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Our loan eligibility criteria

29 August 2023

Our loan eligibility criteria 

If you're new to applying for finance, don't worry. We've created a guide to walk you through the application process, explain what we're looking for, and let you know what information you'll need to provide in order for us to give you the loan you need. 

Why do we have eligibility criteria?

We pride ourselves on being a responsible lender; therefore, we need to always act in your best interests. Our loan eligibility criteria helps us tailor a loan to suit your needs and ensures you can afford to make repayments without incurring any stress or financial hardship. 

What questions will we ask you? 

Our questions are formulated to help us understand your personal situation, so we can find the right loan for you. During the application process, you can expect to be asked basic questions, such as:

  • How much would you like to borrow?
  • What are you planning to use the loan for?
  • How long would you like the term of the loan to be? (Our loan terms range from 12 to 60 months, depending on the loan amount and purpose)
  • Have you had finance before?

As we are a responsible lender, we will also ask you some questions around your financial situation:

  • How much are your monthly expenses?
  • How many people do you live with? (Including any children or dependents)
  • How long have you been at your current job?
  • What is your credit score like?

What documents do we need from you?

NZ Drivers Licence 
  • Please ensure your licence is current, this is the easiest way for us to verify your identity efficiently.
Proof of Address
  • We will need to verify your address. The best way to do this is by using a bank statement, utility bill or an NZ Government document that is dated within the last 6 months. This must include your name and address.
Bank Statements
  • We need to see 90 days' worth of bank statements, with the latest information being no more than 60 days old. If you have multiple bank accounts, we will need statements for all of them.
  • Thankfully, we don't need printouts of your bank statements. We can do this all electronically through Credit Sense or Illion, which are fully encrypted and used by several leading banks.
  • Encrypted means your bank login details are not stored or shared with anyone (Including Stadium Finance, Credit Sense or Illion) and they are permanently deleted. You can learn more about this process here: stadiumfinance.co.nz/bank-statement-retrieval
  • Once we have your bank statements, one of our finance consultants will have a look through your statements to work out how much you can afford to repay on a loan. This is based around how much you earn and how much you currently spend.
  • We know you've probably heard the horror stories on the news about people getting declined due to where they spend their money (Coffees, Takeaways, etc). Here at Stadium Finance, we don't mind where you spend your money, we just want to ensure you can afford to repay the loan! 

Credit checks

How do our credit checks work? 

Credit checks can seem scary, but please be assured they are not. They simply help us determine our risk and lending to you. 

We use a system provided by Centrix, which is New Zealand's major credit company. When we check your credit report using Centrix, it gives you a credit score between 1 and 1,000.

A credit score is a way of quantifying how good you are with your finances. The higher your number is, the better. The average credit score might be anywhere from 350 - 800. Things that affect your credit score include how much you owe, your payment history, how much you want to borrow, length of credit history, and more.

If your credit score is high, this can make it easier to get your loan application approved, as we can have confidence that you'll be reliable with repayments. If you don't have a high credit score, this doesn't necessarily mean that you're ineligible for a loan. You may just be able to borrow less, or you might be asked to put up more security against the loan.

The good news is you can increase your credit score. We understand that things happen from time to time that are out of your direct control. If you get back on track and make your repayments on time, this will be included in your credit report and your credit score will improve.

We pride ourselves on being responsible lenders, so the best loan we can give you is the one you can afford to repay. Whatever your circumstances are, we're on your side, and we'll do what we can to help you.

Eligibility for NZ Residents and Visa Holders

We accept loan applications from all New Zealand residents or those who hold a current New Zealand Visa and are over 18 years of age.

We pride ourselves on being good sports and helping Kiwis purchase their next vehicle, boat or caravan! We work hard to secure Kiwis the best finance, at the best rates.

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