Online Lending

We are pleased to offer online lending as a new addition to the services we are able to provide. You will be able to complete the process entirely online, and the money will be deposited into your account, usually within an hour.

All existing and new applicants please note: From 6th October, 2018 some of the key terms of our online loans are changing.

The interest rate will be decreased from 200% down to 49.75%. The establishment fee will increase from $25 to $99.

All other fees and charges listed in the FAQ’s will remain the same. If you have any questions about these changes please contact us, we are happy to discuss them with you.

We are committed to Responsible Lending, and will work with you, our client, to ensure you are protected at all stages of the lending process. More information regarding Responsible Lending can be found here. We also have some short videos available provided by the Commerce Commission that explain responsible lending.

While it is important that you use the services of a responsible lender, it is also important that you borrow responsibly. This includes assessing your own financial position and ensuring that you never borrow more than you can comfortably afford to repay with the scheduled payments.

If you are concerned about long-term debt, or your current financial position, please do not apply. There are many institutions that can assist you manage your debt, including the Citizens Advice Bureau, The Salvation Army or Christians Against Poverty.

Please note: Loan applications are processed between 10am and 4pm Monday to Friday. Any applications received outside these times will be processed the following business day.
We also note that some banks, such as Credit Unions, may not process same day cleared payments the same business day. Please check with your bank to confirm their processing times..

The following are the most frequently asked questions.

Frequently Asked Questions

What do I need to apply?

To complete the loan process online you will need the following.

  • Access to a smart phone, tablet or PC (with video capability)
  • Current email address
  • Current NZ Drivers License
  • Good credit history
  • Online banking facilities with one of the following banks
    • ASB, ANZ, Aotearoa Credit Union, BNZ, Credit Union Central, Kiwibank, SBS Bank, The Co-Operative Bank, TSB Bank, or Westpac.

If you do not have access to the items discussed above we will be unable to complete the process online.  We are happy to discuss any concerns over the phone, and perhaps complete the process in office at Tauranga or Manurewa.

You will also need to be:

  • At least 18 years of age
  • A New Zealand Resident
  • Receiving a stable income
What is the loan process?

When you click “Apply now” you will be taken through the loan process.  You will enter your details as prompted, which will be submitted to our head office for approval.

During that process you will be asked to sign a privacy waiver and consent form to enable us to complete the credit checks, and to verify your identity as required under the Anti-Money Laundering/ Countering Financing of Terrorism legislation.

You will also be directed to online banking software which will automatically send your most recent bank statement to us.  This process is completed through a third party, with strict security protocols in place to ensure your details are safe, and not retained for any longer than it takes to request the statements.

You will also need to consider a list of questions to determine whether the loan is the right product for you, whether you should seek independent advice, etc

Once we receive all the information, we will complete the checks, assess your financial position and submit the loan for approval.  If the loan is approved you will receive an email notification, with an invitation to a Secured Signing website.  This will allow you to log in and complete the process with your electronic signature.

We will be advised once the documents have been signed, and the funds will be deposited into your bank, usually within one hour of approval, depending on your bank processing times.

You will receive your copy of the loan agreements, direct debit forms direct to your email account.

You will be advised by email if we are unable to offer a loan based on your application, but we are happy to work together with you to determine the best way forward.

How much can I borrow and what the are minimum and maximum terms?

At present we offer online loans from $200 to $500. How much you qualify for will depend on your ability to comfortably service the loan repayments and your current financial situation.

If it is your first loan with us, it is likely the maximum loan you would qualify for is $200. As your repayment history with us develops, you could qualify for larger loans.

The minimum term is 6 days, and the maximum term 9 months.

Can I see the terms and conditions, and get independent advice prior to signing the loan agreement?

Yes, in fact we encourage you to do so.  It is in the best interests of both parties for you to make an informed decision, and take time to reflect on whether the loan is the best thing for you.  A sample agreement is available here. This sample agreement shows all costs that may apply, based on our maximum term to show the maximum amount of interest payable.  If you opt for a shorter term, higher repayments, or have had a previous loan, then some of the displayed fees may not apply and the interest repayments will be lower.

