Financial support to get you back in to it

Financial support to get you back in to it

Frequently Asked Questions

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 your requirements. The amount loaned to you must be covered by some form of security to the value of the loan.

What types of loan do you offer?

South Pacific Loans not only offers Personal Loans, but Vehicle Loans, Consolidation loans and small business loans.

What is a secured loan?

Security is something that will cover the loan in the event of default. We consider a variety of things as security including: vehicles, boats, bonds, shares, residential property, Life Insurance, personal assets (i.e household appliances and furniture). You may be eligible for an unsecured loan.

What is an unsecured loan?

In the instance you don’t have any assets you may still qualify for a loan depending on your credit history or if you have a Guarantor. A Guarantor is someone who is willing to provide security for your loan. They will need to sign the loan documents.

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. Your repayment frequency is matched to the same frequency as your income. That is, if your 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 a little 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.

If you are an existing customer, applying for another loan can be quicker as we have most of the information we need already on file. With an established repayment history we can refinance you often in a matter of minutes – something our customers 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 your application. Your credit worthiness is checked with South Pacific Loan’s own database, the Mercantile Gazette and Baycorp Advantage.

How much will my repayments be?

As a responsible lender we carry out an affordability assessment to ensure you are capable of repaying your loan. We look at your expenses and your income to find a balance that works.

You may have a clean credit history but the loan amount may be declined on the grounds your income is insufficient. There are other options that may be available such as lending a smaller amount, adjusting the loan term or suggesting the use of a Guarantor.


What will it cost me to take out a personal loan?

Our Loan Establishment fee is documented in the Disclosure section of this website. This covers all the costs, including credit check, processing and documenting your loan.

Our Loan Administration Fee is documented in the disclosure section of this website. This covers the ongoing cost of administering your loan.

What happens if I miss a payment?

Call us straight away on 0800 88 98 88 and talk with one of our credit team. They will help you arrange your repayments to a schedule that works for you.

What happens if I keep on missing payments?

Call us straight away on 0800 88 98 88 and talk with one of our credit team. They are here to help.

Missing payments and breaking agreed arrangements mean you will be liable for default interest and default fees. These will be charged every time we send a reminder through the post.

What will it cost me to settle the loan early?

A one off early repayment fee may be charged and we recalculate the interest to the date you settle the loan.