Frequently asked questions about Instant Finance personal loans

What do I need to have on hand when applying for a loan online?

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 personal loan application.

What do I need to take with me when applying for a loan at my nearest Instant Finance branch?

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.

How much can I borrow? And what will my repayment amounts be?

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.

Personal loan 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 repayable over 1 year by 52 weekly instalments of $75.06 at an interest rate of 29.95%. An establishment fee of $275 and administration fee of $2 per instalment ($104 for the term) will apply. Total interest would be $524.12 making the total payable $3,903.12. The APR inclusive of fees is 54.3%pa.

Are there any additional or hidden fees?

You will pay interest on your loan, an establishment fee and administration fees.

If you do not pay the loan installments 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.

Should I consider personal loan insurance?

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 are qualified to advise you on which of these are best suited to your situation or requirements. You may obtain insurance from an alternative provider if you choose.

What happens if I miss a repayment?

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.

How do personal loan interest rates work?

Instant Finance provides personal 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.

What is the difference between secured and unsecured personal loans?

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.

Can I apply for a personal loan if I am a beneficiary?

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.

Can I apply for a personal loan if I am self-employed?

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.

Can I apply for a personal loan if I am unemployed?

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.

Can I apply for a personal loan if I am a non-resident or on a work visa?

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.

What is the minimum age for applying for a personal loan?

You must be at least 18 years of age at the time application for any loan.

Can I apply for more than one personal 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.