NOW FINANCE is a personal loan company headquartered in Melbourne, Australia. With customer service at the core of the business, NOW FINANCE helps its clients take care of the whole process from the loan application to repayments. Flexible loans are available for a range of scenarios including medical expenses, travel and debt consolidation.
NOW FINANCE personal loan repayment calculator
Total interest paid
Total amount to pay
NOW FINANCE personal loans rates
Oops, no result found.
- Lower rate for customers with better credit history
- No security needed for the loan
- Can apply online
- Higher rate for customers with worse credit history
- No branch access
- No redraw facility
Features of a NOW FINANCE personal loan
NOW FINANCE offers borrowers access to unsecured personal loans, which can be used for a range of uses. NOW FINANCE offers unsecured personal loans from $5,000 to $40,000, which can be paid back over a period of between 18 months and seven years.
Personal loans from NOW FINANCE can be used to pay for a car, holiday, funeral, medical bills, debt consolidation, home improvement and weddings. NOW FINANCE offers borrowers access to a dedicated personal loan account manager who will help you manage and assess your loan application.
NOW FINANCE offers personalised interest rates, which means borrowers get different interest rates, depending on their credit history, credit score, employment status, cash flow and loan amount.
NOW FINANCE personal loans can be used for a range of different purposes including:
- Debt consolidation
- Medical bills
- Student loans
- New cars
- Used cars
NOW FINANCE personal loans – customer service
NOW FINANCE doesn’t have any branches, but they can be reached by internet or phone:
- Online enquiry
- Phone, Monday to Friday, 9am – 8pm
Who is eligible for a NOW FINANCE personal loan?
To be eligible for a NOW FINANCE personal loan you’ll need to meet the following criteria:
- Be 18 years or over
- Be an Australian citizen or permanent resident
- Have a minimum income of at least $20,000 per annum
- Have no outstanding defaults, court judgements, writs or bankruptcies listed on your credit file
- Have proof of income and employment
- Single and joint applicant loans available
How to apply for a NOW FINANCE personal loan?
To apply for a NOW FINANCE personal loan, borrowers can apply online through the website. The application process takes around 10 minutes to complete and involves the following steps:
- Get a free online quote and calculate your interest rate estimate – with no impact on your credit score
- Apply for a personal loan online or via phone with a personal loan adviser
- NOW FINANCE will assess your application and will be in contact if any additional information is needed
- Once approved, the funds are transferred into your nominated bank account
At the time of application, you’ll need to provide the following documentation:
- Proof of identity
- Proof of income and employment
- Details of any other financial commitments
NOW FINANCE personal loans review
NOW FINANCE offers unsecured personal loans of between $5,000 and $40,000. Depending on your credit history and a range of other factors, a NOW FINANCE personal loan will have a tailored fixed interest rate. If you don’t have a great credit history, this personal loan may not offer the most competitive interest rates.
NOW FINANCE personal loans are unsecured, which means you don’t have to provide collateral or security to get approval. Borrowers can choose between weekly or fortnightly payments, and have the option to repay their personal loan over a period of 18 months to seven years. Borrowers can make additional repayments into this loan; however, if the loan is paid out before 18 months, fees may apply. In addition to a hefty upfront free, this loan has an ongoing monthly fee.
Borrowers who apply for a loan with NOW FINANCE will have access to a personal loan manager who will provide a consistent point of contact if you need to contact the company.
Before applying for a NOW FINANCE personal loan, always do your research and compare your personal loan options to make sure you’re getting a loan that suits your budget, needs and lifestyle.
Today's top personal loans products
Find popular personal loans lenders from a wide range of Australian. View All >
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours. However, if a lender needs more information or needs more time to verify the provided documents, the application process may take longer.
If you’re having trouble being approved for a loan of less than $2000 and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process:
- First, find a lender willing to give you a bad credit personal loan. This process will be simplified if you go through a finance broker or use a comparison website like RateCity.
- Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced.
- Third, instead of spending those savings, use them to pay off the new loan.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent.
Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions, although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.
Some lenders are able to approve applications with little documentation and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.