Is It A Rip Off? Is It A Scam? No! It’s A Legitimate Business Trying To Help Its Customers!

October 21, 2019

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Along with all the amazing customers we deal with week to week here at Loanplace, we always receive more than our fair share of hate mail.

So today, we thought we’d take a little time to address a few of the recent accusations that have popped up on our social media pages.

There’s clearly a lot of Kiwis out there who don’t understand the realities of personal finance and debt consolidation… or who believe anyone who lends money is automatically a “loan shark” who’s out to get you.

The truth about Loan Place is a lot simpler and a less scary than that.

So let’s look at a few recent accusations we’ve seen.

Accusation: It’s A Scam

Truth: Hundreds Of Happy Customers Prove That’s Not The Case

As you’ll see in our post about responsible lending, we actually turn down a LOT more finance applications than we approve.


Because our mission is to help everyday people get finance solutions that will improve their financial position.

For most applicants, getting a loan is not the best option.

Naturally, some people get angry when we turn them down for a loan. 

But, as you’ll see on our testimonials page, there are literally hundreds of Loanplace customers who’ve come to us for personal loans, car loans, business loans and debt consolidation…

…and who have been thoroughly impressed by our service and the solution we helped them find. 

In other words, our growing community of happy, loyal Loanplace customers is living proof our business is not a scam.

Accusation: ‘Mature People’ Don’t Consolidate Debt

Truth: Consolidating Debt Is Often The First Step To Repairing Your Financial Position

One comment we saw recently concerned our debt consolidation service.

The gist was this: Taking one loan to pay off another loan doesn’t make sense.

Now, that might be true, IF you took a new loan to pay another at the same — or higher — interest rate.

But if you have multiple loans and the average interest rate across those loans is, for example, 25%…

Then you would be in a much better position if you took a debt consolidation loan and dropped the interest rate to, say, 19%.

It’s simple maths. 

We wouldn’t offer debt consolidation to our customers if it didn’t help them improve their financial situation. 

For a full breakdown of how debt consolidation works — and why — check out our in-depth article

Accusation: ‘Be Careful Of The Broker Fee’

Truth: Our Consultants Work Tirelessly To Find Great Finance Solutions, Tailored Specifically To Our Customers

One way to think of Loanplace is like an air travel aggregator website for finance.

We don’t lend money ourselves. We broker finance agreements on behalf of our customers using our working relationships with multiple lenders across the country. 

We do charge a modest broker fee to provide this service. We have never and will never hide this simple fact of our business model. 

While some people online seem to think we are ‘working for third parties’, the truth is we are working for our customers.

Our consultants work one-on-one with each of our customers to match their specific situation and goals to the right loan from the right lender. 

We are proud to provide this service to everyday Kiwis.

Discover how three of our recent customers used our
service to massively improve their financial position.

If you have any questions about our business or the services we provide, don’t hesitate to get in touch with us on 0800 461 228 — or email us directly at [email protected].