You’re Doing Great! Here’s Why Staying on Track Pays Off

The quick answer

Every on-time repayment brings your balance down, helps you avoid missed-payment fees and can help build a positive credit history. Keep it up, and you’re in a stronger spot for whatever’s next. If life changes, contact your lender early.

Nice work

You’re keeping up with your repayments. That takes commitment, and it’s worth celebrating. Here’s what every payment is doing for you.

Five wins from staying on track

Your balance keeps shrinking

Every repayment helps you work towards paying off your loan. You can check your balance and progress through your lender’s online account, where available, or your loan statements.

You build a positive credit history

Keeping your repayments up to date can help build a positive credit history where your lender reports repayment information to credit bureaus. It can support future applications, although approval and pricing will still depend on your circumstances at the time.

You dodge extra costs

No missed payments means no default fees. Your loan costs what you expected it to.

You keep your options open

A holiday, a home project, something else? A clean record puts you in a stronger spot, and when you’re ready, you can let Lenny do the legwork. Any future loan is still assessed on what’s affordable for you.

You get peace of mind

One thing sorted. Your loan quietly does its job in the background.

Keep it going

• Match your payday. If your repayment date and payday do not line up, ask your lender whether the payment date can be changed. Keep making your agreed payments until the lender confirms any change.
• Keep a small buffer in your account before each payment.
• Keep your details current so you never miss a message from us.
• Paying extra? Paying extra or clearing your loan sooner may reduce the interest you pay. Fees and conditions vary by lender, so check your loan agreement or ask your lender before making a change.

Need extra funds while you still have a loan

Your plans can change before your current loan is paid off. If you need additional funds, Lenny can help you explore refinancing: replacing your existing loan with a new one that pays off what you currently owe and provides the extra money you need.

The new loan combines the amount needed to settle your existing loan with the additional funds you want to borrow, plus any fees you choose to finance. Once the new loan settles, your existing loan is repaid and the additional funds are advanced for the approved purpose. You then make repayments on the new loan.

You may stay with your current lender or move to another lender on our panel, depending on the options available and which terms best suit your needs. Lenny does the comparing and explains the interest rate, repayments, loan term, fees and total cost before you decide.

Refinancing is a new loan application, so approval depends on your current circumstances, affordability and lender criteria. A lower repayment does not necessarily mean a cheaper loan: extending the term can increase total interest, and fees may apply to settle the existing loan and arrange the new one. There is no obligation to accept an offer.

Things changed? Talk to your lender early

A new job, a quieter month, a surprise bill. It happens.

If you think you may miss a repayment, contact your lender as soon as possible. It can explain the repayment support available and whether you may qualify for a hardship variation. If you need help finding the right contact, get in touch with Lenny.

Call 0800 757 747 or email domore@lenny.co.nz. Our team is available 9am–6pm, seven days a week, New Zealand time. For free, independent budgeting help, visit sorted.org.nz or MoneyTalks.

Quick questions

Does paying on time help my credit score?

It can help build a positive credit history where your lender reports repayment information to credit bureaus. How much credit you have and your recent applications matter too.

Can I pay my loan off early?

You can repay your consumer loan in full early. Ask your lender for a settlement figure so you know the amount needed to close the loan, including any applicable fees. If you want to make extra payments along the way, check the terms with your lender.

What if I’m about to miss a payment?

Contact your lender as soon as possible, ideally before the payment is due. It can explain the repayment support available, including whether you may qualify for a hardship variation.

Can I borrow more if I already have a loan?

You may be able to refinance your existing loan and include additional funds in the new loan. Lenny can compare suitable options from our lender panel, which may include your current lender, and explain the repayments and total cost. Any new lending is subject to assessment and approval.