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Frequently Asked Questions

HOW DO I APPLY FOR A LOAN?
To apply for a cash loan you have a number of options. Simply apply online, download an application form from here, or visit one of our branches nearest to you. For all of these options you will be required to provide:

  • Two forms of identification i.e.; a birth certificate, passport, drivers licence, community services card
  • A current payslip or bank statement as proof of income
  • A copy of your tenancy agreement for non home owners or rates assessment bill for home owners
  • Our loans are all security based so you will need some form of collateral, household furniture, appliances, car or transferable securities such as life assurance policies or shares.

    Just give us a ring on any of the phone numbers listed for fast and friendly service.

    HOW MUCH CAN I BORROW?
    We lend amounts from $200.00 up to $10,000.00 with a maximum repayment term of twenty-four months. Shorter terms can be arranged to suit the borrowers requirements. The amount advanced to the borrower must be covered by security to the value of the loan.

    WHAT TYPES OF LOANS DO YOU OFFER?
    South Pacific Loans offers Personal Loans secured with an Instrument By Way of Security, Caveat or Mortgage, over the real property being offered as security. With this type of loan the principal and interest is paid back over the term of the loan.

    WHAT ARE THE LOAN REPAYMENT TERMS?
    The instalment amount to be repaid depends on the amount being borrowed with a minimum of $30 per week. The borrower's repayment frequency is matched to the same frequency as the income. That is, if the income is received weekly or fortnightly, then the instalments are repaid either weekly or fortnightly.

    HOW LONG DOES IT TAKE TO ARRANGE A LOAN?
    We meet our One-hour average response commitment for 95% of all loan applications. Processing applications for first time borrowers generally takes more time. The speed at which we can process the loan depends on how quickly any documents required to support the loan application can be assembled.

    Existing South Pacific Loans borrowers applying for another loan can be processed quicker as we have most of the information we need already on file. With an established repayment history we can refinance existing borrowers often in a matter of minutes - something our clients find very convenient.

    DO YOU CARRY OUT A CREDIT CHECK?
    Good credit worthiness is a very important step in obtaining a loan. If there has been any adverse credit within the last five years this may affect the approval of the application. A borrower's credit worthiness is checked with South Pacific Loan's own database, the Mercantile Gazette and Baycorp Advantage.

    HOW MUCH WILL MY REPAYMENTS BE?
    Of critical importance in approving a loan is to establish the borrower's ability to repay the loan. An affordability Assessment is completed to confirm repayment capabilities. This process balances income with expenses. An applicant may have a perfect credit history and adequate securities but we may refuse an advance if the disposable income is not sufficient to meet the loan repayments. To help the borrower we may suggest a cash-flow analysis, reduce the amount being borrowed, adjust the term, or, for borderline cases, recommend a Guarantor.