How do you decide if an online loan is right for me?

As a responsible lender, we will do our best to ensure that you are suitable for this type of borrowing.

This process will include, among other things:

  • Assessing the budget you complete online and assessing your ability to meet the anticipated payments without causing undue hardship
  • Determining if the loan would meet your requirements
  • Take reasonable steps to verify the information you have provided is accurate
  • Completing a credit check to help determine how you have handled borrowing in the past

If you are concerned you are having continual difficulties meeting your current financial commitment, please do not apply for a loan with us, as this is likely to make your situation worse.

There may be other options to help with your current situation and we encourage you to consider those options prior to applying for a loan.  This may mean talking to phone or electricity companies about a payment plan being worked out, or other lending institutions about debt restructuring.

What if I already have loans elsewhere?

As a Responsible lender, we will assess your ability to meet the repayments taking into account your current financial position.

This means it may be acceptable for you to have a longer term loan, but if you have a loan with another company then a loan from us may not be in your best interests.  This is because short term loans tend to have shorter terms and higher repayments, which may negatively effect your disposable income.

If this is the case we would encourage you to complete the repayments on your current short terms loans before applying with us.

Why do you ask what I need the loan for?

Under the Credit Contracts and Consumer Finance Act, and the Responsible lending code we are required to ask the purpose of the loan.  Among other things, this lets us assess whether our product will meet your objectives, and whether the loan is the right thing for you.

What is the interest rate and what fees apply?

The interest rate is 49.75% PA.

As part of the loan process is automated the establishment fees are slightly less than our face-to-face loans. There are however some extra fees including those for Electronic Identity Verification and Electronic Signature fees. A full list of applicable fees follows.

Please note: From 8th October, the interest rate has decreased, and the establishment fee has increased.

Establishment fee $99
Weekly/ Fortnight Administration fee $1.60
Default fee $1.28
Letter fee $3.28
Payment dishonor fee $2.37
Early settlement fee (but this may be waived at our discretion) Up to $26.37

The following fees are agent fees, and are passed on to the borrower at the price charged to us. There is no markup on these fees.

Electronic Signature $1.00
Electronic Identity Verification $1.40
Credit Check $6.00
Same day cleared payment fee $5.00
How much will the repayments be, and what will I pay back in total?

We like to be completely up front with what the loan repayments, and total payments will be.  The exact amount you will pay will depend on various factors, and we can’t illustrate every situation.  This information will be displayed on the loan agreement, but to give you an idea we have provided a table that contains several examples of common loan amounts, repayments, interest component, and total repayable.

If you would like an exact quote before you proceed please contact one of our staff on 0800 34 62 63.

How do I sign the loan agreement?

Once you have completed the application, you will be asked to sign your loan agreement online. Our trusted technology partner, Secured Signing Limited, uses proven, encrypted SSL technology to ensure the security of your information and protect the integrity of your data.

You will be sent an invitation to log into the Secured Signing website, and simply follow the instructions to affix your electronic signature.

Once electronically signed, a copy of your loan agreement, direct debit instructions and terms of conditions will be sent to your email account.

For more information regarding Secured signing, please click here

How do I send you my bank statements?

As part of the process you will be asked to follow a link that will allow you to enter your bank details through our trusted supplier, Illion BankStatements

This is a secure service that allows read-only access to your bank account, and will automatically send the required statements to us.  There is 256 – bit bank level encryption of data, and the connection is closed as soon as the data has been retrieved.  None of your personal log-in details are retained once the connection is closed.

This facility is only available to customer of the following banks.

    • ASB, ANZ, Aotearoa Credit Union, BNZ, Credit Union Central, Kiwibank, SBS Bank, The Co-Operative Bank, TSB Bank, or Westpac.

If you would like more information regarding this service, or have concerns about its security, please visit the link below.

https://bankstatements.com.au/about/faq

How do you identify me?

