If you’re thinking about applying for a loan, there can be a lot of information out there that can get a little overwhelming! Sometimes it can be tricky to know what info is accurate and who you can trust, so we’ve gathered a few misconceptions and we’re busting these loan myths.

Myth 1: A low credit score means you can’t get a personal loan

While the higher your credit score, the better, not all loan providers will turn you away if you do have a low credit score. We believe that everyone deserves a second chance, so even if you’ve got in over your head when it comes to your finances and found yourself with a low credit score, we assess each loan application on a case-by-case basis.

We take several factors into account when assessing your application, such as your job, income, cash flow, purchase history, and any other debts you may have. So instead of just looking at one thing, like your credit score, we get the full picture before making a decision about your application.

Plus, your credit score isn’t fixed forever. It’s constantly changing which means you can always work to improve it as you pay your bills on time. The team at Instant Finance works with you and can offer advice to improve your credit score too! We’re on your side, after all. You might also want to consider consolidating all of your debts into one which means just one easy to manage loan going forward. 


Myth 2: There are lots of hidden conditions & surprises

Many loan companies use a bunch of finance terms that you just can’t wrap your head around. Here at Instant Finance, we’re committed to providing you with a transparent and honest service, so you know exactly what you’re in for. It’s super important to us that you understand your loan, so our friendly team will take you through everything you need to know before you confirm your loan. We also have a handy Key Information page that includes our rates & fees information too.

If you have any questions about your loan along the way, simply ask us! We’re always happy to help. So give our team a call on 0800 760 000.

Myth 3: I can’t pay off my loan early

There’s nothing worse than feeling locked in! We make sure to offer you flexible payment terms for the life of your loan and there’s always the ability to pay off your loan early if you’re in the position to do so.

If you’d like to increase your regular payments, pay a lump sum or pay off the remaining loan balance early, just give us a call on 0800 760 000 and ask one of our friendly staff. A full repayment fee is required, but we’ll chat you through that on the phone.

Myth 4: I need to be a full-time worker to get a loan

It’s a common thought that you need to have a full-time job to get a loan. We know that many of our customers are in other employment or family situations so we don’t base your application on this alone. We won’t let you get in over your head, so you will need to show us that you can afford the repayments – we take the responsible lending rules and regulations seriously! Chat to us about your situation and see your loan options today.

Myth 5: Personal loans take a long time to apply for and process

Often, people believe that it’s a long, time-consuming process to apply for a personal loan. You certainly won’t find that here! Our application process is an easy four-step online form and we offer handy tips along the way.

Once we have your application, our team gets to work processing your loan and will reach out for any extra details they need. Once approved, you’ll have the cash in your account within 24 hours so you can get back on with life. Easy!

Do any of these myths surprise you, or have they ever stopped you from applying before? By knowing the facts and understanding how your loan works, you’re able to make better decisions about your application.

Plus, you’ve always got the help of our experienced team at your fingertips!  Chat to our team today on 0800 760 000 or visit your nearest Instant Finance branch.

Get your application started today!

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