A question we’re often asked by potential customers is “Can I apply for a loan if I already have a personal loan with another company?”. It’s actually asked of us so often, that the question is included on our FAQ page. Our answer to that particular question is Yes – but as much as we want to help you out by providing fast money loans in NZ, we think you should consider your financial circumstances very carefully before going through with it. Here’s why.

If you have another loan with a different company, there is absolutely nothing to stop you from applying for a fast cash loan from us. We’ll treat your application in just the same way as we do with everyone else and give it our full consideration. However, your financial circumstances need to be such that you can comfortably afford the repayments of your new loan, as well as any other loan you might already have. And this is where it can get a bit tricky. Rollovers and additional loans can sometimes lead to an even bigger problem and it can be one that is difficult to recover from. We don’t want that to happen to you. We want you to be able to move on without long-term debt hanging over you.

If you apply for another loan through us, we might recommend that you consolidate your existing loans into one so that things are easier to manage and you save some money on interest. And if your current financial state is in such a bad way – and if that is why you have applied for another loan even though you might be struggling to pay your existing ones – we’ll also recommend that you contact organisations like Citizens Advice Bureau or Financial Capability Trust for budgeting advice so you can make a plan for the future and eventually get out of debt.

As much as we want to help you through our fast loans, we don’t want you to dig yourself a deeper hole. So if you are already experiencing on-going problems meeting existing financial commitments, please think carefully about applying for a SeedCash loan. Our advice at this point would be to contact us for a discussion; be upfront about your situation and tell us what other loans you might have. We can then chat about the best way forward. As we say, we’re here to help you and that is why we take a more responsible approach to lending than many of our competitors.