There is legislation in New Zealand that requires us to positively identify you in a certain manner before we advance any loan.  This legislation is the Anti-Money Laundering/ Countering Financing of Terrorism Act 2009.

During the application process you give us permission to check the details you have provided against various databases, as arranged through the Centrix Group.  This process is called SmartID.

To obtain a positive verification, matching logic is utilized and the following must occur.

At least 2 data sources respond with a match on first name and last name., and
One data source that has a match on first name and last name must also have a match on date of birth, and
One data source that has a match and first name and last name must also have a match on address..

Unfortunately, if we are unable to obtain that positive verification we would not be able to proceed with the online process, although we may be able to consider your application in one of our branches.  You will be advised if this is the case.

How will I receive the funds?

Once we receive notification that all the loan documents are signed, the funds are transferred directly into your bank account.  This is normally done within one hour of approval (during business hours).  Depending on your particular bank, this can actually happen much faster, it could be a matter of minutes.

How do I make repayments?

Repayments will be tailored to your circumstances.  We will ensure that you can meet the required payments without suffering any undue hardship.

Payments will be deducted by Direct Debit.  You will be sent a Confirmation letter and Notification of the dates and amounts of your payments.  These will not start until at least 10 days after the loan agreement is signed.

We also need to ensure you understand the Direct Debit Terms and Conditions. These are available here.

We will also provide a link to those terms and conditions when we email you with the loan approval.

Can I repay my loan early, is there any penalty?

Yes, in fact we encourage you too. You are only charged interest for the period for which there is an outstanding balance. In fact, because the interest is calculated daily, any additional payments will reduce the overall cost of the loan to you.

If you wish to increase your payments, or make additional payments, please contact us the day before your scheduled payment and we will amend the direct debit schedule to suit you.

There will be a small administration fee if you settle the loan early, and you will need to contact our team on 0800 34 62 63 to determine the settlement figure as at the date of the final payment.

What happens if I can’t meet the repayments?

Depending on the situation, we may be able to help. The best thing to do is to contact us on 0800 34 62 63 to discuss what we can do to manage you repayments. This may involve suspending a payment or payments or perhaps reducing the amount of your scheduled payments. This would have the effect of increasing the term of the loan, so we would need to discuss this implication of this for you.

Alternatively, you may be able to apply for a hardship variation. Details of how to go about this are set out in your loan agreement.

If you have been injured and you have selected the optional repayment waiver cover, you may be able to apply for relief under its provisions.

We are here to help and will do everything we reasonably can to assist you. However, if we are unable to contact you, or find you are not taking reasonable steps to help us resolve the matter, we may be required to pass the matter on to a debt collector for collections, or lodge your details with a credit reporting agency.

What if I have a complaint about your service?

We hope this will not happen and will strive to provide the best and most positive experience we can.

However, if we fail to meet those objectives in any way we are very happy to discuss what we can do to address the situation.  You can speak to our staff on 0800 34 62 63 or refer the matter through our internal complaints procedure.

Alternatively, if you feel it necessary you can make a complaint to our independent dispute resolution scheme.

Financial Services Complaints Limited (“FSCL”) Contact details for FSCL are:
FSCL, P O Box 5967, Wellington 6145
Phone (04) 472 3725 or 0800 347 257
Email info@fscl.org.nz

Do you offer some form of cover in the event I am injured or otherwise can’t meet my repayments?

Yes. Linsa is able to offer Repayment Waiver Protection for a small additional cost. You are able to read the Terms and Conditions to see if this option is right for you. For example if you are a beneficiary there is less benefit than if you are working. There are also some exclusions which you should take into account.

On a $500 loan over 12 weeks, full cover would cost less than $2.50 per week. A shorter loan with higher repayments, or a smaller loan amount would cost even less than that. Please click here for a table showing common loan terms and the estimated additional costs of the repayment waiver cover.

If you are unsure about whether this product is right for you, and want to discuss it further please contact our helpful staff on 0800 34 62 63.

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Tauranga
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