Our Origins
Products to be financed
Types of finance available
Individual Finance (personal)
Business Finance (business)
New Website and Office
You will find your application process for your purchase to be Quick, Simple and Secure, supporting the following products.
Check with your retailer if they are providing promotions for Individual and Business financed purchases. 0% Interest Terms or No Payments and No Interest options are available from this website, but alternative options may be available from our retailers web sites.
Products financed are to be from a Credit Capable or a reputable retailer. They will need to supply their bank account details on the invoice for your purchase made out to the creditor: Gilrose Finance Limited | P.O. Box 303 018 | North Harbour | Auckland 0751
Rates, Fees and Documentation
Rates range from 7.97% to 26.95% per annum.
Your payments will not generally vary, unless you make a Balloon Payment that will reduce your repayments or your payment term.
Documentation
Six Monthly Account Statement
Will disclose the status of your account on a six monthly basis. Additional statements can be provided upon request for $3.50.
Making a Balloon Payment
Call accounts on 0800 74 11 11 - Ext 2. You can either reduce your repayments or your repayment term.
Credit Fees and Charges
The breakdown of the credit fees and charges. These are not included in the initial balance and are, or may become payable under or in connection with your contract.
Default Fees and Charges
In the event of a breach of the contract or on the enforcement of the contract, the default fees listed below are payable.
Default interest is 30% per annum, charged on the overdue daily balance from the time that you fall into financial default, until you are no longer in financial default, and calculated by multiplying the overdue balance at the end of the day by the daily default interest rate.
How the Finance Company we use complies with Lender Responsibility Principles?
“You are protected by responsible lending laws. Because of these protections, the recommendations given to you about a new Loan are not regulated financial advice. This means that duties and requirements imposed on people who give financial advice do not apply to these recommendations. This includes a duty to comply with a code of conduct and a requirement to be licensed”.
Regulation 229L Financial Markets Conduct Amendment Regulations 2020
Before approving or taking a guarantee* for loan the Finance Company we use to process your application has a duty as a responsible lender to make “reasonable enquiries” that the loan is suitable in that it meets the borrowers needs and objectives, and that the borrower or guarantor* can afford to make the payments without suffering substantial hardship. The ultimate goal is to ensure customers are not signing a loan contract that they cannot afford.
*Note: The Finance Company will request all borrowers including joint borrowers or guarantors complete a separate application form in their own right. We refer to joint borrowers and guarantors as borrower(s) below.
These Lender Responsibility Principles are governed by the Credit Contracts Finance Act (CCCFA) and are enshrined in the Responsible Lending Code which offers guidance to lenders on how to uphold the principles.
The Responsible Lending Code can be downloaded from the Consumer Protection Website:
https://www.consumerprotection.govt.nz
The Commerce Commission provides a detailed explanation of the Lender Responsibility Principles:
https://comcom.govt.nz/business/your-responsibilities-if-you-provide-credit/the-lender-responsibility-principles
How does the Finance Company adhere to the Responsible Lending Code?
What are the needs and goals of the borrower?
The Finance Company wishs to meet the needs and objectives of each borrower and will ask for the loan purpose, the amount to be borrowed and the term required to repay the loan. The Finance Company will be assessing a borrower's suitability and affordability before entering into a loan agreement, before making a material change to an existing loan agreement and the Finance Company is required to keep records of these enquiries.
Is the loan affordable and suitable for the borrower?
In order to assess affordability and suitability to be approved for a loan, the Finance Company will make enquiries to understand the financial situation of the prospective borrower(s) by requesting they complete the Application Form.
The Application form requests that borrower(s) provide information on their current financial situation including income, existing home loans, credit cards, other debts, expenses as well as property values.
The Application form informs all borrowers that the Finance Company will conduct a credit check, and during the course of an assessment, the Finance Company will request further information such as banks statements, financial statements, pay slips, tax returns and other information.
Ultimately the Finance Company will make a decision to approve or decline the application. The lending decision will be made on the basis the borrower's income exceeds expenses including their new loan repayment without suffering financial hardship. The Finance Company will decline a loan application if the borrower(s) cannot afford to repay the loan.
