QuickCash Finance assesses hundreds of items of data in order to make credit decisions for our NZ loans.
In particular, we adhere to the Credit Contracts and Consumer Finance Act (2003), the Anti-Money Laundering and Counter Financing Terrorism Act (2009), and Responsible Lending principles.
We also consider micro and macro economic trends/factors, such as the (ongoing) impact of COVID-19.
The following factors are but some of the factors considered in making our eventual judgments for approving our online loans in NZ. We have listed these to assist our customers and declined applicants in understanding credit decisions for New Zealand loans. However, please be aware that our credit assessment involves both electronic and in-person assessment from hundred of items of data, each of which plays a role in our eventual judgment.
Affordability – Can the borrower afford repayments and still be left with a reasonable weekly surplus (considering expenditure, dependants and living costs)
Purpose of Loans – Does the loan amount appropriately achieve the purpose of the loan
Income – amount, consistency of, time in employment
Ownership of Security – The applicant must be verified as owning the security
Existing PPSR on Security – In order for security to be considered, there must be no existing PPSR loaded against it
Value of Security – The security value is assessed in relation to the value of the loan and risk level
Credit Rating – Provided by New Zealand credit reporting bureaus (get a free credit report here)
Credit History – Provided by New Zealand credit reporting bureaus (get a free credit report here)
Default History – Provided by New Zealand credit reporting bureaus (get a free credit report here)
We ask that all applicants respect our credit decisions as they are made in line with legislation for loans in NZ.
If you have been declined, we recommend visiting the following resource to understand how you can approve your creditworthiness in the future