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 $500 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:
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You need to be 18 years old or over.
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You need to be currently living in New Zealand
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You need to be a citizen or a resident of NZ.
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You need to provide a valid photo ID.
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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:
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If you have Internet Banking, have your login details handy so you can complete a secure upload of your transaction history.
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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, there's a lot you can do to speed things up.
We've put together a full breakdown with real worked examples — including exactly how much a small weekly top-up can save you in interest — in Tips on How to Pay Your Personal Loan Faster.
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.
