Considering taking out a loan for a holiday to escape the wild weather? Or maybe life has thrown you a slight curveball, and you’re in need of some financial assistance?

Whatever the reason may be, before taking out a personal loan, you should understand how much the repayments will be and whether your budget can comfortably manage the additional expense. This can lead to common questions like: “What will my repayments be?” or “Can I pay back my loan early?”

Let us help to potentially answer some of these questions and guide you through the loan repayment process.

How much can I borrow?

The amount you can borrow will depend on the financial provider you choose and their other criteria, such as your affordability, available security, credit history and loan purpose.

At Instant Finance, we offer a range of loan options and typically provide loan amounts between $200 and $50,000 depending on your personal situation.

As a responsible lender, the approval of your loan with us will be based on factors such as your ability to repay, any security you can offer and other criteria such as your credit history. You must also be able to meet the following criteria to qualify for a loan with Instant Finance:

  • You need to be 18 years old or over.
  • You need to be currently living in New Zealand
  • You need to be a citizen or a resident of NZ.
  • You need to provide a valid photo ID.
  • You need to be able to afford repayments. To help work through this with you, we will need the last 3 months of your bank account transactions.

It will also be helpful to have the following information handy:

  • If you have Internet Banking, have your login details handy so you can complete a secure upload of your transaction history.
  • If you have security for the loan, documentation to help verify the ownership and value of the security and relevant insurance information.

If you meet all the criteria and are ready to apply, simply complete an online application form, and our friendly team will be in touch.


What will my repayments be?

Good question! When you take out a personal loan, in addition to repaying the principal amount, you will also be charged interest each month. The interest is the cost of borrowing and is usually fixed for the term of your loan.

The exact interest rate you will need to pay will vary between lenders and changes depending on factors such as the loan term, size of the loan, and available security. At Instant Finance, we have Interest Rates personalised to everyone’s unique situation, based on the above factors and your credit history.

Check out our key information page for a full breakdown of our standard rates and fees.

It may also be a good idea to align your payment frequency (instalments) with your pay period, which could be weekly, fortnightly, or monthly.

For a quick estimate of what your repayment amount could look like, have a play with our loan calculator. This calculator will allow you to have a look at different loan amounts and loan terms and what this might mean for your regular repayment amounts, before you apply for any loan with us.


Can I pay back my loan early?

You may be considering paying your personal loan off before the end of the agreed loan term. In most cases you can pay your loan back early, but this may end up costing you more – let’s find out why.

Many personal loan providers have fees for early repayment, which borrowers need to pay if they decide to settle their loan before the final payment date.

When you're making any financial decisions, it's always a good idea to carefully review your agreements, read the details, and make sure you fully understand any charges that may apply if you choose to repay your loan early before proceeding with a loan in the first instance.

At Instant Finance, if you are considering paying back your loan in full early, our friendly team are always here to discuss your options with you and what the outcomes may be. You can call us on 0800 760 000 to speak with our team today.


Crunch your numbers

Once you have a clear understanding of the fees, it's time to crunch some numbers. While becoming debt-free sooner may seem like a no-brainer, it's important to consider all factors. Depending on your lender and loan terms, you could end up paying more than expected.

To determine if paying off your loan early is worth it, you could compare the costs associated with early repayment versus the interest you've agreed to pay. This will give you a better picture of what’s a better approach.


How to repay your loan quickly?

If you find that the pros outweigh the cons of repaying your loan at an earlier date, you may be wondering how to repay your loan quickly.

We’ve gathered 4 tips on how you could do so:

1. Whenever possible, make additional payments

If you’re short on additional funds to make larger monthly payments, you can still chip away at your debt by making occasional extra payments.

2. Think about adding another source of income

If you have the time, finding extra income could be an excellent way to save up to pay off your loan early. Getting a side hustle can be a fun way to do what you love while making some money. It might even be a whole new financial future!

3. Take another look at your budget

Creating and tracking a monthly budget is a fantastic way to keep an eye on your spending habits and identify areas where you could potentially save some money. The money saved can now go toward your loan repayment.

4. Investigate the option of refinancing your personal loan

If you're looking to reduce the duration of your loan, refinancing is worth considering. Refinancing allows you to either consolidate multiple loans into one with a debt consolidation loan or simply refinance a single loan. Both options could help you shorten your loan term and potentially save you interest. Talk to our team if this is the right solution for you.


We hope that you now have a clearer understanding of “What will my repayments be?” and that we’ve explained the pros and cons of the question “Can I pay back a loan early?.”

At Instant Finance, we’re the makers of possible! We make personal loans easy to access for everyday Kiwis, even if they have bad credit. This means that if you want to apply for a car loan, travel loan or any other type of personal loan, you can! Apply for a personal loan online, or visit us at your local branch to learn more about how we can help you achieve your get there.

Got more questions around repayments?

We're here to assist!