As the increasing cost of living continues to hit Kiwis in the pocket, Loansmart is making it easier by increasing the amount customers can borrow.
The limit for unsecured personal loans through Loansmart is now $75,000, up from $50,000.
With many finance companies and banks still offering unsecured personal loans with limits of up to $50,000, this means customers can get more of what they need with Loansmart.
Loansmart Managing Director Murray Greig says as the cost of things continues to increase, it makes sense that lending limits also need to go up.
“With more of people’s income going towards daily living costs, many are finding it harder to save for those big ticket expenses like cars, holidays and home renovations.
“Even if they manage to save a decent amount, they’ll find that the cost of those things has gone up and could still be out of reach.
“We’re responding to the fact that inflation has increased the prices of almost everything, and so it’s a good time for us to adjust our unsecured lending limits accordingly.”
Increased cost of living continues to bite
Latest statistics show average household expenditure in June 2023 was nearly $1600 per week, more than 18% more than four years earlier.
Food spending alone has increased nearly 30%, while health costs have gone up 18%. Homeowners are especially feeling the pinch, as many have seen their interest rates jump from less than 3% to more than 7% in a relatively short period of time.
This results in many homeowners having much less disposable income, and therefore having to choose between going without, or finding other funding sources.
This has spurred a spike in demand for unsecured personal loans as more people seek help with some of life’s bigger expenses.
How Loansmart customers benefit from increased limit
By increasing the unsecured loan limit from $50,000 to $75,000, you have much more freedom about what to do with your cash, such as:
- Buy a newer, better car
- Have that dream wedding
- Fund those home renovations you’ve been planning to do
- Consolidate your debt into one low-cost loan
That extra $25,000 could be the difference between an older, less fuel-efficient car, and a modern, high-spec electric vehicle.
Or, the difference between renovating your kitchen with a basic kitset and that high-quality, luxurious kitchen you’ve been dreaming about.
Whatever your plans, an unsecured personal loan from Loansmart can help you achieve your dreams.
Getting help with the essentials
Sometimes you need cash for things that aren’t so fun, like emergency dental surgery, funerals and vet bills.
In these types of situations, you need cash in a hurry. This is where an unsecured loan is the perfect solution.
Because unsecured loans have no collateral, or security, taken out against them, it’s a lot faster for our team to get approval.
Most of the time, we can approve unsecured loan applications the same day, so you can get your funds faster (either that day or the next day).
Why choose Loansmart
Loansmart is the smart choice if you want to reach your personal goals faster.
We turn dreams into reality faster than other loan providers because, with Loansmart, there’s none of the bureaucracy and paperwork to slow things down.
Our fully online process means we can get to work finding a lending solution for you, rather than being bogged down by slow, old-fashioned processes.
You don’t need to visit us face-to-face, just take a few minutes to complete our simple 3-minute application form and our friendly team will be in touch to get some more information.
Get in touch with our team today for a free loan assessment.
