Disclosure Statement for Loansmart Ltd T/A Loan Direct
At Loansmart Ltd we strive to find the best Personal Loan for your situation, understanding your goals and objectives will enable us to recommend a suitable Personal Loan for you. All our advisers are trained in considering all the options available for you and your circumstances. We have been operating since 2008 and are continually striving to find the best options in the NZ lending market
Loansmart Limited (FSP #7461) holds a Full Class 2 Financial Advice Provider Licence issued by the Financial Markets Authority to provide financial advice.
We do not provide financial advice service related to:
a. Investment products (e.g., shares, bonds, managed funds, etc.) and Kiwi Saver products. b. Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any description). c. Personal risk insurance (e.g.; life insurance, mortgage protection insurance, serious illness or trauma insurance, medical insurance, disability insurance, etc.,)
Personal Loan Broker – Loansmart Ltd provides advice to our clients about Personal Loans & Credit related insurances. We only provide financial advice about products from certain providers.
For Personal Loans, we work with the following lenders:
Avanti Finance Limited
Finance Now Limited
Unity Credit Union
Pioneer Finance Limited
Nectar Trustee Limited
My Finance Limited
Personal Loan Corporation Limited (PLC)
Community Financial Services Limited (CFS)
Financial Holdings Limited (FHL)
Branded Financial Services (BFS)
For Credit related insurances, we work with the following companies:
Provident Insurance Limited
Personal Loan Corporation Limited waiver
Financial Holdings Limited CCI
How we operate
To ensure that our financial advisers prioritise the client’s interests above their own, we follow an internationally recognised professional advice process to ensure our recommendations are made based on the client’s goals and circumstances.
The Six-Step Process:
Getting to know you, your situation, financial goals and objectives
Gathering relevant data on your current situation
Analysing data and assessing viable solutions
Ongoing review (where relevant staying on track)
Loansmart Ltd, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:
give priority to your interests by taking all reasonable steps to make sure our advice is not materially influenced by our own interests
exercise care, diligence, and skill in providing you with advice
meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz.
Remuneration - How Loansmart gets paid
Loansmart Fee – Loan Direct may charge a fee based on the size and complexity of the loan. This fee is up to 5% of the loan amount plus $245, to a maximum of $995 for unsecured loans (GST exclusive). For secured loans the calculation is the same, but the maximum fee is $1995 (GST exclusive).
Insurance related products – Loan Direct may receive a commission on any insurance product that is taken with the loan. The commission amount is a percentage of the insurance premium and will vary depending on the provider.
All fees & insurance premiums can be financed as part of the loan (added to the loan).
Commission – We may receive a commission from the lender when a loan is completed. The commission amount is a percentage of the loan amount and will vary depending on the lender.
Referral Commission – If we are unable to arrange a loan approval for you with one of our lenders and we believe one of our referral partners could assist you, we will refer your application to them. This will be communicated at the time. We may receive a referral commission of up to 13% of the loan amount if this referral leads to you taking a loan with them.
Conflicts of interest
We take any perceived or real conflicts of interest very seriously and have a dedicated policy for dealing with such issues whereby we avoid, disclose and/or manage any conflicts so that our client’s interests are placed first.
All our financial advisers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. Loansmart monitors these registers and provides additional training where necessary. Loansmart performs an annual review of our compliance programme.
Complaints handling and dispute resolution
We are always looking at ways to improve our service to our customers, if something has gone wrong, we want to know. Please send us an email at firstname.lastname@example.org, or call us on 0800 255 155 so we can discuss with you.
You can also write to us at: PO Box 28231, Remuera, Auckland 1546
When we receive a complaint, we will:
Acknowledge your complaint within 1-2 working days.
Initiate our complaints process according to our Complaints Management Policy.
Gather and evaluate information about your complaint.
If your complaint cannot be resolved immediately, we will provide you with a copy of our Complaints Disclosure document.
Respond to you within 20 working days.
If we cannot agree on how to resolve the complaint, you can contact Financial Services Complaints Limited (FSCL). FSCL are an independent, not-for-profit, external dispute resolution scheme approved by the Minister of Consumer Affairs.
FSCL’s service does not cost you anything and they will help resolve the complaint. You can contact FSCL:
*Annual Interest Rates (AIR) range from 9.95% p.a. to 35.50% p.a. with loan terms of 6 months to 84 months. Fees apply.
Example: A loan of $10,000 over 60 months at 10.95% has a Loansmart fee of $745 totalling weekly repayments of $53.72*. The total amount payable is $13,967.70. This equates to an Annual Percentage Rate (APR) of 14.23%
*Lender establishment fee, monthly admin fee & any optional insurances are variable so not included.
1. Loansmart Limited (FSP #7461, trading as Loan Direct) holds a Full Class 2 Financial Advice Provider Licence issued by the Financial Markets Authority to provide financial advice, and is a member of Financial Services Complaints Ltd, our FSCL Number is 617.
2. It is free to complete an application. A fee to use our service is only applicable when you enter into a loan arranged by us.
3. *Rates of 9.95% are subject to lending criteria and eligibility. 1-hour approval and same-day payout subject to the applicant meeting our lending criteria and supplying all the information we need to process their application. We do not offer “short-term” loans, the terms offered by our providers range from 6 months to 84 months.
4. Annual Percentage Rate (APR): Also known as the ‘comparison rate’, the APR is calculated by adding together the AIR plus any additional fees that may apply (like establishment fees charged by providers). New Zealand law does not require APR disclosure, but doing so can better highlight borrowing costs.