Still Looking for a Loan? Here’s Why a Broker Makes It Easier

The quick answer

A loan broker does the lender legwork for you. You apply once, and Lenny compares suitable options from its lender panel. You get help with the paperwork and support understanding your offer, with no obligation to accept it.

Still thinking it over? That’s fine

Maybe the timing wasn’t right. Maybe the paperwork got in the way, or the offer didn’t suit. It happens, and there’s no pressure. If you’re still looking, here’s how using Lenny as your broker can make it easier.

What a loan broker does

Lenny compares personal loan options from a panel of lenders. We look at your circumstances and borrowing goals to identify lenders whose criteria may suit you, then help you understand the available offers.

Five reasons to let Lenny do it

One application, several lenders

No filling in the same form again and again. Tell us once, and let Lenny do the comparing.

Find suitable lenders before you proceed

Lenny’s initial digital assessment and matching does not affect your credit score. We use your information to identify suitable lenders from our panel. If your application proceeds to a lender, it may carry out a credit check that records an enquiry on your credit file.

Matched to your situation

Self-employed, casual or seasonal income? Different lenders see it differently. We know which ones are a realistic fit for you.

Help with the paperwork

Missing or unclear documents are the most common reason applications stall. We tell you exactly what’s needed up front, so the chasing is on us, not you.

Real people on your side

Questions about an offer, a fee or how pricing works? Ask us. We’ll explain it in plain English before you decide anything.

Before you start again

• Borrow only what you need and can comfortably repay.
• Check your credit file. It’s free from Centrix, Equifax and illion, and it’s better to spot an error yourself.
• Get your documents ready. Have current photo ID and details of your income, expenses and existing debts ready. We may verify your income using secure bank data or ask for bank statements and other supporting documents. We’ll guide you through what is needed for your application.
• Compare the full cost, not just the rate: the repayment amount, number of repayments and fees.

Quick questions

Does it cost anything to use Lenny?

If you proceed with a new or refinanced personal loan, our service fee is $245 plus 5% of the loan amount, capped at $995, including GST if applicable. You can pay the fee separately or add it to your loan, in which case interest applies. No service fee is payable if you do not proceed or cancel within the cooling-off period, and any service fee already paid will be refunded. We also receive a commission from the lender if your loan goes ahead. We explain the fees and how we are paid before you commit. If you’d like to pay the service fee separately, contact your adviser before accepting your offer to arrange payment. See our current disclosure for full details of how we are paid.

Do I have to accept an offer?

No. You can take your time, ask questions, and say no if it isn’t right for you.

Will applying again affect my credit score?

Lenny’s initial matching does not affect your credit score, but a lender’s credit check may. Several credit applications in a short period can affect your credit profile. If you have recently applied elsewhere, let us know so we can discuss the next step.

I was declined last time. Should I apply again?

Not straight away. Check your credit file first and give yourself some time. Talk to us about what’s realistic before you apply anywhere.