Loan Eligibility: How to know if you’re eligible for a loan

"Loan Eligibility: How to know if you

What is loan eligibility for personal finance? 

A personal loan is an amount of cash borrowed from a credit union, bank or online lender that are repaid over an agreed-upon period. Loan eligibility for a personal loan will differ depending on the lender. Online lenders and banks may have different loan eligibility requirements. In most cases, a personal loan will accrue interest that is added to the loan repayments. Personal loans can be secured or unsecured depending on the lender and amount of cash borrowed. 

At Jacaranda NZ, we find lenders that can approve secured and unsecured personal loans for a variety of different expenses. Our team do their best to make it simple, fast and secure to get the cash you need when you need it. So, skip the wait, and jump the cue by applying with a lender-finder that has your back.

Loan eligibility: how do I know if I qualify for a loan?

Qualifying for a loan will depend on the requirements of your lender. Below are a few basic financial habits a lender could look at to check if you qualify for a loan:

  1. Your age
  2. Your citizenship status
  3. Credit score
  4. Bill payment history
  5. Spending habits
  6. Other loan commitments
  7. Your income 

Most lenders, whether they are a bank or an online lender, will take a look at these requirements when seeing if you qualify for a personal loan.

Are you wondering what loan eligibility is and what it could mean for your chance at approval on a personal loan? At Jacaranda NZ, we make it as simple as possible for Kiwis to access the cash they need when they need it. Our team cut straight to the chase. We’ve said no to complicated loan eligibility or a redundant application. 

Which bank has the easiest personal loan approval?

If you’re looking for quick, easy loan approval, look no further then an online lender. Jacaranda Finance NZ is the lender-finder more Kiwi’s trust to provide the cash they need, fast! A lender finder is basically the middleman between you and your perfect personal loan. When you apply with Jacaranda NZ, we submit your application to a variety of different lenders that could provide the personal loan you need.

Our lender-finding process is 100% online. That means you can apply wherever you are and whenever you like. Jacaranda NZ is built for Kiwis on the move. We understand that you don’t have time to wait in line at the bank. So, we’ve made our process as streamlined as possible so you can focus on what you do best! 

Am I eligible for a loan?

Loan eligibility is subject to individual lenders and with tons of lenders, it’s hard to keep track of different criteria. So, apply with a lender-finder for one set of loan eligibility and one application! Choose Jacaranda Finance NZ. 

At Jacaranda NZ, we like to keep our loan eligibility nice as simple. We think all Kiwis deserve a fair go at a personal loan. So, if you’ve been googling ‘loan eligibility calculator’ or ‘how Jacaranda calculates personal loan eligibility’ we’ve come up with a little guide for you to check out.

If you’d like to submit an application for a personal loan, you’ll need to meet the following loan eligibility criteria:

  • All applicants must have an active mobile number and email address; 
  • Applicants must be over the age of 18;  
  • A regular income must have been deposited into your personal bank account for the last three months; 
  • Applicants must have internet banking set up; 
  • You must be able to prove you are a New Zealand citizen or permanent resident.

Pretty straight forward, isn’t it. If you’ve been googling ‘how to check your loan eligibility’ it’s as simple as that. At Jacaranda NZ we don’t overcomplicate the process. When you need fast cash, there is no time to waste. So apply in minutes to meet a lender that can help.

How much can I be eligible for?

Before you apply for a loan, check below to see how much you could be eligible for:

Loan typeThe loan amountLoan term
Unsecured$300 to $2,0003 to 6 months
Secured$2,000 to $4,60013 to 24 months
Secured$5,000 to $10,00013 to 24 months

Found a loan option that suits you? Scroll up and use our loan calculator to apply for the loan you need.

Does loan eligibility change from lender to lender?

At Jacaranda NZ, we can’t speak for other lenders; however, it is important to keep in mind that loan eligibility could change from lender to lender. If more information is required from you, your individual lender will get in touch. Jacaranda NZ is a lender finder; therefore, our team will do their best to match you with a compatible lender, not provide a personal loan. We make it easier to meet your new lender so you can skip the tiresome searching and get back to what you do best.

Will I need to fill out paper forms? 

When you apply with Jacaranda NZ, you will not be required to fill out any paper forms. Our application form is 100% online and can be completed from any smart device. All you really need is a few spare minutes of your time! We will, however, require a few details that will help a possible lender assess your loan eligibility. 

Have the following information handy when you apply to fly through your application: 

  • Personal info (name, D.O.B etc.);
  • Your internet banking details; 
  • The reason you are applying for a loan; 
  • Your MyGov details (if you receive Centrelink benefits);
  • Your employment details and employer contact info; 
  • All applicants must be able to prove they are a New Zealand citizen or permanent residents.  

