FAQ and Fees

Affordable financial loans

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Financial loans FAQ

What type of loans does RW Finance Ltd do? 
We can offer personal loans from $500 - $10,000 for just about anything. Unexpected bills, Car loans, car repairs, home renovations, debt consolidation, bond money for rented property, weddings, school fees/uniforms, holidays and funerals. Just call us today and see what kinds of needs can cover with our financial loans. 

What interest rates do we charge?
Our interest rate ranges from 21% to 30%, depending on what your credit rating is and what security you may have depends on what interest rate you will get. 

What loan terms do we offer?
Our minimum loan term is 6 months, maximum 4 years. Negotiable over 4 years dependant on loan value. 

Apart from interest charges, what other costs will I pay? 
Your contract will include the following fees: 
Establishment fee fixed at $325 
• This is what we charge you for processing, approving and documenting your loan. 
Monitoring fee at $10 each month
• This is what we charge you for the ongoing maintenance of your loan. 
All loan fees and charges will be clearly explained to you before you sign your contract and draw down your loan. We aim to keep our financial loan fees and interest rates very transparent. 

What sort of security do I need? 
We will consider all types of security including; motor vehicles, residential property, personal assets (i.e. household furniture and appliances). In some circumstances, we can offer an unsecured loan (see below for details). 

What if I don't have any security, can I still get a loan? 
We will sometimes approve unsecured financial loans; however, this will depend on our lending criteria. Also if you have a guarantor or co-borrower who has some security that we can use then we may be able to proceed with the loan. 

What sort of information will I need to give RW Finance Ltd? 
• Proof of identity. 
Under anti money laundering laws, we need to see an official photographic ID, e.g. Passport, Driver's licence or an 18+ card. We may also need to see your birth certificate, or other government issued documents (e.g. Super Gold card), or a bank issued document (card or statement). These must show your name. 
• Proof of address. 
We need a letter or statement posted to your home address from a reliable company, e.g. Power or Phone bill, Sky, a Government Department (WINZ, IRD, NZ Police, etc.) or your most recent month's bank statement. 
• Proof of Income. 
As a responsible lender we work with you to understand your household budget. To do this we need your most recent month's Bank Statement showing your full name and address, and full details of all your regular payments to other lenders or service providers.

How do I make loan repayments?
Our personal loans are flexible! You can choose to make your repayments weekly, fortnightly or monthly: whatever suits your pay schedule. You can pay by either Direct Debit or by automatic payment, or you can make manual payments at your local Westpac Bank. 

Do I need to be a permanent resident? 
Yes

If I am buying a car do I need a current driver's licence? 
Yes, we require a minimum of a restricted licence for a car loan. The vehicle needs to have a current warrant and registration for . 

What will happen if I don't pay you back as agreed? 
If you feel that you might miss a payment please call us as soon as possible (within two working days of your payment being due). We are here to help and will make a loan repayment arrangement that you can stick to. 

That's great, but what could happen if I stop paying altogether? 
If you continue to miss payments and break arrangements you will be liable for arrears interest and fees will be charged each time we have to send you warnings and notices through the post. Our current fees are: 
• A Dishonour letter fee of $5.00 for each payment dishonour letter. 
• A first reminder letter fee of $10.00 for each payment reminder letter. 
• A second reminder letter fee of $20.00 for each letter. 
• A repossession warning notice fee of $50.00 for each enforcement notice. 
• A Variance statement fee of $5.00 for every change in payments or term change.
We really do want to help you avoid paying any extra charges. We understand that your financial situation can change during the term of your loan. You could lose a job, move home, have a baby or just over extend your finances due to unforeseen circumstances. If you are unable to meet your payments, please just call us straight away. 

What happens if I settle early? 
There is no early repayment fee only interest is recalculated to the date you settle the account. This means you only pay interest for the time you have had your loan. 

How long will it take me to get the funds? 
If all the information is provided at the time of the loan application it is possible to process, document and advance the funds on the same day is possible provided you are able to supply us with everything we need. Some loans that involve several parties and securities may take about 24 to 48 hours so while we can't always guarantee same day loans every time, we will always try and get the funds to you as fast as we can. 

Do you offer pay day loans? 
No, we don't offer pay-day loans. If you currently have a pay day loan and would like to arrange to pay it off with an easy-to-manage RW Finance loan, speak to one of our friendly staff who can help you. 

Can I refinance my existing loan?
Yes. Sometimes you may need extra money before you have finished paying your loan. We can refinance your loan if you have a good repayment history with us, clear credit and affordability.

Where is RW Finance Ltd situated? Do I need to come into the office to sign the contract?
We are situated in Burwood, Christchurch (please see map). However, if you can’t have to come into the office, we can come to you, but we do all the applications over the phone.
What It may cost you?

Example:
The interest rate on the above scale is set at our highest percentage rate of 30% and the loan term is varied just as a guideline. As in our FAQ's our interest rates do vary between 21% - 30% depending on your credit rating, the security used and whether you are a home owner or if you wish to do debt consolidation with us. The maximum term for our loans is 3 years.

Disclosure Statement

Name of Qualifying Financial Entity: RW Finance Ltd
Our principal place of business and postal address is:10 St Keverne Close, Burwood, and Christchurch, New Zealand
Telephone number: 0800 325 345
Email Address: rwfinanceltd@hotmail.com
FDR Number : FM0272
It is important that you read this document. This disclosure statement provides some important information about the dispute resolution options.  

Scope of Advice
Please note the employees of RW Finance Ltd are not financial advisors. 
Complaints
If you have a problem, concern, or complaint about any part of our service, please contact RW Finance Ltd so that we can discuss the matter. We aim to acknowledge and resolve all complaints in a timely manner. If we cannot resolve your complaint immediately, we will advise you of this and endeavour to keep you informed of progress throughout the process. All complaints received by our customer service representatives who will endeavour to resolve your complaint in the first instance or, if this is not possible, refer your complaint to our Dispute Resolution Team. The team is supervised and managed by our Complaints Officer.

If we cannot agree on how to fix the issue, you can contact Fairway Resolution Limited (RSL), an external dispute resolution scheme approved by the Minister for Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. This service will cost you nothing, and will help us resolve any disagreements.

Contact us!

By Telephone: For matters relating to RW Finance Ltd: 0800 325 345 or
0383By Email: nikki.rwfinance@hotmail.co.nz
By Post: RW Finance Ltd, 10 St Keverne Close, Burwood, and Christchurch 8083

Contact FRL:
By Telephone: 0800 774 422
By Email: fairwayinfo@fairwayresolution.com
By Post: Fairway Resolution Limited, PO Box 841, Christchurch 8140
By Website: www.fairwayresolution.com
By Fax: 03 962 9001
Happy family on beach after receiving loan in Christchurch

 For financial loans from an experienced company, call us on 0800 325 345

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