The Finance Company will decline the application if the loan causes the borrower(s) to experience financial hardship repaying the loan, or because the loan does not meet their financial needs or goals.
What happens if the borrower is suffering Financial Hardship?
Borrowers have rights on the basis their circumstances might have changed causing unforeseen financial hardship. Under Section 55 (1) of CCCFA:
"A debtor who is unable reasonably, because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, to meet the debtor's obligations under a consumer credit contract and who reasonably expects to be able to discharge the debtor's obligations if the terms of the contract were changed in a manner set out in Section 56 may apply to the creditor to agree to that change".
Borrowers should contact the Finance Company to discuss their options if they fall within this criteria. Each borrower will be required to complete a Hardship Assessment Form from the Finance Company as part of this process.
Does the borrower understand the key information about the loan?
Once the assessment is completed and the borrower(s) is/are approved for a loan, the Finance Company has a duty to disclose key information about the loan, including outlining the rights and responsibilities of the borrower(s) before the credit agreement is signed.
Key Features of the Credit Contract and Disclosure Statement include:
Explains what could happen if the borrower(s) fail to meet the loan repayment commitments including outlining default fees, default interest charges, and that the security item could be repossessed and sold. It outlines what borrower(s) should do if they experience unforeseen financial hardship and how to contact the financial dispute resolution service.
Budgeting Services
The Finance Companies that Credit Capable use have found that customers who might be experiencing repayment difficulties may benefit from speaking with a financial mentor. Moneytalks is an independent and confidential service which is completely free. The financial mentors can help you with confidential advice, and talk you through your options for getting on top of debts and covering the essentials.
Their contact details are: Phone: 0800 345 123. Website: https://www.moneytalks.co.nz/find-help-now/
Budget Evaluation Work Sheet
To download a Budget worksheet, please select HERE.
Rates range from 7.97% to 26.95% per annum.
Your payments will not generally vary, unless you make a Balloon Payment that will reduce your repayments or your payment term.
Six Monthly Account Statement
Will disclose the status of your account on a six monthly basis. Additional statements can be provided upon request for $3.50.
Making a Balloon Payment
Call accounts on 0800 74 11 11 - Ext 2. You can either reduce your repayments or your repayment term.
Credit Fees and Charges
The breakdown of the credit fees and charges. These are not included in the initial balance and are, or may become payable under or in connection with your contract.
$3 to $13 Credit Check fee
This fee can range depending on the checks required for processing.
$15 Cloud Check
If you choose to use Electronic ID Verification
$4.95 Monthly Administration fee
Charged only during the payment term of your account that is active.
$8.05 Personal Properties Securities Register (PPSR)
Large purchases over $5000 will be registered with the PPSR.
$135 Booking / Establishment fee
Our set-up fee that is included in your repayments.
You will find below information on the following topics
The information provided on this page covers general information on the above topics only. If you require help use the above Contact Us tab, or if you have feedback please use our feedback section below.
We have provided a schedule of our Website Terms that covers the following topics
Welcome to our website. If you continue to browse and use this website you are agreeing to comply with and be bound by the following terms and conditions of use, which together with our Privacy Policy govern Credit Capable’s relationship with you in relation to this website.
The term “Credit Capable Limited” or “Credit Capable” or “us” or “we” refers to the owner of the website whose office is Building 2, Level 1, 106 Bush Road, Albany, Auckland. The term “you” refers to the user or viewer of our website.
The use of this website is subject to the following terms of use:
Use of this website
The content of the pages of this website is for your general information and use only. It is subject to change without notice. Your use of any information or materials on this website is entirely at your own risk, for which we shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.
Links from this website
From time to time this website may link to other websites. These links are provided for your convenience only to provide further information. They do not signify that we endorse the website(s). We have no responsibility for the content of the linked website(s). Our privacy policy and terms of condition do not apply to any linked website.
Links to this website
You may not create a link to this website from another website or document without Credit Capable’s prior written consent. If you create a link to this website you remain fully responsible for any direct or indirect consequences of that link.
