Business & Personal Loans
Frequently Asked Questions
Our comprehensive FAQ section is designed to provide you with quick and clear information for all your queries.
What are the credit criteria for a Personal Loan application?
The flexible criteria we use to assess your application is generally more favourable than those of main-stream banks. We verify all information provided in loan applications to ensure accurate details have been provided. The decisions made are based on the following key criteria:
- Capacity: The ability to repay the loan and existing outgoings.
- Income: A consistent, stable, and proven income is desirable.
- Security: Providing security can help you borrow a larger amount and can help reduce the interest rate we offer.
- Credit History: Good, proven credit experience is required or a Guarantor who has this.proven track record.
- No Finance Defaults: No recent payment or loan defaults to other financial institutions.
We will assess the above attributes before approving any application for credit. We do this by verifying income, residential address, valuing security, and accessing your credit history. If your application is not approved, we can let you know what you need to do over a period of time to improve the likelihood of obtaining credit in the future.
How much can I borrow?
You can borrow anything from $1,000 to $60,000. Larger loans usually require security, which can help reduce your interest rate. Use our Bravo Finance loan calculator to adjust repayments to suit your budget.
Understanding Our Brokering Fees
At Bravo Finance, we are committed to transparency and clarity in all our financial services. Our goal is to find you the best financial solution tailored to your needs, which includes providing clear information about any fees associated with our brokering service.
Personal Loans Brokering Fee: Our brokering fee for personal loans ranges from $300 to $1,000. This fee variation accounts for the comprehensive services we provide, including application processing, administration, and securing the most favourable terms for your loan. The exact fee within this range depends on the complexity of your loan application and the specific services required to successfully secure your financing.
Motor Vehicle (MV) Loans Brokering Fee: For motor vehicle loans, we have a fixed brokering fee of $510. This includes all necessary administration fees and the services we provide to facilitate your MV loan with Finance Now.
Why the Variation? The variation in our brokering fees for personal loans reflects the diverse needs and circumstances of our clients. Factors influencing the fee include the loan amount, the complexity of the financial situation, and the level of assistance required to navigate the lending process. Our aim is to ensure that you receive personalised service that meets your unique financial needs.
Inclusive of Finance Now’s Admin Fees: Please note that our brokering fees include any administrative fees charged by Finance Now, ensuring a seamless and straightforward financial service experience for you.
Commitment to Transparency: We believe in full transparency with our clients. Before finalizing any loan arrangement, we will provide you with a detailed breakdown of all applicable fees, ensuring you make an informed decision with no hidden costs.
PLEASE NOTE: Bravo Finance brokerage fee is only applicable upon successful approval and settlement of your loan application. For more information or if you have any questions about our fees, please do not hesitate to contact us. Our team is here to assist you every step of the way.
What identification do I need to provide when applying for a loan?
If you are a new customer, you will need a current valid New Zealand driver licence, a current valid New Zealand passport, a New Zealand Fire Arms Licence; or an Overseas passport (or similar document issued to enable international travel) that contains the name, date of birth, a photograph, and the signature of the person to whom the document has been issued and has been issued by a foreign government, the UN, or an agency of the UN. If you do not have any of these documents, call Finance Now on 0800 299 399, and a lending expert will be able to help.
How quickly can I have access to the money?
Once your application has been approved and you have returned the required documentation back to us, money can be in your account within 24 hours. We will text you as soon as your loan is paid out.
What is a 'Secured' loan?
A secured loan is a loan where the borrower pledges some asset (e.g., a car, boat, caravan, or property) as back-up (security) for the loan. Providing security can help you borrow a larger amount and can help reduce the interest rate we offer you.
When do I need security for a personal loan?
As part of our standard credit policy, security is required for larger loans. This is standard practice for most finance companies.
What is an 'Unsecured' loan?
A unsecured loan is where you have borrowed a loan and it doesn’t have collateral or property against it.