Looking to Loan Money? Here’s What You Need to Know Before You Borrow Online

"Looking to Loan Money? Here’s What You Need to Know Before You Borrow Online"

Where can I loan money from?

You can loan money from a variety of different places and it’s important that you choose the right lender for you. So, before you choose a lender to loan money from, here is a list of the top ways to borrow money:

  1. Banks
  2. Online lenders
  3. Credit unions
  4. Pawnshops
  5. Borrow money from friends or family
  6. Cash advance from your credit card
  7. Borrow money on your credit card

Before you choose to loan money from a financial institution it’s important to understand the eligibility requirements and whether it’s a suitable time to apply for credit.

What does it mean to borrow money?

Borrowed money is money that you receive from another party under the agreement you’ll repay it within a certain period. Typically, borrowed money is repaid with an agreed-upon interest rate, meaning the borrower repays a certain percentage of the principal amount to the third-party as a form of compensation. If you’re looking to loan money today from a financial institution, then it’s important to understand the requirements to apply for money loans.

Personal loans

When it comes to personal loans specifically, there are a few things you’ll want to keep in mind. A personal loan isn’t the same as a home loan, there are obviously some key differences between how things work. Personal loans are usually much smaller, with different eligibility requirements and smaller loan terms. If you were looking to loan money to cover a medical bill or a holiday, then a personal loan could be an ideal finance solution. 

Secured vs. Unsecured

When you loan money online, there are generally two types of personal finance you can access: secured or unsecured. The key difference between the two is that a secured loan requires an asset to be attached to your loan agreement while an unsecured loan doesn’t. So, if you loan money secured against your car that means that your lender can take possession of your car if you default on repayments. 

Since secured loans are less risky, you can usually apply to borrow more with these types of loans. Unsecured loans can be easier to qualify though, so ultimately it just comes down to your personal needs. 

I need to loan money today from a lender: what can I do?

If you’re googling ‘fast loan money now’, then you’ve probably discovered a myriad of lenders both online and in-store. When looking for a money loan company, your first thought might apply with a big bank. However, the loan process may take days and be fraught with trips to the bank and endless phone calls. 

As the way we spend and save money changes, we think the way you can loan money fast online from a lender should change too. That’s why Jacaranda Finance NZ connects to you an online lender that is ready to help you with the loan you need. Instead of visiting a brand, and waiting days for the loan you need now, apply online in minutes and gain access to hundreds of quality lenders across New Zealand. 

So, if you’re looking to loan money today from a lender, scroll up and use our loan calculator to submit a loan application for quick money loans in minutes!

Where to loan money with bad credit

If you have a bad credit score, finding an institution willing to loan money to you can be tricky. In the simplest terms, your credit score is basically a number that indicates how risky you are to a lender. It’s calculated based on your financial history, which is collected and maintained by the three credit reporting agencies: illion, Centrix, and Equifax

Some lenders won’t even consider an applicant for a loan if they have a below-average score. Some, but not all! These days, there are many online lenders capable of offering fast money loans for bad credit. They can do this because they look at other factors outside your credit score, like your income and spending habits.

Jacaranda NZ works with a wide range of online lenders, so we could even help you find a lender capable of offering you a bad credit loan. You can find out more here or get in touch today!

How can I get a fast money loan with Jacaranda NZ

If you’re looking to loan money fast, then don’t waste time searching for lenders online. Apply with Jacaranda NZ and we’ll do the hard work for you! 

So, who is actually eligible to apply with Jacaranda NZ? We keep things as straightforward as possible because we want to give all Kiwis a fair go at fast finance. If you’d like to start an application, keep in mind that all applicants must: 

  • Be a New Zealand citizen or permanent resident;
  • Be 18 years of age or above;
  • Have received a regular income into a personal bank account for at least the last 90 days prior;
  • Have a direct contact number and email address. 

If you can meet the criteria above, then you’re one step closer to accessing the finance you need. All it takes is three simple steps:

1. You apply online

Using our loan calculator at the top of the page, set your desired loan amount and repayment period. This will give you an indication of what your weekly, fortnightly or monthly repayments might be. Once you hit ‘Apply Now’ you’ll be directed to our full online application form. The Jacaranda NZ team just need a few important details from you to help us match you to an appropriate lender. Thankfully, we only ask for the essentials. So, this should only take you a couple of minutes to complete.

2. We look for a match 

As soon as we’ve got your application, our team will get to work finding you the right Kiwi lender to loan money. We may show your application to a number of different lenders so we can find the best match. If you apply during our regular business hours, our team could have an outcome for you in just 60 minutes. Talk about fast!

3. You get your money!

If we’re successful in finding you a compatible lender, we’ll put you in touch with them ASAP. Usually, your new lender will send over an agreement for you to review and sign. We recommend you look through this agreement carefully, to ensure you’re up to speed. If you’re happy, send it back! Most of the time, lenders will transfer your cash as soon as they receive your signed contract. So, the cash could be in your account before you know it!

Will I need any documents?

When you apply with us, we will ask you to supply some additional documentation to help with our search. The good news is, this information is easy to access and won’t require you to provide any physical documents. Here is what we suggest you have on hand:

  • Your basic personal details (name, D.O.B etc);
  • Internet banking details (so we can securely access read-only copies of your bank statements);
  • The reason you are applying for your loan; 
  • Employment details and contact info of your workplace (we may need to get in contact in order to verify your employment status);
  • All applicants must be able to prove they are either New Zealand citizens or permanent residents. 

That’s it! If you have any questions about any of the above, simply contact our team to find out more.

Find out more

Enjoyed reading this article on how to loan money online? Well, we talk about all things finance and lifestyle over on our blog. Read up on the pitfalls of Afterpay, loan eligibility requirements, and much more! 

Looking for little loans? Jacaranda NZ has all the details.

Alternatively, if you have any questions regarding our services – don’t hesitate to hit up our team. We’re always here to help if you need and will do our best to get back to you as soon as possible.

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