Loan Spot

Loan Spot: financial advice and loans for New Zealand clients

Loan Spot is a financial advisory firm based in New Zealand operating under the legal name One Partner Limited (FSP403346). The firm presents itself as a provider of financial advice services with a Class 2 licence granted by the Financial Markets Authority (FMA), which allows it to offer regulated financial advice in the country. In addition to Loan Spot, the company uses the trading names better finance™ and MotorVehicle Finance.

Financing products

Loan Spot's offering is organised into three main areas. The first is personal loans, intended for purposes such as holidays, personal projects or any specific need of the applicant. The second is debt consolidation, which allows multiple obligations to be combined into a single payment to simplify monthly budget management. The third is vehicle finance, covering cars, motorbikes, boats and caravans.

Within personal loans, the website details specific purposes such as weddings, home improvements, travel, education and medical expenses. In the vehicle section, a distinction is made between car, boat, motorbike and caravan loans.

Track record and volume of activity

The company states it has more than ten years of experience in the New Zealand market. Over that period, according to its data, it has helped more than 55,000 clients obtain financing totalling more than NZ$1 billion. The firm describes itself as New Zealand owned and operated.

Team and advisory structure

Loan Spot has a team of more than 22 qualified financial advisers, available seven days a week. The internal organisation includes management, operations, customer care, business development and administration areas. Among those responsible are Samuel Cavanagh (founder and head of operations), Daniel Johnston (operations manager), Niki Cavanagh (head of customer care) and several regional and business managers distributed across the North Island and the South Island.

The company emphasises ongoing training for its advisers and the backing of a broad panel of lending institutions to offer options tailored to each profile.

Application process and conditions

The application process is described in three steps: the client completes the online application in about three minutes; the team finds the loan option best suited to their needs; and, once approved, the funds can be deposited into the account the same day. Approval is subject to responsible lending criteria and to each lender's assessment.

As for the conditions, the website states that fixed rates for vehicle loans range from 7.95% to 29.95% per annum, with terms of 12 to 84 months. For personal loans, the range is 9.95% to 29.95% per annum, also with terms of 12 to 84 months. The rate applied depends on the applicant's circumstances, the type of financing, the security provided and the lender.

Fees apply, including an establishment fee of up to $375 and an introducer fee of up to $995. Lenders may also charge a PPSR fee of between $0 and $14. The company provides an illustrative example: a $5,000 loan over 12 months at 10.95% per annum, with establishment and introducer fees of $495 and a PPSR fee of $7.39, results in a total repayable of $5,835.93, in 12 monthly payments of $486.34. These amounts do not include ongoing fees such as lender servicing fees.

Tools and resources for users

The platform includes a vehicle loan calculator that allows users to simulate amounts, terms and rates. The website also publishes a blog with articles on financing, such as guides to choosing the right car loan structure or tips for managing personal loans at key moments in life.

Transparency and customer care

Loan Spot emphasises transparency about fees and conditions, and ensuring repayments fit the client's budget. The company has a free customer care phone line and a contact email address. It also provides information about its privacy statement and data handling policy, and has a complaints channel.