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Store cards, loans, credit card debt, hire purchases, buy now pay later and an overdraft piling up on you?


It might be time for a debt consolidation loan. Debt consolidation loans are designed to simplify your borrowing and repayments into one fixed-interest rate loan.

Putting your debts together into one personal loan with one repayment to manage so you can get ahead sooner. No stress.

Get an Instant Finance debt consolidation loan and find relief from bad credit, buy now pay later fees and multiple debts.

If you have judgments, defaults and or fines in your credit history this will be reflected in your credit score – even if you are currently paying these off. Consolidating multiple debts into one loan and establishing a positive repayment history will help you to begin to rebuild your credit score sooner.

Have a play with our loan calculator or talk to our helpful team to find out more about our debt consolidation options and see the estimated repayment for a specific loan term.

What is a debt consolidation loan?

A debt consolidation loan is a type of personal loan that is used to pay off multiple debts and combine them into one, allowing you to make one payment each week, fortnight, or month to a single lender.

This loan can be taken out at a lower interest rate than the original debts, meaning you can pay off your debts faster and potentially at a lower cost.

Why Choose Instant Finance

Apply in just minutes

Personalised interest rates from 9.95%

Money in your account within 24 hours

25 Locations across the country & online everywhere

Fast online application
Same day response
Money in your account within 24 hours of approval
Personalised rates

Secured or unsecured?

We offer two types of debt consolidation loans: secured and unsecured.  A secured personal loan is one where you can provide us with a charge over one or more of your possessions as security.

An unsecured personal loan is one where you do not provide us with a charge over one or more of your possessions as security.​

Available security may affect how much you can borrow, and the interest rates you are charged. When you use security on a loan you are in effect guaranteeing that loan with those possessions.

The benefits of consolidating debt

Consolidating your debts into one loan can have several benefits, including:

  • Easier to manage – With our debt consolidation loan, you’ll only have to make one payment each month, fortnight, or week instead of multiple payments to multiple lenders. This makes it much easier for you to manage your payments and stay on top of your debt.
  • Lower regular payments – Debt consolidations are often spread over a longer period, which can mean your regular payments are lower.
  • Improved credit score – Paying off your debt can help improve your credit score, which can open up more financial opportunities for you in the future.
  • Reduced interest rates – If you have several high-interest loans, a debt consolidation loan may provide the opportunity to reduce your overall interest rate by consolidating all your loans with a single provider at a lower rate.

FAQs

Do debt consolidation loans hurt your credit?

Debt consolidation loans can have a short-term impact on your credit score due to the initial credit inquiry and the closing of old accounts. However, if managed well, they can improve your credit over time by simplifying payments and reducing your overall debt. Consistently making on-time payments on your consolidation loan can boost your credit score in the long run.

How hard is it to get a debt consolidation loan?

Getting a debt consolidation loan through Instant Finance depends on factors like your credit score, income, and overall financial situation. Instant Finance works with you to understand your unique circumstances and offers tailored solutions, making it easier to secure a loan that fits your needs. A stable income and good credit can improve your chances, but Instant Finance aims to provide options even if your credit history isn't perfect.

Our customers say the nicest things!

"Excellent help – friendly staff. Always willing to do what they can."
Sheryl, Dunedin
"Excellent customer services skills – friendly. They take a personal interest in the customer; they are quick to help"
Lynette, Waterview, Auckland
"Super friendly staff kept things nice and simple. I absolutely loved the homeware and furniture options available to add to my loan. Very helpful."
Isiah, Dunedin
"Instant Finance rocks! Always finding ways to help whanau with unforeseen bills. Love it!"
Louise, Hastings
"Just the best people to deal with!"
Kelly, Christchurch
"Service is efficient and sufficient. Very helpful, thank you."
Ken, Warkworth
"I feel I am treated professionally and respectfully by all personnel at Instant Finance and they are always very friendly and helpful to me"
Elizabeth, Avondale, Auckland
"Excellent customer service, Kuini and staff at Onehunga are thoughtful and really listened to us. The process was thorough, and we really felt we were listened to."
Katherine and Howard, Manurewa Auckland
"Linwood Instant Finance has great people, customer service and are lovely and kind to talk to. Recommend these guys to everyone"
Renee, Christchurch

Concerned a bad credit score or past finance may affect you when applying for debt consolidation loans?

If you’re wondering if you can qualify for debt consolidation in NZ with bad credit, you’ve come to the right place. We know that things don’t always go to plan, but we’re here to help. As a responsible lender, we listen to your unique loan circumstances and can make lending decisions that are both responsible AND fair for you. Find out more about getting debt consolidation loans for bad credit.

Our knowledgeable and friendly staff are here to help, too and will take the time to understand your current financial situation. Based on your past credit history, our team can establish whether debt consolidation loans for bad credit are available for you and even help you plan a household budget to make sure you stay on top of your loan repayments.

We’ll make sure you understand the terms and conditions of your loan, so you know exactly what you’re getting into. You just need to make sure you make your payments on time to avoid late fees or higher interest rates.

 

Apply for a personal loan to consolidate your debts today.

It’s easy and simple to apply for a consolidation loan or a debt consolidation loan in NZ for bad credit with Instant Finance. Just follow the steps below:

  1. Use our handy repayment calculator to work out what you think you may want to borrow and see what your repayment amounts might be.
  2. The fastest way to apply for your Debt Consolidation loan online is through our loan application form. We ask for information like how much you need, what is the loan for, how can we contact you, where you live and how you earn your income.
  3. As soon as we receive your loan application, we start working on how we can help make your loan possible.
  4. Our friendly team will get in touch with you to discuss your application, request any further information that we might need and finally your loan options.

Once approved, Instant Finance will either provide you with the funds to pay off your debts, or we will pay them directly for you - leaving you with the one simple loan with Instant Finance.

 

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.
The rate that applies to your loan will be based on a range of factors including your circumstances, credit history with us or others, the security you can provide and the loan amount.

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.

From $100 to $220 depending on amount of new money borrowed.

Digital ID Verification Fee
A per verification charge through a 3rd party where we meet face to face

$2.55 per person

Digital & Biometric ID Verification Fee
A per verification charge through a 3rd party where the loan is transacted remotely.

$7.70 per person

Security Registration fees
For secured loans where we register an interest in Personal Property items provided as security

$8.05

Administration Fee
A fee payable on each instalment due date of your loan

$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.