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Frequently Asked QuestionsWhat sort of people does Aspire Finance lend to?
We will loan to anyone who is over 18 years of age and who is able to meet all the criteria we need to process a loan. Please ask.
Do you lend to people with bad credit?
Not usually, but it can depend on the amount of bad credit and how it came about. At times there are good reasons. It is up to the Loans Manager to decide.
Do you lend to beneficiaries?
Yes
Do you lend outside of New Plymouth?
Yes, in fact we have an office in Hawera too, and we visit people in the other Taranaki towns. But mainly our loans are made in and around Taranaki.
Do you lend to people who have been bankrupt?
We may do, as long as they are out of bankruptcy with a clearance from the court.
A court number and document will be asked for. How long does it take to get a loan?
This depends on whether you have brought the information that is asked for but generally if you are a new customer payment is made into your account the day after you have completed and signed the necessary forms, or is given as a cash cheque when you call. Loans are never made in cash and no cash is kept on the premises.
What sort of ID will I need?
When you borrow your first loan from us, you will need two forms of ID, one of which must have a photo, such as a passport, driver’s license, or over 18 card. The other might be something like your Visa, Bankcard, community services or eftpos card.
What if I can’t write?
As long as you can sign your name and have all the relevant information to process the loan – no problem. Feel free to bring a friend to check the details if you’d like to, or else we’ll read the documents to you if you’d like.
How do I pay?
Automatic Payment is our preferred method, but sometimes people work through internet Banking or they come into the office and pay cash. We do not have an Eftpos machine and do not do Direct Debit as we know that sometimes, things arise and people need flexibility with their money.
How much do I have to repay?
Payments are based on what amount you can ACTUALLY afford. We look at your bank statements and have a chat with you to assess what you can truly afford to pay – we don’t want to put you in an impossible position. That is not good for either of us.
How often do I have to repay?
Payments can be made weekly, fortnightly monthly or on any other basis that we both agree. Usually your payment is tied in with when and how you receive your income. The important thing to us is that you pay when you say, or in the case that something goes wrong (as it can and does) that you let us know so we can work it out together.
What is your percentage?
Today the new law for lenders says that we can only cover actual costs in our fees, so interest rates have had to rise to be viable.
We charge between 11% and 28% depending on the type of loan (mortgage, farmer finance, small personal loan etc) but we intentionally try to stay well below most large companies for the types of loaning we do.
What is SECURITY?
Security is something that you offer to a finance company that they can take to repay your loan if you fail to pay it off so in general it has to be of twice the value of your loan. The finance company does not take the security item and keep it while the loan is running. You keep it and use it as you always do. But you cannot legally sell it while it is secured.
The finance company can repossess the security if you fail to pay your loan after several warnings. The terms under which this could happen are explained on your loan document.
What is a guarantor?
A guarantor is a person who will use his or her collateral (security) to cover your loan – often a parent, for example who will use their house or car as security for your loan. If you fail to pay your loan, they must pay for you. The terms under which this could happen are explained on your loan document.
Because the guarantor is part of the loan, we will need their bank statements, income information and ID’s as well as yours, and a full description of the security which may be a car, caravan or property. Your guarantor will also be required to sign the loan agreement with a witness.
What if I miss a payment?
A phone call is required if a payment is going to be missed with an explanation. At times missed payments are unavoidable and we are realistic, but we place a high importance on you letting us know. In some cases a penalty will apply, but we are not too tough with penalties. Our biggest penalty is not dealing with you again.
How do I find out more?
Apply Now by email
or
Free call us on the 0800 number any time.
– it’s easy to remember.
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