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.
NOW FINANCE personal loan repayment calculator
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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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Fixed up to 17.95%
based on $30,000 loan amount for 5 years
Fully drawn advance
Make the most of this unsecured personal loan's competitive interest rate with no fees for extra repayments.
Fixed up to 17.95%
based on $30,000 loan amount for 5 years
Fully drawn advance
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, 8am – 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 $20,000 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.
Learn more about NOW FINANCE
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.
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.
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.
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 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.
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.
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.
Can I get a bad credit personal loan with a guarantor?
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
Can I get a self-employed personal loan with bad credit?
It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.
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.