders that Jacaranda NZ match you with, use the latest in safe banking technology to ensure your information is always encrypted. That means no one will ever be able to see your passwords or personal information.
Above all, Jacaranda NZ aims to match consumers with responsible lenders. As a borrower, make sure you know what it means to be a responsible lender, and what checks your lender should do before offering you a loan so that you will never be approved for funds that you can’t repay.
Our lenders are required to adhere to the following principles when accessing a personal loan application:
- Lenders must exercise the care, diligence and skill of a responsible lender in all its dealings with borrowers and guarantors. This includes when advertising, before entering into a loan, and in all subsequent dealings relating to the loan or guarantee.
- Lenders must comply with the specifications listed lender responsibilities set out in the Credit Contracts and Consumer Finance Act (CCCF Act).
For more information on responsible lending, you should head to the Commerce Commission New Zealand website or get in touch with your lender directly.
Ready to apply?
Submitting an application with Jacaranda NZ is completely free of charge. So, we encourage anyone considering a personal loan of any type to submit an application. We will do our best to find you an appropriate lender. If you think you’re ready to apply for a personal loan with Jacaranda NZ here’s what you’ll need to do:
Head to the top of the page and use our personal loan calculator to get started. All you’ll need to do is input your desired loan amount and the repayment period.
Fill out the form
If you’ve chosen to proceed with an application, you’ll be prompted to complete our 100% online application form. This could only take a few minutes to complete.
We find a lender
Once our team receives your application form we’ll submit it to a variety of lenders and do our best to find a match.
Sign your contract
If the Jacaranda NZ team has found you a compatible lender, they should be in touch and conduct their own assessment. After that, your new lender will send over a contract for you to review and sign. We recommend you read over your agreement carefully and make yourself aware of any fees or charges that could incur for late or failed payments. When you’re happy, just sign your contract and send it back to us.
Get your cash
Once your lender receives your signed loan contract they will transfer the cash straight to your account. Transfer times depend on the individual lender as well as your bank, so refer to them directly to get an idea of when you will receive your funds.
While we can’t promise low income loans, Jacaranda NZ can help you find lenders willing to give you a fair go at finance. Scroll up to apply now!