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Loan of the month – May 2024

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Case study #1: Dale and Jenny

The need

Dale and Jenny, a couple from Auckland, were struggling with high debt repayments.

They had a number of loans and credit cards, and the monthly repayments on all of them came to about $3,000.

They needed to find a solution because with so much of their income going towards debt repayments, they had little leftover to do other things.

Wanting to gain some more control over their finances and enjoy life more, they contacted Loansmart for help.

The challenge

Loansmart began the process of getting Dale and Jenny a debt consolidation loan, whereby all their current debts would be paid off and combined into one new loan.

The main challenge here was getting the couple a loan large enough, and at a low enough interest rate, so that it actually saved them money on repayments.

Fortunately for them, this is the sort of thing Loansmart does every day: find smart solutions to tricky financial situations.

The outcome

After assessing their application and putting it in front of multiple lenders, our loan advisors were able to come back to Dale and Jenny with a good outcome.

Their current loans, plus their three credit cards, were consolidated into a new $72,000 loan with monthly repayments of $1800.

Thanks to a much lower interest rate, we saved Dale and Jenny a massive $1200 a month in repayments! This significantly increased their loan affordability and gave them much more disposable income to do what they wanted.

One condition of the loan was that Dale and Jenny closed their credit cards to prevent them from falling into the same trap again.

Credit cards are an easy way to get caught in a debt cycle, where high interest rates make it difficult to get ahead and actually pay it off.

At Loansmart, we want to see our clients thrive financially, so we’re motivated to find solutions that leave them better off.

We take the time to listen to our clients and understand their needs so we can give them options that set them up for success.

Want to know how much you could borrow? Use our free online loan calculator to find out.

Case study #2: Meghan

The need

Meghan came to Loansmart with a tragic request: she needed funds to cremate her beloved horse. 

Because they are so large, cremating a horse is expensive, easily running into the thousands of dollars.

Unfortunately, Meghan did not have the funds to take care of this, so she started to apply for loans.

The challenge

Meghan had gone to several banks to get a loan for the cremation but was declined because she had some small unpaid defaults from when she was boarding with friends some time ago.

To make things worse, one bank told Meghan it would take a week for them to assess her application, after keeping her on the phone for 45 minutes while they completed it.

Not having that much time, she contacted Loansmart for help.

The solution

Small mistakes like having past small defaults can be a deal breaker for some lenders, but not for Loansmart, which is why our team sprang into action to find Meghan a solution.

With our short and simple online loan application, Meghan was able to complete it in just 2 minutes, with our team getting in touch to confirm some details over the phone.

We were able to get her the funding for the horse cremation that same day, and while it was under tragic circumstances, Meghan was happy with the result.

Loansmart is a loan broker, meaning we put loan applications in front of multiple lenders to get our clients the best deal.

This is why we’re able to say yes more often when other lenders say no.

Have a tricky financial situation? Get in touch with our friendly team today for a free loan assessment.