Loan of the month – February 2024

Share this post

Case study #1: Jarod

The need

Credit arrears are the highest Jarod wanted to free up some more disposable income, as he was paying $469 servicing his debts. He came to Loansmart wanting to combine his debt into a new debt consolidation loan – a great way to reduce his weekly payments.

The challenge

Jarod had eight different types of debt, including Buy Now Pay Later, credit cards, a car loan, a personal loan and a higher purchase.

The solution

Debt consolidation is Loansmart’s specialty, so our team sprang into action and quickly came up with a solution for Jarod.

We arranged to have all his debts paid off with a new debt consolidation loan taken out through Loansmart. This new loan had a weekly repayment of $235, so Jarod now had an extra $234 per week to spend however he chose.

Not only that, but there was a little cash left over after the deal was done, so Jarod used this to tidy up a few loose ends around his house.

Loansmart helps people like Jarod every day reduce their debt costs through debt consolidation loans. We are loan brokers, which means we don’t lend funds directly, but instead use our network of lenders to find the best deal for our customers.

When people come to us with high amounts of debt, they often have existing loans at relatively high-interest rates. With interest rates starting at 9.95%, Loansmart can usually offer our customers a better interest rate, saving them considerable amounts of money on debt repayments.

Find out how debt consolidation has helped other people like the Williams family.

Case study #2: Justina and Tama

The need

Justina and Tama needed a new $25,000 water tank for their property.

The challenge

The couple already had a $60,000 loan against their property, and an unsecured loan with another loan provider.

Multiple loan payments and increasing home ownership costs – like rising interest rates – were starting to eat into their savings, so Justina and Tama wanted some help to manage this before things got worse.

The solution

Loansmart specialises in finding smart solutions for complex problems. After Justina and Tama discussed their situation with Loansmart, our expert loan advisors immediately started working on finding a positive outcome for them.

Using their house as security, our team was able to pay off all their existing debts and consolidate them into a new loan with a 7-year term. This significantly reduced the amount of money they were paying in debt repayments by more than $100 per week.

The best part is, their loan contract included a clause which would enable them to refinance with their bank later without facing any early repayment penalties.

This is the kind of creative solution Loansmart is known for. Since 2008 we’ve helped thousands of Kiwis get out of sticky financial situations and regain their freedom by providing smarter low-cost loans without any fuss.

Our 100% online process means we can work faster to find positive solutions for our customers.

Looking for help to take control of your finances? Get in touch with our friendly loan advisors today for a free loan assessment.