Why might my lender need online banking details?

A potential lender may require your online banking details to access read-only copies of your bank statements. They may use your bank statements to get a better idea of your spending habits, financial commitments and income. This gives your lender the ability to conduct a thorough assessment to determine whether a personal loan is right for you. There is no need to worry about security, your possible lender should use the latest in safe-banking technology so that your information is always encrypted.

Will my lender do an employment check? 

Generally, lenders will conduct an employment check while reviewing your loan application. There is no need to be concerned, this is usually just a routine part of the loan assessment process. Your employer will be contacted discreetly, and none of your personal or private information should ever be shared with anyone in your workplace. If you have further questions regarding employment checks, Jacaranda NZ encourages you to get in touch with your individual lender. 

Can you get a personal loan with a credit score of 550?

Generally, online lenders can offer a personal loan if you have a poor credit score. Online lenders typically have a different take on bad credit, compared to the big banks. When you apply with Jacaranda NZ, we do our best to match you with a lender who could look at more than just your credit score. Your lender might look at things like income, spending habits and financial commitments to determine whether a personal loan is an appropriate financial decision. 

Kiwi lenders are required to conduct thorough loan eligibility assessment to ensure a possible loan is not going to put a borrower under financial stress or into debt. Jacaranda NZ, however, strongly encourages all borrowers to make sure they thoroughly read through the terms and conditions of their possible loan. If bad credit has effected your personal loan eligibility in the past, it doesn’t have to anymore. Scroll up right now and apply with Jacaranda NZ’s lender finding service using our personal loan eligibility calculator.

What can I use a loan for?

A personal loan can be used to cover a variety of different expenses. The team at Jacaranda NZ will do their best to find you a lender that matches your individual circumstances. Check out some of the loans we’ve already matched applicants with: 

Dental loans 

If a trip to the dentist has resulted in more than just a sore mouth, you could apply with Jacaranda NZ’s lender finding service for a fair go at a dental loan. If you’ve been googling ‘ personal loan eligibility calculator for dental cash’, then we recommend you scroll up and apply with Jacaranda NZ. Our team will submit your application to a wide variety of lenders who could have the perfect personal loan for you.

Unexpected bill loans

If you’ve been searching ‘check loan eligibility’ for unexpected bill loans, you’ll be pleased to know that you can apply with Jacaranda NZ. An application is entirely free of charge. If you submit an application with our team during regular business hours, we could have an outcome for you in as little as 60 minutes. If we haven’t been able to match you with a compatible lender, you will not be required to pay a cent. If the Jacaranda NZ team has been able to match you with a lender, we’ll put you in touch straight away. The car loan you’ve been searching for could be just a few clicks away.

Study loans

Need a hand with the cost of studying? All the students out there will have caught themselves googling ‘study loan eligibility’ from time to time. The good news is you could apply for a study loan with Jacaranda NZ. We’ll connect you to a variety of different lender with just one application. If we aren’t able to match you with a lender, there will be no charge at all. So, what have you got to lose? The perfect study loan could be out there waiting for you!

How do I apply? 

If you want to apply for a personal loan, follow the five basic steps below:

Apply online 

Just head to the top of this page and use our loan calculator to input your desired loan amount and the repayment period. You’ll then be directed to Jacaranda NZ’s 100% online application.

Fill out the form 

Our application could only take you a few minutes to complete. Once you have submitted your application, our team will then get to work finding you a lender that can help.

We look for a match

You can kick back and relax. The team at Jacaranda NZ will do their best to find you a compatible lender and get back to you with an outcome ASAP. If we’ve been successful a member of the Jacaranda NZ team will put you in touch with your new lender. 

Sign your agreement 

If approved, your new lender should send over an agreement for you to review and sign. Jacaranda NZ strongly encourages all applicants to read through their agreement carefully. It is paramount that you understand that the terms and conditions associated with your loan before agreeing to a contract. If you’ve got questions, we stress the importance of getting in touch with your lender as soon as possible. When you’re happy with your agreement, just sign it and send it back to your lender. 

Get your cash 

Once your lender receives a signed copy of your agreement, the cash should be transferred straight to your account! How simple is that?

Ready to apply?

Great! Then scroll up and use our loan calculator or simply click the button below to select how much cash you wish to borrow and for how long. Once you are happy with your proposed loan terms, hit the ‘Apply Now’ button and we get back to you as soon as possible verify your loan eligibility.

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