What Real Finance Limited must do to make sure your loan arrangements are both affordable and suitable for your needs.
Ensuring credit and loans , along with any complimentary insurance solutions are suitable for our borrowers
The Lender Responsibility Principles we follow make our responsibilities clear, specifically on whether a loan is affordable AND suitable for your needs. We apply these principles to all of our loan types.
Real Finance Limited is a registered Financial Services Provider – FSP3821
The Responsible Lending Code is a guide for lenders on how to comply with the Lender Responsibility Principles, which was developed by the Ministry of Business Innovation and Employment (MBIE). When used correctly by lenders it helps evidence they complied with the principles and did not act oppressively.
This was updated recently with the revised code to take effect from 7 July 2022.
The following is a summary only and is not intended to be used by borrowers as a full transcript of the code, or RFL’s legal duties. You can read The Responsible Lending Code 2022 here.
Every lender must exercise the care, diligence, and skill of a responsible lender:
Lenders must:
When the insurance is arranged by the lender, they have to:
The lender can rely on information the borrower provides, unless the lender has reasonable grounds to believe the information is not reliable.
This includes:
Lenders need to:
If a lender doesn’t comply with any of the principles the Courts can take this into account in deciding whether or not:
It does not, however, make the credit contract or any security interest unenforceable.
Real Finance is here to help manage your financial goals and challenges whenever you have them. If things have changed since you borrowed your loan and you find you are struggling, communication is the key.
See our guidance here.
If after talking to us you are not satisfied with the outcome, you can make a complaint to our independent dispute resolution scheme. These complaint schemes are free for consumers, but should only be enlisted if and when you have exhausted contact with us.
View our complaints process & dispute resolution scheme provider.
“I liked that Real Finance asked questions to get to know me and my situation before fitting me with a tailored solution.”
© Real Finance Limited - A Registered Financial Services Provider - FSP3821
We provide consumer credit lending with terms of between 2 months and 48 months and our annual interest rates (AIR) are fixed for the term of the agreement. Our current annual interest rates range from 9.95% to 39.95% depending on credit profile, collateral and several other factors and are calculated in accordance with the Credit Contracts and Consumer Finance Act 2003 (CCCFA). Some fees will vary based on the new loan amount. Full details of all fees are available here. A loan contract will show all applicable credit fees and charges. See our Responsible Lending page of our website for further details.
Actual loan example – A loan of $10,640 was provided at an AIR of 6.58%, the applicable establishment fee was $181, Centrix Check of $10, Wheels Report of $11, PPSR search + registration fee of $15, and an administration fee of $18 per month ($648). Total interest was $1,141.03 making the total repayable $12,646.03 over 36 monthly installments. The comparison rate for this loan was 10.87% per annum.
Real Finance is a New Zealand Registered Financial Services Provider (FSP3821) participating in the Financial Services Complaints Limited Dispute Resolution Scheme (FSCL). Contact Information – Free Phone 0800 21 21 21. We are located at 69a Manners Street, Te Aro, Wellington 6011