How Penny works
Penny is the online application system Nobilo Finance developed and uses. Apply through it and a soft credit check is run first, ensuring no damage to your credit. Your application is then run against criteria from each lender, so you are matched with the best lender the first time.
Four steps, start to offer
Tell us what you need
The first screen asks what you are borrowing for: Motor Vehicle, Marine, Motorhome / Caravan, Property or Other. One choice and you are through it.
Check you qualify
An eligibility check comes next, and a soft credit check is run first, ensuring no damage to your credit. From there the form asks for your contact details, personal information, employment, financial information and loan details.
Penny compares every lender
Your application is run against criteria from each lender, which takes human bias out of lender selection. Nobilo Finance holds facilities with over 40 lenders.
Get your offer
Applications received before midday are reviewed the same day and, providing there are no issues, approval may be granted within an hour.
The fastest on record is 3 minutes from receipt of a complete application.
A soft credit check runs first
When you apply online a soft credit check is run first, ensuring no damage to your credit, and the lenders available to you can be seen straight away.
Your application is then run against criteria from each lender, which takes human bias out of lender selection. Due to facilities with over 40 lenders the market is searched for the lowest rates, so you do not have to.
Based on your goals around settlement, loan terms and asset age, a lender is selected for the best solution for your needs. Not all loans are equal, particularly when it comes to fees.
How quickly it moves
Same day review.
Your loan is reviewed on the same day and your application processed if it is received before midday. Providing there are no issues, approval may be granted within an hour, and your approval will outline costs, conditions and requirements for drawdown.
Mortgages and commercial lending take longer.
They need additional information and assessment from the banks, so they will not move at the same pace.
100% online and electronic.
Almost all loans can now be completed online with no physical printing, signing or witnessing of documents. All signing is electronic and all identification is done electronically.
Early settlement fees from only $7.
If you clear the loan ahead of time, that is what it costs to close it out.
What you can apply for
The first screen of the application asks which of these you are borrowing for.
- Motor Vehicle
- Marine
- Motorhome / Caravan
- Property
- Other
What you will need before you start
Have this ready
- Your loan purpose. Motor Vehicle, Marine, Motorhome / Caravan, Property or Other.
- Your contact details, personal information and employment. You will not be asked for your employer's address.
- Your financial information and loan details. These are the last two steps of the form.
- Your identification. All identification is done electronically, so there is no printing and no scanning.
The steps, in order
- Loan purpose
- Eligibility check
- Contact details
- Personal information
- Employment
- Financial information
- Loan details
The eligibility check is a required step on this form, so it is the second thing you will see.
Start your application
A soft credit check runs first, ensuring no damage to your credit.
Penny was developed by Nobilo Finance and is available as a platform in its own right at pennycrm.co.nz. Lending terms and conditions apply, click here for more info.