Here’s everything you need to know about small personal loans, why you may need them and what to think about when you’re ready to apply for a small personal loan online. And remember, if you need a helping hand along the way, give us a call, and one of our friendly team members can help you answer any questions you may have.
What are small personal loans, and how do they work?
A small personal loan is a set sum of money that can be borrowed from lenders like us here at Instant Finance. The borrowing amount at Instant Finance starts at $500 and the loan can either be secured, which requires collateral like your car or personal property to get approved, or unsecured, which can be approved without this.
How to decide if a personal loan is right for you?
There are a few questions that you should ask yourself before you decide to apply for a small personal loan online.
Why do I need a loan?
Before you borrow the money, it’s helpful to know exactly what you need it for. Think about the purchase you’re wanting to make and how long it will take you to pay off the loan. Having a clear plan for the borrowing and repayment amount can help you manage it responsibly. We can help you with this along the way and have this handy repayment calculator you can use.
Where do I get a personal loan from?
When you’re looking for a loan provider, you might feel a bit spoilt for choice. But not all loan providers are equal or have your best interests at heart. Some things to consider are the interest rates & fees, customer service, the terms & conditions and how well-established the provider is. Make sure to take your time comparing these things and reach out to our friendly team if you have any questions about how we do things here!
Can I afford the repayments?
The regular repayment amount is one of the most crucial factors to consider when applying for a personal loan, including the interest rates and fees that may incur over the life of the loan. Before considering a personal loan, make sure you can realistically make the repayments by considering your income and expenses. If you need a hand with tracking your spending, check out our recent blog for more.
When to Consider Small Personal Loans?
There can be many different situations where you need some extra cash and find yourself considering a small personal loan. No matter the reason, Instant Finance can give you a helping hand.
1. Cover emergency expenses
It's always good to build an emergency fund to cover unexpected expenses, but sometimes we’re caught off guard, and a small emergency personal loan can be helpful.
Some reasons for emergency loans:
- Car repairs or purchasing a new car.
- Unexpected medical bills, Job loss or reduced hours
- Home Appliance and Whiteware repairs
2. Unexpected Life Events
The average cost of a funeral in New Zealand can be around $10,000, which can be a significant expense, not to mention often an unexpected one.
With the help of Instant Finance, you won’t have to make any compromises to send off a loved one or make travel arrangements to be by their side to say goodbye.
3. Make some home improvements
If you’re dreaming up a new backyard for summer or a kitchen upgrade, small personal loans can make things run smoothly. We want to help you dream big, so we offer home renovation loans to tackle those big home improvement projects with ease. Whatever you have in mind for your next reno project, we’re ready to help you get your finances sorted.
4. Consolidate debts
If you're struggling to keep track of lots of different loans, credit cards or BNPL arrangements, debt consolidation can help take the pressure off. The beauty of a debt consolidation loan is that you can roll all your repayments into one with a fixed interest rate, so you can keep track of your repayments easily.
Instant Finance offers small personal loans that are tailored to your unique needs and financial situation, with a fast and convenient online application process. Talk to us about your situation, or apply online now so you can get on with the important things in life.