Being Responsible

Zealy is powered by The Lending People Limited, a financial service provider based in Auckland, New Zealand. Our online platform matches your profile with the credit criteria of multiple finance companies, and in doing so we act as an intermediary between you and those finance companies.

As an intermediary, we have certain responsibilities. If you apply for a loan, we must ensure that we clearly understand your situation, needs, and objectives, and that you clearly understand your rights and responsibilities, so that you don’t take out a loan you can’t pay back.

We will make reasonable inquiries about your needs and objectives.

This will be done at the beginning of our application process to ensure that the loan will meet your needs and objectives.

This includes (but is not limited to) asking about:

  • How much you need to borrow
  • What the loan will be used for
  • When you want the loan
  • How long you want to take to repay the loan

We will make reasonable inquiries about your financial situation.

This will be done as part of the application process to be satisfied that you will be able to make repayments under the loan contract, without suffering substantial hardship.

This includes (but is not limited to) asking about your:

  • Personal circumstances
  • Income
  • Expenses
  • Existing loans & credit cards
  • Credit history
  • Assets (like motor vehicles)

We may require proof that includes (but is not limited to):

  • Bank statements, payslips, or tax returns
  • Proof of citizenship or residency
  • Identification (like your drivers licence or passport)
  • Copies of your credit report

Your application will be declined if we conclude (after making reasonable enquires) that:

  • You will be unable to repay the loan without suffering financial hardship
  • You do not meet the minimum credit criteria imposed by any of the finance companies for which we act as intermediary
  • The loan will not meet your needs and objectives

Applying for a loan may not be the best option if you are currently suffering financial hardship, or are likely to suffer financial hardship in the near future. If you’re looking for free financial advice and budgeting services we suggest that you contact either Citizens Advice Bureau or MoneyTalks. There are also a range of websites dedicated to helping New Zealanders manage their finance, like Sorted.

We will make sure you understand everything about the loan.

This will be done before you enter into a loan contract to be satisfied that you understand your rights and responsibilities.

We will do our best to ensure that you understand:

  • The terms and conditions of the loan contract, including (but not limited to) the interest rate, and fees
  • What property (if any) is being provided as security
  • What happens if you do not repay your loan, including the repossession of any property you provide as security.

We will make sure you understand any credit-related insurance products, and that these products meet your needs, and objectives.

We have partnered with Quest Insurance Group to offer a range of insurances including Credit Contract Indemnity Insurance (CCI), Guaranteed Asset Protection Insurance (GAP), Mechanical Breakdown Insurance (MBI) and Comprehensive Motor Vehicle Insurance (MVI).

These insurances may be required as a condition of your loan approval (for example: Motor Vehicle Insurance is compulsory where a vehicle is being provided as security), however you are free to purchase insurance cover from any supplier. We recommend you seek independent financial advice on whether insurance products are relevant to your situation.

When any Credit-Related insurance is arranged, we will:

  • Make reasonable inquiries before an insurance contract is signed, and;
  • Ensure the policy is likely to meet your requirements and that payments will not cause substantial hardship.

We can rely on information you provide, unless the we have reasonable grounds to believe the information is not reliable.