More people can access Good Loans thanks to new changes
October 15, 2021
Good Loans has increased its lending amount and adjusted its criteria to give more people a chance to access its loans.
To support and improve financial wellbeing in New Zealand, we’re constantly looking at how we can adapt our products and services.
The new changes mean that visa holders now have a fair and affordable option when needing a loan, without the risks of high-interest and penalty charges.
Based on our enquiries, we knew that visa holders have been wanting to access Good Loans.
We also know from our own team members, who migrated to New Zealand, how difficult it can be to navigate the financial culture and access fair credit.
Visa holders now have the opportunity to get a no-interest Good Loan that is fair and affordable, whilst building on their financial knowledge and skills, so they can make more informed decisions in the future.
“We’re proud to be able to help people living in New Zealand on visas. We know that moving around and getting yourself set up can sometimes require a loan. Good Loans is now an option for visa holders, which will hopefully result in fewer people relying on third-tier lenders.”
If the Good Loan application isn’t successful, the Community Loan Worker will work with clients to help them find alternative support options – including our DEBTsolve programme – or work with them to reapply for a loan after making some adjustments to their financial situation.
Daniel and Sidra
One couple that used Good Loans to help them find their feet when they moved to New Zealand is Daniel and Sidra.
Daniel and Sidra were able to access Good Loans to buy essential items and their Community Loan Worker was able to show them how the New Zealand financial system worked, so they could make informed financial decisions.
“When we came here, we didn’t have experience. We didn’t know about the banking system, it was difficult for us.
“If you need to buy some things and you are new in New Zealand, saving your money takes two or three months. If you use a Good Loan you don’t need to pay the deposit you can easily get the things and then pay back weekly.”
Loan amount has increased
To give people more options when using their Good Loan to access essential items or services, we’ve increased our no-interest loan limit from $1,500 to $2,000.
“Being able to offer more money with no interest will take the pressure off our clients who may already be struggling financially. Plus, it gives people more options when purchasing that essential item or service they need.”