Frequently asked questions about Instant Finance personal loans
Applications are assessed on a case by case basis. Decisions are made by a person rather than an automated system. A key part of what we do is understanding you and your personal circumstances. We will endeavour to complete the application and loan process with you online or by phone and email, however in many circumstances you may need to visit one of our 26 branches. Your overall affordability is very important to us as responsible lenders. We will complete a household budget and align your repayment schedule with your income or benefit to make sure you’re not over-extending yourself. We will consider unsecured loans in certain circumstances, however it is normal for security to be required (a vehicle, home or household chattels). We will check your credit record and then make an overall assessment of your application.
The information required is about you and should be straight forward. We do ask for details of your Driver Licence, so you will need to copy the Licence and Version Numbers. No Drivers Licence? Don’t worry you can still apply online but we will need you to visit one of our 26 branches to complete the process. To speed up the assessment process we ask you to complete a secure link to provide us with details of your bank statements, to do this will be asked to select your bank and complete their normal internet bank login details. Once you have completed those steps we will be in touch with you by phone, text or email to let you know how to progress your loan application.
You can help speed up the application process by bringing:
- Photo ID (valid Passport, Drivers Licence, or 18+ Card with your Birth Certificate);
- Proof of address (a recent letter/bill delivered to you at your residential address);
- If you have internet banking then we will ask you to complete a secure link to provide us with details of your bank statements; otherwise we will need you to bring:
- Proof of income (a recent pay slip or WINZ letter detailing your current benefit details);
- 2-3 months of your latest statements from all bank accounts showing income and out-goings;
- Your vehicle (we sight and assess this for security) and the insurance policy for it.
You may borrow from $200 up to $20,000 (more is available in some circumstances). The amount we may approve will depend upon your personal circumstances including affordability, security, and your credit record with us and others. Repayments are normally set in line with the frequency of your pay period and can be weekly, fortnightly or monthly. The maximum loan term is 3 years. Repayments depend on a lot of factors, including how much you borrow, how long you borrow it for, and whether you take payment protection insurance (strongly advised). A full break down of our rates and fees can be found at Rates & Fees. For example, a $3,000 loan paid back weekly over 1 year without payment protection insurance would require 52 weekly payments of $75.62 each. This is a total repayable of $3,932.24. This includes interest of $528.24, an establishment fee of $300 and Administration Fees totalling $104. If you choose to repay early then interest and Administration Fees relating to the unused term are rebated.
You will pay interest on your loan, an establishment fee and administration fees. If you do not pay the loan instalments in line with the agreed contractual terms then you may incur default interest on any arrears and additional credit default fees. A full break down of our standard rates and fees can be found at Rates & Fees. The rate and fees that apply to individual loans are fully disclosed before signing the loan contract.
Yes, we strongly recommend that you take out Payment Protection Insurance. We can introduce you to Protecta Insurance, their PPI products include:
- Life cover,
- Life, Terminal Illness and Disablement Cover; and
- Full Cover which includes Life, Terminal Illness, Disablement, Redundancy/Bankruptcy.
We know that things don’t always go to plan. An important part of what we do is understanding your personal circumstances and helping you through those situations and difficult times. Ring us immediately on 0800 760 000 or call into your local branch. Talk to us and we will try and work out a suitable plan for you. That may be an arrangement for you to catch up, or advice on how to submit a claim under your payment protection insurance. In many cases we make arrangements that don’t incur any additional fees or interest. Don’t be afraid and don’t delay. Honesty and open, regular communication is the key.
Instant Finance provides loans at an annual interest rate from 19.95% 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. Loan repayments are made up of principal and interest over the set term of your contract. If you choose to repay early then interest and Administration Fees relating to the unused term are rebated. A full break down of our rates and fees can be found at Rates & Fees.
We know that things don’t always go to plan. An important part of what we do is understanding your personal circumstances and helping you through those situations and difficult times. If you have had trouble with loan or bill payments and have some issues on your credit rating or report, we may still be able to help. Not all bad credit is the same. At Instant Finance we assess a person’s situation individually, listen to the circumstances and make a lending decisions accordingly. We may not always be able to do everything you want but we will try to help, even if it’s with a lesser amount, or just some straight forward advice. We may look at helping with a debt consolidation loan, or formulating a plan to repair and rehabilitate your credit record over time.
A secured personal loan is one where you are able to provide us with a charge over one or more of your possessions as collateral. Security is one of the elements we consider in assessing loan applications. The provision of security may have an effect on how much you can borrow. When you use security on a loan you are in effect guaranteeing that loan with those possessions. Should you not meet the terms of your loan contract then this may lead to the security being repossessed and sold. However this is not the first action we take, at Instant Finance we will do everything we can to work with you to avoid that situation. In extreme cases this can lead to your security being at risk of possible repossession if you fail to meet the terms of your contract. Instant Finance will do everything in their power to work with its customers to avoid that situation from happening however.
Once we have all the information needed to assess the loan application we work hard to meet your timing requirements. Often this is on the same day. For larger or more complex loans we may need a little longer, but we will always give you a clear indication of the time involved and what we need from you to speed up the process.
Yes, you certainly can. We provide funds to repay debt with other lenders, as well as a wide range of other needs that pop up, like outstanding bills or unexpected costs, family emergencies and events, travel, car repairs or purchase, new or replacement household items, school uniforms and fees. Talk to our friendly staff about what we can make possible for you, call us on 0800 760 000 or call in to one of our 26 branches.
Yes of course you can. We will complete a household budget and align your repayment schedule with your benefit income to make sure you’re not over-extending yourself. We will also look at the security you may be able to provide, check your credit record and make an overall assessment of your suitability to borrow, just like every application we assess.
Yes of course you can. We normally require your most recent business accounts plus GST returns for the last 6 months, and the last 3 months of statements from all personal and business bank accounts showing income and out-goings to assess your affordability and income. We will also look at the security you may be able to provide, check your credit record and make an overall assessment of your suitability to borrow, just like every application we assess.
Yes, you can. We will complete a household budget and align your repayment schedule with your benefit or other income to make sure you’re not over-extending yourself. We will also look at the security you may be able to provide, check your credit record and make an overall assessment of your suitability to borrow, just like every application we assess.
Yes you can. We will need to sight your passport and the work visa. The term of any loan cannot exceed the terms of your visa. We will also look at the security you may be able to provide, check your credit record and make an overall assessment of your suitability to borrow, just like every application we assess.
You must be at least 18 years of age at the time application for any loan.
Yes you can apply for a new loan while an existing loan is already in place with us. You may choose to refinance the existing loan and combine this with the additional amount you need, or you may apply for a separate loan. We will consider your ability to operate either a single larger loan or two separate loans as part of our loan assessment. This would be based on your circumstances, affordability, security, credit record and historical loan conduct.