As a responsible lender, it’s our job to make sure when you’re applying for a personal loan you can afford the repayments. It’s our commitment to you to not let you get in over your head because that doesn’t work for us or you! But there are some tools and tips that will make sure your affordability is in tip top shape before you apply. Let’s take a look…

Top Tips to Boost Your Personal Loan Affordability

1. Know what the repayments will be with the Instant Finance loan calculator

Our first (and probably best) tip is to know exactly what repayments you can afford before you apply for your personal loan. This means not only doing research into what the rates and fees are, but understanding what those mean for your loan and financial situation. Sound tricky? Well, we’re here to help!

We’ve taken all the hard work out of this for you and created our handy loan calculator. Have a play around with how much money you’re looking to borrow over what period to work out exactly what your repayments will be.

Top tip: If the repayments won’t work into your budget, try extending the term of the loan to make the repayments more manageable!

You can continue an application you started previously.

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Includes Establishment fee and Administration fee. Payment Protection Insurance is excluded. Repayments shown are an estimate based on an Interest Rate of 29.95% p.a. Minimum instalments, loan terms and lending criteria, Terms and Conditions apply.

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Includes Establishment fee and Administration fee. Payment Protection Insurance is excluded. Repayments shown are an estimate based on an Interest Rate of 29.95% p.a. Minimum instalments, loan terms and lending criteria, Terms and Conditions apply.

Rates & Fees

2. Make sure you qualify

We don’t ask for much when you apply for a loan, but there are a few boxes you’ll need to tick to get your application over the line. While these things don’t necessarily affect your affordability, they will be make or break when it comes to your application. Make sure you can tick these off…

  • You’re over 18
  • You live in NZ
  • You have valid photo ID
  • You can afford the repayments (check out our loan calculator to help!) 

3. Understand your current financial situation

Before you apply for your personal loan, it pays to know and understand your current financial situation. Do you know how much money you make each week and what debt you currently have? These are things we’ll ask you so we can work out if you can afford your loan repayments. You’ll also need to have your bank statements handy and if you have a budget that shows where all your money is going too.

Need help creating a budget? Our mates over at MoneyTalks have some cool budget resources that will help you understand where all your money is going and how to stay on top of your finances. Check them out. And, of course, we are here to help too – just pop into your local branch if it's easier.

4. Keep your credit score in check

Your credit score is a rating that tells businesses (like us) how likely you are to pay your bills on time. While we don’t make a yes or no decision based solely on your credit score, having a higher credit score can help your application succeed.

Improving your credit score does take time but a few ways you start working on it today are:

  • Do you pay for your bills in cash? Swapping to paying by direct debit can help you start to build up a credit history.
  • Set reminders for your bills to make sure you pay them on time.
  • Set up an automatic payment for bills so you never miss a payment and go into arrears.
  • If you have a low credit score, a debt consolidation loan can help you roll up your debt into one easy to manage loan. Find out more about a debt consolidation loan.

5. Security to boost your affordability

Security is when you provide an asset like a car or household items to secure the loan. At Instant Finance, we don’t always require security for a loan, but it can help get your application over the line. It also gives us confidence that you’ll make your repayments and could mean you can borrow a larger sum (provided you can still make the repayments, of course!).

Want to know more about adding security to your loan? Chat to our friendly team.

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