FAQ

How much can I borrow?

This depends on the amount of security offered and on your ability to make repayments. We can assess this once you have made an application.
 

What can I get a loan for?

You can use a loan for just about anything. This can include bill payments, holiday, education fees, car loans, boat finance, car repairs, bond money, funeral expenses, or debt consolidation. If there is any particular need you have please talk to us about it.
 

How long does it take to get a loan?

As soon as you have filled out an application for credit and supplied the required information, it usually takes less than one hour.
 

Can anyone apply to get a loan and what age?

Normally you must be at least 18 years old, a permanent New Zealand resident and have a regular income. However if you had someone who would be a guarantor it would definitely be considered.
 

How much does it cost to apply for a loan?

It's free to apply for a loan, however once approved loan establishment fees usually apply.

How confidential is my application?

Only employees of FMC Finance get to see your application. If you consent to a credit check, a record of this inquiry is placed with the credit reporting agency. This is for your benefit so you can see who has been looking at your credit worthiness.

Do I need to submit any other documentation?

The information and documents we need to see at the time of application include:

• Proof of ID such as your drivers licence or passport.
• Proof of income (pay slip or back account records).
• Proof of insurance of chattel being used for security.
• Vehicle details if using for security – registration or VIN.

What if I have a poor credit record?

When assessing loan applications, credit worthiness is only one of several factors we consider. We are flexible and understand there are difficult times in life which result in a poor credit record. Depending on how long ago, the amount involved and how you worked your way through these times, we may be able to work out a solution for you. Sometimes other guarantees need to be put in place, such as a guarantor.

Do I need security?

Some form of security is needed for each loan and most commonly it is motor vehicle or property. Another option is to find someone (friend or family) who is prepared to be a guarantor and has sufficient security to offer. Other chattels such as boat, jewelry, or collectables may be considered and will need a valuation and insurance cover.
Motor vehicles need to be no older than 15 years, have current warrant and registration and be insured. We can lend up to 70% of its realisable value.
 

What is a guarantor?

When the person requesting a loan does not qualify for because they have insufficient security, or are less than 18 years old, or are not a New Zealand resident, or have a poor credit record, another person can act as guarantor for them. The guarantor can be a family member or friend, needs to be a New Zealand resident, have a good credit rating and can offer sufficient security. If there is a serious default on the loan, the guarantor will be legally responsible for any outstanding amount.
 

What is your interest rate and repayment terms?

We have very competitive interest rates and terms and these can be finalised on the day your loan is approved. The length of the loan term depends on the size of the loan and how much you can repay each week. Typical terms are 12 to 24 months.
 

What are the fees?

Our loan contracts include Establishment Fees to pay for the processing, setting up, documenting and approval of the loan. A monthly Administration Fee is also charged for maintaining your loan account. Once your application is accepted and before you sign the contract, all these fees and charges will be clearly explained to you.
 

How do I make payments?

We can work out what is best for you – weekly, fortnightly or monthly payments, preferably by automatic payment from your bank account, but cash is OK too. We will set this up when you sign the loan contract.
 

What happens if I stop making payments?

If for any reason you miss a payment, ring us immediately so we can arrange a solution that works and you can manage. If you continue to miss payments and fail to make arrangements, you will be liable for default interest and default fees. Each time we send a warning letter by post, you will be charged default fees.
Reminder letter $10 fee
Warning letter $20 fee
Default notice $45 fee
 

Can I repay the loan early?

Yes you can. Please contact us to get a final settlement figure. Since you only pay interest up to settlement day, it is important to advise the exact date you plan to make the final payment. Please be aware that early settlement charges may apply.
 

What do I do if I have a complaint?

If you have a complaint or we have done something wrong, please let us know so we can address the problem. Firstly contact the customer service person who you have been dealing with. They should endeavour to resolve any complaint you have promptly and fairly.

However if this initial attempt to resolve the matter has failed, please address the issue to loans@fmcfinance.co.nz  We have an internal complaints process and undertake to investigate any concerns promptly and fairly. We have up to 40 days to respond to your complaint.

We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs. If you are not satisfied with our response, you may then refer the matter to FSCL by emailing info@fscl.org.nz or calling on 0800 347 257. Their website is www.fscl.org.nz.

FSCL does not deal with complaints about standard fees or interest rates unless such fees and/or interest rates are not in accordance with your loan agreement. There is no cost to you to use the services of FSCL.

Contact FMC Finance Ltd
021 916 854