Application T&C's

In this document Credia Limited, trading as Lenny (“we”, “us”, “our”), sets out terms and conditions for our Services. Our agreement with you for the Services is formed by these terms and conditions, our Privacy Policy (https://lenny.co.nz/privacy) and our Website Terms (https://lenny.co.nz/websiteterms) (together the “Agreement”). If there is any conflict or inconsistency between those documents, the terms and conditions below apply to the extent of the conflict or inconsistency. 

We are a digital advice provider for personal loans, connecting you with lenders (from our panel of lenders), for a hassle free, fast, conditional credit decision.  Also, one of our lending advisers may advise on alternate loan structures such as debt consolidation or adding security to improve the chance of a successful outcome.

Our Personal Loan Services include: 

  1. Our personal loan services involve matching your credit profile with a panel of lenders. We provide an initial decision within two minutes based on personal loans ranging from $2,000 to $100,000, offered by our finance partners. This process helps us identify lenders most likely to approve your loan, pending their final review, without affecting your credit score.
  2. Following the initial assessment, we submit your full application to a maximum of three lenders most likely to lend to you, and where possible, we negotiate favourable terms based on your individual circumstances.
  3. Additionally, we may offer you the opportunity to speak with one of our financial advisers about consolidating existing debt or ways to enhance your application, such as by adding security.
  4. You will be provided access to your customer portal, available 24/7, to track the progress of your application, submit any required information, or upload necessary documents.
  5. We also provide information about optional loan payment protection insurance and repayment waivers, though no advice will be given in relation to these products.
  6. Upon receiving loan approvals, we will provide a recommendation that compares to your original application with one or more loan offers. We will highlight any significant differences, such as loan amounts, interest rates, or terms, and explain any conditions or aspects you should carefully consider. 

Please note that we do not assess whether the loan is affordable for you or whether you will be able to repay the loan without suffering undue hardship (lenders will make that assessment). 

Carefully read all information you receive from us and the lenders. Seek advice as required including from a lawyer. You can call us on 0800 757 747 to discuss your application or a loan you've been offered.

We assist lenders to carry out their obligations to: 

  • assist you to reach an informed decision as to whether or not to enter into a loan and to be reasonably aware of the full implications of entering into the agreement; 
  • make reasonable inquiries to check that the loan meets your requirements and objectives. 

That will include explaining key terms of the loan to you and answering questions you may have. That process is not a Lenny service. 

Credit-related insurance:

Credit-related insurance is provided by SBS Insurance a licensed insurance company. If you acquire loan payment protection insurance through our service (you don’t have to), the cost (premiums) of that insurance will be added to the loan and you’ll pay interest on that added amount. Credit-related insurance can be cancelled at any time. Where the insurance is cancelled the unused portion of the premium is refunded (in accordance with the terms of the insurance) and is used to reduce the loan balance. 

How it works: 

You or you and your partner will complete a simple online application, where you can digitally verify your income or upload PDF bank statements from your bank to your portal. You will also need to provide current and valid photo ID. Lenny will then run various checks that will not affect your credit score. Your application is assessed against our panel of lenders using a scorecard to match your profile with one or more lenders. The application is automatically submitted to matching lenders by Lenny for a credit decision. 

If we think your application is unlikely to be accepted, or if you request, one of our financial advisers can advise you on debt consolidation, as well as other ways to improve chances of a successful application such as adding security.  

You may be required to provide more information before receiving a formal loan decision from a lender. If approved, Lenny will present you with one or more loan offers, along with digital advice in the form of a recommendation, followed by a record of advice. If you do not meet the minimum criteria from our panel of lenders, your application will be declined. In cases where there is more than one loan offer, you are asked to select the offer most suited to your objectives. Our recommendation discusses the pros and cons of each offer. 

Depending on your circumstances, Lenny may request the following information: 

  • How much you want to borrow and how long for. 
  • What you want to do with the loan. 
  • Your personal situation, such as your age, whether you’re in a relationship (we also consider joint applications for loans) and whether you have any dependants. 
  • A list of your assets and their estimated worth (sometimes). 
  • Details of any current loans you have (including by now pay later) and if they are to be repaid using the new loan. 
  • Your income, outgoings (expenses), from bank statements you provide. 
  • The nature of your employment, whether it’s full-time, part-time, or casual, or whether you’re self-employed, and how long you’ve been employed for (where relevant). 
  • Information on your credit history, including your agreement to obtain a credit assessment from a credit rating agency. 
  • Identification documents such as a driver’s license or passport. 

Conditional Loan Approvals 

All lender loan approvals are conditional approvals and subject to final approval of the lenders. Conditional approval will be valid for a period of 7 days following notification to you (except where a lender withdraws an approval). You will need to make a new application after the expiry date including meeting all eligibility requirements. 

You can withdraw your Application at any time before we make a decision on your Application by notifying us by email at domore@lenny.co.nz or clicking the cancel link in your customer portal. 

Privacy 

You authorise us to collect, use, disclose, store and protect personal information in accordance with the Privacy

Policy. You also authorise each of the lenders to collect, use, disclose, store and protect personal information in accordance with their own privacy policies (which are provided with our privacy policy) in connection with carrying out credit assessments on you, and assessing whether to provide a loan to you and on what terms. 

Without limiting those matters, you authorise us and the lenders to share your personal information with, and to collect personal

information about you (including credit reports and scores), from one or more of the following:

  • Centrix Group Limited (Centrix), in relation to obtaining your credit history and credit score
  • Equifax Information Services and Solutions Ltd (Equifax), in relation to obtaining your credit history and credit score
  • Illion New Zealand Ltd, in relation to obtaining your bank transaction data.

