Bad Credit Loans NZ

A bad credit loan offers fast approval for up to $25,000 at an affordable low-interest rate starting from 11.95% and a flexible repayment term up to 2 years – the approval of your loan will also help improve your credit score.

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bad credit loans nz
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Instant Loans for Bad Credit

Bad credit? No credit? This shouldn't be a problem when you want to apply for a loan.

These lenders offer instant loans for people with bad credit or no credit. Compare bad credit loans and get the financing you need TODAY!

Frequently Asked Questions

Where can I get a loan with bad credit?

You may get rejected for a loan by a traditional bank if you have bad credit. So, where do you get a loan with bad credit? There are thousands of bad credit loans with no credit check lenders who are willing to help you!

There are some credit products that are directly available to people in your situation, but they come at a fairly high price. Despite all this, you should not despair.

If you try hard, you can secure finance that matches your needs. You simply need some practical advice on what to do and what mistakes to avoid. 

What are bad credit loans?

The notion of bad credit is quite relative. What may be bad credit to one lender may be perfectly acceptable for another. Given this, it pays off to research as many lenders and credit products as possible. Bad credit loans are designed to help people with bad credit get the financing that they need. The loan criteria is slightly different; accepting a less-than-perfect credit score.

You should act cautiously, however. The most effective strategy is to apply to several lenders within a week or two. That way, the applications will not affect your credit record adversely. Just remember that it is best to apply only to registered lenders.

You should stay away from loan sharks that will approve you right away without even looking at your credit record but will charge very high interest rates and fees that may be impossible to pay.

How to get a loan with bad credit, fast!

It's easy to apply for an online bad credit loan. Simply complete the application form and gain access to lenders and products specifically designed for people who have bad credit or no credit. Bad credit loans with no credit check mean that your credit status is not part of the loan approval criteria. Oftentimes, these loans are secured with collateral.

You should not assume anything about your creditworthiness. Request your credit report and read it with great care. If you notice any errors, you have to request their correction immediately. It may turn out that you stand better chances of getting a loan than you think.

Other loan types for bad credit

There are alternative ways for obtaining finance that can be quite useful to people who have bad credit.

Credit Union Loans

Credit unions are traditionally more flexible than commercial banks when it comes to extending loans to people with bad credit. You can expect a greater amount of personal understanding. The loan officer will take into account your personal circumstances as well as your credit history. You will have the opportunity to secure a favourable deal given your situation.

Peer-to-peer loans

Peer-to-peer lending has been around for quite some time in New Zealand. Peer-to-peer or P2P loans are available from many individual lenders. These are private persons who are willing and able to provide cash to others for earning a profit. They are a lot more flexible than banks or other more traditional lenders. They do not run lengthy assessment procedures. You just have to ensure that you will be able to repay the loan.

Loans from family and friends

If you plan to borrow money from a person, you may consider a family member or a friend rather than a person offering P2P loans who you do not know. You will have a very good chance of getting the cash that you need. You just have to ensure that the lender will feel at ease about giving cash to you. You should draw a standard loan agreement and sign it together with the lender. It is better if the loan amount is transferred from the lender's account to yours compared to getting cash.

In case your family and friends cannot afford to lend you the money which you need, they can help you out as co-signers. A co-signer with a clean credit record and a steady employment income will give you very high chances of securing a loan from a bank. You and your co-signer will have joint responsibility for repaying the loan so the risk for the lender will be lower.

Secured Bad credit loans

Another strategy for getting a loan if you have bad credit is to place an asset as collateral. The collateral is used for securing the personal loan. In case you fail to repay it, the lender will have the right to repossess the asset. In this way, the risk for the lender is lower so you will have better chances of getting approved.

Furthermore, the interest rates on secured loans are lower than those on unsecured ones so you may be able to save money as well. This solution is effective, but you have to assess your ability to repay the loan and the risk of losing your asset carefully.

Are bad credit loans more expensive?

When you take out a bad credit loan, you have to check the total cost and the size of the monthly payments. You have to ensure that you will have sufficient income left after paying the monthly installment. If the disposable income is not sufficient for covering your living costs, then you should look for another option. You have to avoid getting into more debt.

Bad credit loan calculator

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The interest rate of a loan will vary based on your credit score and risk profile.
This loan calculator is for illustration purposes only.
The use of this quick loans calculator is subject to our terms of use.

List of direct lenders offering Bad credit loans

  1. Save My Bacon Bad credit loan

    Save My Bacon

    • Loans up to $5,000
    • Term up to 52 weeks
    • Interest up to 49.95%
  2. The Lending People Bad credit loan

    The Lending Peo...

