NOW Finance personal loan repayment calculator

Thinking about taking out a personal loan with NOW Finance? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how NOW Finance personal loans compare with other options.

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Your estimated repayment

at interest rate 10.00 %

Total interest payable

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Pros and cons

  • 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

NOW Finance personal loans rates

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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 – 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 – 6pm

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 $20,100 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 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.

Learn about personal loans

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

How much can you borrow with a bad credit personal loan?

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.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What do single mothers need to apply for a personal loan?

Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

Can I get guaranteed approval for a bad credit personal loan?

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.