You authorise Centrix and Equifax (as applicable) to collect, use and disclose your personal information for the purpose of Lenny and the lenders carrying out credit checks on you. This assists us to decide whether lenders may be prepared to make you an offer.

If you provide us with personal information about another person, you are confirming that you are authorised to do so and that you will provide that person with a copy of the Privacy Policy.

Lenny complies with the Privacy Act 2020 and we encourage you to read our privacy policy found at Privacy

Rights to use the Services 

Our financial advice services are only available to individuals (singly or with a joint borrower) in New Zealand in relation to borrowing for personal purposes. Our financial advice services are not available to (and must not be used by) companies or other organisations, partnerships, trusts or sole trader.

You must not impersonate another person and you must not access the Services on behalf of any other person. We have no obligation to check or verify that the person communicating with us with respect to you is you or is authorised to provide information on your behalf. 

Our Services are not available to, and must not be accessed by, anyone under 18 years old. 

We reserve the right to prevent any person from accessing or using our Services at our absolute discretion.  

Your Obligations & Acknowledgments 

You agree and acknowledge that: 

  1. you shall promptly provide us with all information (including documents) we reasonably request in connection with the Services; 
  2. you shall promptly provide us with updated information that is relevant to the Services including if there is any change in your circumstances; 
  3. if you do not provide the information we request we may not be able to provide our Services; 
  4. all information you provide to us is accurate, complete and up-to-date; 
  5. we do not verify the information you provide complies with item “4” above and we are not responsible if the information you provide does not comply; 
  6. to the maximum extent permitted by law, we are not responsible for the performance of loans or insurance you obtain through our services or the conduct of the relevant lender or insurer; 
  7. we have no obligation to check or verify that the person communicating with us with respect to you is you or is authorised to provide information on your behalf. 

You must pay our Fees at the time and in the way described in the Lenny Disclosure Statement which can be found at Disclosure. 

You must keep all information we provide to you, including your link to the customer portal, secure and free from unauthorised use. You must tell us promptly if you become aware that anyone may have unauthorised access to that information or our Services. You must not use our Services (including the customer portal) in a manner, and you must not transmit, input or store any data, that breaches any third party right (including privacy rights) or law, or that is objectionable, incorrect or misleading. 

Responsibility & Liability 

No part in the Agreement has the effect of contracting out of your rights under the Consumer Guarantees Act 1993 , except where (and to the extent) that is permitted by law. Without limiting that, to the maximum extent permitted by law we shall have no liability to you at all, and however that liability arises (including in negligence) for any liability costs or losses you sustain under or in connection with the Agreement, except to the extent they occur because of from our fraud, dishonesty or wilful default. 

Confidentiality 

We will keep confidential your confidential information. However, we may: 

  • disclose your confidential information to our personnel and professional advisors as required to perform our Services but only where they are subject to similar obligations of confidentiality. 
  • disclose and use your confidential information for the purpose of performing our Services, or exercising our rights, under or in connection with the Agreement; 
  • disclose or use your confidential information to the extent expressly permitted under the Agreement or to the extent it is generally available in the public domain (except where due to our breach or a breach of any of our personnel); 
  • disclose your Confidential Information to any law enforcement, regulatory agency or court where required by law or a Court or where we consider that is appropriate for the purposes of complying with our obligations at law; 
  • provide your confidential information to the Financial Markets Authority in response to a relevant request for information; 
  • disclose your confidential information in connection with selling or transferring any part of our business (assets or shares) but only where the recipient is subject to similar obligations of confidentiality. 

General Matters 

  1. Termination: Either you or we may, terminate the Agreement without giving a reason. Expiry or termination of the Agreement does not affect the rights and obligations that either of us had before termination or expiry. 
  2. Changes to the agreement: We may update this Agreement at any time by letting you know, as long as any update is reasonable and doesn’t affect any significant negative impact on you (however we can update the Privacy Policy and Website Terms without letting you know, where the changes don’t have a significant negative impact on you). 
  3. Services for you only: Our Services are and obligations are meant only for you and do not extend to anyone else including family members. 
  4. Entire Agreement: This Agreement contains everything both parties agreed to regarding the Services. It replaces and cancels any prior discussions, exchanges, or agreements made before the start of the Agreement. 
  5. No-Assignment: You may not assign or transfer to any other person any of your rights or obligations under the Agreement. 
  6. Electronic Communication: We can send any communication, notices or documents to you electronically including by email. 

Dictionary 

The following terms have the meanings below: 

  • “Agreement” has the meaning given to that term in the introduction above. 
  • “Application” means an application for a personal loan you submit to us (excludes applications we make to lenders on your behalf). 
  • “Disclosure” means the disclosure we provide to you at any time including the Disclosure on our Website https://lenny.co.nz/important-information  
  • “Fees” means our fees as set out in the Disclosure. 
  • “Privacy Policy” means our privacy policy from time-to-time published https://lenny.co.nz/privacy  ) 
  • “Services” means the services provided to you as described in these terms and conditions, on our Website and in our Disclosure. 
  • “Website” means Lenny website at https://lenny.co.nz  

In addition: 

  • a reference to “you”, “your” is to the person named on the Application; 
  • a reference to information includes a reference to documents; 
  • a reference to $ or dollars is to New Zealand currency; 
  • a reference to a party to this Agreement includes that party’s permitted assigns; 
  • a reference to including and similar words do not imply any limit; 
  • words in the singular include the plural and vice versa. Version 1.30 October 2024 2023