Bad Credit Loans

Why Choose Instant Finance if you have bad credit?

When the banks or other lenders say no, we might still be able to help. We understand that sometimes life can throw a curveball, we’ve been lending to Kiwis for over 50 years after all!

Whether it’s an overdue bill, a missed repayment, or even something more serious in your past, we’ll take the time to better understand your full situation and what might have changed since

• We consider more than just a credit score.
• Fast decisions made by real people
• Flexible repayment options with no hidden fees
• Apply online or in branch across 25 locations throughout NZ
• Trusted by Kiwis for over 50 years.

What kind of Loans can I get if I have Bad Credit?

At Instant Finance, we offer personal loans tailored to your individual needs and circumstances – even if you don’t have a spotless credit history.

These are some of the most common reasons our customers borrow:

Bad Credit Car Loans

Looking for a car loan but have a poor credit history? We might still be able to help, get in touch with us today.

• Personalised assessments by real people
• Fast turnarounds
• No judgement
• Getting you back on the road sooner

Personal Loans with a low credit score

From catching up on bills, to covering medical costs or even just helping out Family, we help everyday Kiwis with fast, fair, and flexible loans.

• Borrow between $500 and $50,000
• Fair, and responsible lending -we won’t let you get in over your head.
• Clear, flexible repayment options that work for you.

Short-term or Emergency Loans

Sometimes life doesn’t wait, and you need a little extra help – right now! Even if you have poor credit history, we might still be able to help – get in touch with us today.

• Easy online or in branch application process
• Fast turnaround
• Real conversations and support when it matters.
• If we can help, we will

How to apply/what you’ll need.

Ready to apply but not sure what you’ll need? 

Our Local team based in 25 branches across 14 cities in New Zealand are available and ready to help! Friendly, judgement free conversations, even if you have bad credit.

To make things as fast and simple as possible, here’s what you’ll need:

• Aged over eighteen and living in New Zealand
• Valid Photo ID, such as NZ Drivers Licence or Passport
• We will need to verify your income and expenses using the latest 3 months of bank statements – provided electronically.
• You will need to complete an application form with additional information such as your contact details, how much you need and what the loan is for. 

FAQ

Can I still get a loan with Bad credit or a low credit score?

Yes, it’s still possible. Credit history is only one of the things we look at. If your situation has improved, and you can afford the repayments, we could still be able to help.

What if I have been turned down by a bank or other lender?

We regularly help customers who have been turned away by other lenders. We have a team of real people who look past credit scores and who look at your full situation.

Are the loans secured or unsecured?

We offer bad credit loans as both secured and unsecured. Some loans, and loan amounts, will need security. Our team are here to guide you through the options.
  

How much can I Borrow 

We offer personal loans from $500 to $50,000; the amount will depend on your individual situation and the repayments you can afford to make.

Take the next step.

Just because you have bad credit doesn’t mean you’re out of options! 

If you’ve been turned down before, don’t give up! At Instant Finance, we believe in giving people a fair go – if we can help, we will! We are the Makers of Possible after all!

Bad Credit Loans: Terms, Rates, and Fees Explained

Loan terms: Our minimum loan term is 3 months, and our maximum loan period is typically 7 years.

Interest rates: Instant Finance provides loans at an annual interest rate from 9.95% to 29.95% per annum. Once set, the interest rate is fixed for the term of your loan.

Default interest rate: If you get behind in your loan repayments, then we may charge a default interest rate on any overdue loan payments, while they are unpaid.

For our Personal Loan Product, the Default rate that we charge is 10% per annum above the Interest Rate that normally applies to your loan. For our Consumer Loan Product, the Default rate that we charge is 10% per annum.
On this basis the maximum annual interest rate charged would be 39.95%

Loan fees:

Some or all of the following fees are payable at loan commencement, these may be added to the amount you borrow:

Loan establishment fee. A one-off set up fee for your loan of between $100 & $220 depending on amount of new money borrowed. 

ID Verification Processing Fee. A per verification charge through a 3rd party of $7.70 per person.

Security Registration fees. For secured loans where we register an interest in personal property items provided as security of $8.05.

Administration Fee. A fee payable on each instalment due date of your loan of $3 per instalment.

Credit and Default fees. Default or other fees that can arise during the course of a loan are shown in our full fee schedule.

Loan Example:

The amount repayable of your loan is made up of your interest rate, plus fees. For example, if borrowing $10,000 repayable over 3 years at an interest rate of 29.95% you would be required to make 156 weekly instalments of $102.54. This repayment is made up of interest, an establishment fee of $220, an ID verification fee of $7.70 and an administration fee of $3.00 per instalment.

Total interest would be $5,300.54 with total fees of $695.7 making the total payable over the full term $15,996.24.