What is the difference between Fico Finance and a traditional bank?
We'd like to think it's a friendlier and much quicker service - you won't wait 6 weeks for your money to be approved (or denied) at Fico Finance. Once we have your completed application form we can approve your loan in minutes and have the money in your bank within 24 hours.
A major difference at Fico is you always deal with the decision maker. This means your loan application and personal circumstances are carefully considered during the application process.
Unlike some others, we won't charge you anything to make a lump sum payment on your loan. Which is great, because the sooner you settle, the less you pay.
Another difference is we keep your paperwork to the bare, legal minimum (and it's all on a form that's easy to follow and fill out). And our final point of difference? We are always here and available to talk to if needed and unlike some others, we will actually listen.
How much can I borrow?
Our Personal Loans are between $2,000 and $400,000. The amount you can borrow depends on the security you have and your ability to repay the loan.
As a Responsible Lender we need to be confident that you can comfortably afford the loan repayments. Even though this sounds like a bit of a ‘no brainer’, you must be able to repay the loan.
What can I get a loan for?
Whatever you want.
A holiday, a vehicle, renovations, space travel, debt consolidation - there are endless reasons for borrowing money from Fico.
Let’s be really clear, when we ask questions during your application meeting we’re not asking because we’re nosey, we just need to know what your loan is for and have a better understanding of your personal circumstances and your current financial situation.
So if you don’t mind telling us what you need the loan for, we certainly don’t mind lending to you.
Will a bad credit rating stop me getting a loan?
That's because we will look at the all the circumstances around why you may have a bad credit rating, and make a final assessment based on your current situation.
Can I get a loan if I'm a beneficiary?
You do not have to be in paid employment to have a loan approved.
Just like everyone else you will have to meet our credit criteria.
Can I use my Fico loan to pay off other debt?
This is called debt consolidation and sometimes combining your current debt into a single loan with one contract, one interest rate and one regular repayment is a good idea.
Before you consider this option, ask yourself:
• are my existing loans nearly finished?
• how much is the establishment fee on the new loan?
• what is the interest rate compared to my current one?
• will the repayments be less?
If you want more information get in touch and we'll help you check it out.
Do I have to be a New Zealand resident?
Simple as that. You must be a New Zealand resident and reside here for the entire term of your Fico Loan.
Can someone who is under 18 years old borrow money from Fico?
If you are 18 years old and you want to borrow money from Fico Finance then you must have someone who is prepared to act as a guarantor for your loan.
As the name suggests, a guarantor is someone who will guarantee to repay the loan if you are unable to. The guarantor must be either your father or mother, or your brother or sister. They must have a good credit rating, be at least 25 years old and have sought independent legal advice as to whether they should act as your guarantor.
If you ask someone to act as a guarantor for your loan, make sure you explain to that person that he/she is equally responsible for the loan and will be called upon to make payments if the loan goes into default.
What are your terms and conditions?