Intellectual property
This website contains material which is owned by Credit Capable. This material includes, but is not limited to, the design, layout, look, appearance and graphics. You may electronically reproduce and store the website’s contents solely for the purpose of viewing the website. No part of this website or the related files or documents may be otherwise reproduced or transmitted in any form, by any means (electronic, photocopying, recording, or otherwise) without the prior written permission of Credit Capable.
All files, documents and information on this website is to be used for their intended purpose only.
Applications and Personal Information
Information on this site has been prepared in accordance with New Zealand Law. Accordingly, all products and services offered in the website are only available to
New Zealand residents. Only New Zealand Citizens and Permanent Residents may apply for finance.
All interest rates and quoted repayment amounts on this website are indicative only and are subject to change at any time, without notice. No information provided on this website is to be considered as an offer for finance or services.
All applications received by Credit Capable are subject to credit criteria and a booking fee may apply. A repayment waiver fee and other charges may apply.
General
Whilst all effort is taken to ensure that the information provided on this website is accurate neither Credit Capable nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose.
You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
Use of this website is governed by the laws of New Zealand.
We have provided a schedule of our Privacy Policy that covers the following topics
The information provided on this page covers general information on the above topics only. If you have feedback or require further information that is not listed, please use our feedback page.
Credit Capable Ltd and the finance companies it uses to process your application values the importance of safe guarding the personal and financial information you provide. We are committed to ensuring your privacy. Your application will ask you to provide information that will be used to identify you. As this information is confidential and important to you we have provided the following privacy statement so you know how we treat your information.
What we collect
The information needed to process your application and to provide a better service
In addition, a web server may collect web traffic information such as the number and location of visitors (via IP address), the time and date of visits, the number of pages viewed, technical browser information and logs of website activity and traffic.
How we handle your information
What your information is used for
You can help us to make sure your information is kept up to date. If you think the information we have on you is out of date or inaccurate, please use the Feedback TAB for corrections to your records.
The security and protocols we use
What we have in place to ensure your security
We are committed to ensuring that your information is secure. In order to prevent unauthorised access or disclosure we have put in place suitable physical, electronic and managerial procedures to safeguard and secure the information we collect from you.
The controls for your information
What we pledge and how to request your Information
We will not sell, distribute or lease your personal information to third parties unless we have your permission or are required by law to do so. We may use your personal information to send you promotional information about third parties which we think you may find interesting, or if you tell us that you wish this to happen.
You may request details of personal information which we hold about you under the New Zealand Privacy Act 2020. If you would like a copy of the information held on you please write to : Credit Capable Limited, P O Box 31-720, Albany, Auckland 0741.
How we use your Web Cookies
What they are and what we do with them
Cookies are small pieces of information which are stored by a website on your hard drive. Cookies store information about web traffic and are an integral part of our website functionality. They allow web applications we use to respond to you as an individual and can then tailor to your needs likes and dislikes, by gathering and remembering information about your preferences.
We use traffic log cookies to identify which pages are being used. This helps us analyse data about web page traffic and improve our website in order to tailor it to customer needs. We only use this information for statistical analysis purposes and then the data is removed from the system.
Overall, cookies help us provide you with a better website, by enabling us to monitor which pages you find useful and which you do not. A cookie in no way gives us access to your computer or any information about you, other than the data you choose to share with us.
You can choose to accept or decline cookies. Most web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. This may prevent you from taking full advantage of the website.
Phone Call Recording Privacy Policy
Credit Capable records all telephone calls made to our general telephone numbers. We record calls for our business purposes, such as:
The information on the recordings will be held by us and used and disclosed for these purposes. We will take reasonable steps to ensure the recordings are kept secure. You have the right under the Privacy Act to request access to and correction of any personal information we hold on you. Should you wish to make an access request please send the request to us:
By email - Attention: Privacy Officer
accounts@creditcapable.co.nz
By post - Attention: Privacy Officer
Credit Capable Limited, PO Box 31720, Milford, Auckland 0620
If you would like to contact us about this privacy policy, or any matter regarding how we handle your personal information, please contact us. If you are not satisfied with our response to your query or matter, you can contact the Privacy Commissioner. Contact details for the Privacy Commissioner can be found at www.privacy.org.nz.
We value your feedback as this helps Credit Capable to provide a level of service that we have been proud of since 1998.
