What happens if I stop making payments?

If for any reason you miss a payment, ring us immediately so we can arrange a solution that works and you can manage. If you continue to miss payments and fail to make arrangements, you will be liable for default interest and default fees. Each time we attempt to contact you about missed payments by phone, text, email or post you may charge a default fee. Dishonour Payment or Default [...]


How do I make payments?

We can work out what is best for you; weekly, fortnightly or monthly repayments. We will set up Direct Debit Authority to deduct repayments from your bank account, usually on the same day you are paid. We set this up when you sign the loan contract.


What is a guarantor?

When the person requesting a loan does not qualify for one because they have insufficient security, or are less than 18 years old, or are not a New Zealand resident, or have a poor credit record, another person can act as guarantor for them. The guarantor can be a family member or friend, needs to be a New Zealand resident, have a good credit rating and can offer sufficient security. [...]


Can the Security Items be repossessed?

Acorn Finance has a claim over the security items listed in the loan contract to ensure the repayments are made as specified in the loan contract repayment schedule. If you fail to meet your commitments under the contract, Acorn Finance may be entitled to repossess and sell the security items. We are obliged to send a repossession warning notice 15 days before repossession.


Do I need security?

No security is needed for our Handy Little Loans. Some form of security is needed for each secured loan and most commonly it is a motor vehicle. Other chattels such as boat, jewellery, or collectables may be considered and will need a valuation and insurance cover. We do not use essential house hold items as security. Motor vehicles need to be no older than 15 years, have current warrant and [...]


What if I have a poor credit record?

When assessing loan applications, credit worthiness is only one of several factors we consider. We are flexible and understand there are difficult times in life which result in a poor credit record. Depending on how long ago, the amount involved and how you worked your way through these times, we may be able to work out a solution for you. Sometimes other guarantees need to be put in place, such [...]


Do I need to supply any other documentation?

The information and documents we need to see at the time of application include: Proof of ID such as your drivers licence or passport. This can be done online when completing the application form - no scanning needed. Bank statements for the last 3 months. This can be done online when completing the application form. Vehicle details if using for security - registration or VIN.


How confidential is my application?

Only employees of Acorn Finance get to see your application. When we do a credit check, a record of this inquiry is placed with the credit reporting agency. This is for your benefit so you can see who has been looking at your credit worthiness. See the Privacy Waiver and Consent document.


Do you do credit checks?

We carry out credit checks on all new loan applicants. However, your credit score is not the only consideration when assessing your application. We also review your recent income and expenditure, employment, other current loans and make an assessment if the loan is right for you.

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