    • Loans up to $75,000
    • Term up to 7 years
    • Interest from 8.95%
  3. Moneyshop Bad credit loan

    Moneyshop

    • Loans up to $20,000
    • Term up to 7 years
    • Interest from 29.95%
  4. Max Loans Bad credit loan

    Max Loans

    • Loans up to $500
    • Term up to 60 months
    • Interest from 9.95%
  5. SMART CASH Bad credit loan

    SMART CASH

    • Loans up to $1,000
    • Term up to 31 days
    • Interest from 0.99%
  6. Crester Credit Bad credit loan

    Crester Credit

    • Loans up to $15,000
    • Term up to 1 year
    • Interest from 13.95%
  7. Ferratum Bad credit loan

    Ferratum

    • Loans up to $1,000
    • Term up to 45 days
    • Interest up to 227%
  8. Yes Finance Bad credit loan

    Yes Finance

    • Loans up to $50,000
    • Term up to 48 months
    • Interest from 11.95%
  9. Pronto Finance Bad credit loan

    Pronto Finance

    • Loans up to $20,000
    • Quick approval
    • Interest up to 11.97%
  10. Pioneer Finance Bad credit loan

    Pioneer Finance

    • Loans up to $100,000
    • Term up to 7 years
    • Interest from 14.95%
  11. NZCU South Bad credit loan

    NZCU South

    • Loans up to $500,000
    • Term up to 12 months
    • Interest from 3.20%
  12. Rapid Loans Bad credit loan

    Rapid Loans

    • Loans up to $10,000
    • Term up to 48 months
    • Interest up to 47.75%
  13. Blue Sky Finance Bad credit loan

    Blue Sky Financ...

    • Loans up to $100,000
    • Term up to 5 years
    • Interest from 9.95%
  14. Just Cash Bad credit loan

    Just Cash

    • Loans up to $1,000
    • Term up to 45 days
    • Interest up to 227%
  15. Morgan Finance Bad credit loan

    Morgan Finance

    • Loans up to $50,000
    • Term up to 12 month
    • Interest from 18%
  16. 121 Finance Bad credit loan

    121 Finance

    • Loans up to $10,000
    • Term up to 1 year
    • Interest from 14.99%
  17. Zealy Bad credit loan

    Zealy

    • Loans up to $5,000
    • Term up to 7 years
    • Interest from 12.99%
  18. First Choice Finance Bad credit loan

    First Choice Fi...

    • Loans up to $5,000
    • Term up to 36 months
    • Interest from 9.95%
  19. Simply Loans Bad credit loan

    Simply Loans

    • Loans up to $200,000
    • Term up to 48 months
    • Interest from 9.95%
  20. Sprint Finance Bad credit loan

    Sprint Finance

    • Loans up to $50,000
    • Term up to 7 years
    • Interest from 6.99%
  21. Simple Cash Bad credit loan

    Simple Cash

    • Loans up to $3,500
    • Term up to 45 days
    • Interest up to 227%
  22. Teleloans Bad credit loan

    Teleloans

    • Loans up to $1,900
    • Term up to 9 months
    • Interest from 12%
  23. Handy CASH Bad credit loan

    Handy CASH

    • Loans up to $1,500
    • Term up to 1 year
  24. NZ Loan Co Bad credit loan

    NZ Loan Co

    • Loans up to $5,000
    • Term up to 42 months
  25. Plej Bad credit loan

    Plej

    • Loans up to $20,000
    • Term up to 6 months
    • Interest from 5%
  26. Cash Train Bad credit loan

    Cash Train

    • Loans up to $1,500
    • Term up to 38 days
  27. The Lending Room Bad credit loan

    The Lending Roo...

    • Loans up to $25,000
    • Term up to 5 years
    • Low interest rates
  28. BNZ Bad credit loan

    BNZ

    • Loans up to $30,000
    • Term up to 5 years
    • Interest from 12.65%
  29. Easy Loans Bad credit loan

    Easy Loans

    • Loans up to $50,000
    • Term up to 5 years
    • Interest from 9.95%
  30. Active Finance Bad credit loan

    Active Finance

    • Starting from $500
    • Term up to 60 months
    • Interest from 14.95%
  31. Loan Smart Bad credit loan

    Loan Smart

    • Loans up to $30,000
    • Term up to 5 years
    • Interest from 8.95%
  32. Finance Now Bad credit loan

    Finance Now

    • Loans up to $20,000
    • Term up to 60 months
    • Interest from 12.95%