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May 4, 2020

What to do when your Bank says “No”…


question-2309040_960_720

Have you applied for a home or business loan and had your Bank say “No”?

Are you;

  • Newly self employed? 
  • Maybe in the process of restructuring your business after a not so good year?

Do you;

  • Have poor credit history?
  • Have tax arrears?

Or do you perhaps just not fit into your Bank’s criteria or other reasons.

Bank’s lending criteria and their appetite for risk can also change for a number of reasons, however this does not necessarily mean that you are a bad risk or that you are “unbankable”, it just means that at that particular point in time you are not their target market.  

So what are your options?? 

Enter the Non-Bank Lenders…..   

Non-Bank Lenders are financial institutions who offer credit and lending products and who are regulated by the Reserve Bank of New Zealand, but who are not Banks and who do not hold a New Zealand banking licence.  

They have a broad product range, teams of experienced lenders and who are there to provide support to New Zealanders and New Zealand businesses.  

Their interest rates are competitive with the main banks and whilst they do still have eligibility requirements and risk appetites, they can also potentially provide you with a lending solution if you do not fit within the mainstream banking criteria.

At SOS Financial, it is our goal to find you the best solution to meet your needs, from a range of both Banks and Non-Bank Lenders.

So if you find yourself in a situation where your Bank has said “No” for whatever reason, get in touch with us to see if we can find you an alternative solution through a Non-Bank Lender.

Latest News

May 4, 2020
General
sharon

question-2309040_960_720

Have you applied for a home or business loan and had your Bank say “No”?

Are you;

  • Newly self employed? 
  • Maybe in the process of restructuring your business after a not so good year?

Do you;

  • Have poor credit history?
  • Have tax arrears?

Or do you perhaps just not fit into your Bank’s criteria or other reasons.

Apr 21, 2020
General
sharon

SOS FB Logo

SOS is well recognised as the universal code for “Emergency” being used by people who are in danger and who need help quickly - and especially by ships calling for help.   

Commonly referred to as “Save Our Souls” or “Save Our Ship” – the SOS when used as a distress signal actually isn’t an acronym for anything at all....rather than being acronyms, “Save Our Souls” and “Save Our Ship” are actually backronyms….(who knew!)

Mar 28, 2020
General
sharon

The Government has announced that the banks will be offering a 6-month mortgage holiday to help homeowners deal with the financial implications of the COVID-19 crisis. For most households, mortgage repayments are one of the biggest regular expenses, so being able to avoid that payment is appealing and in some cases almost essential.

There are a few things you need to know…