Pronto Finance

Pronto Finance eligibility and documents

Pronto’s FAQ specifies New Zealand residents over 18 with a current New Zealand driver licence or passport. Its application terms also require applicants not to be undischarged bankrupts. Prepare:

• Identity and contact details: Accepted photo identification, an active mobile number and email address.
• Financial information: Bank account details and 90 days of statements showing income and expenditure, plus existing debts and living costs.
• Vehicle details, where required: Registration plate and ownership information, with a current warrant of fitness and registration.

Pronto does not specify a minimum income in its FAQ, but it must identify enough surplus to support repayments. It says cash-paid income cannot be recognised in its assessment. Its affordability assessment applies to joint applicants too.

Security needs clarification: The FAQ gives unsecured limits of both $500 and $1,000, while the application form says loans over $2,000 require a vehicle. These statements do not establish that an applicant with poor credit can borrow $2,000 unsecured. Pronto’s unsecured lending page requires good credit. Confirm the applicable limit before applying.

For secured borrowing, Pronto says the vehicle must have no money owing on it, although refinancing existing vehicle security may be considered for consolidation. A secured vehicle can be repossessed if repayment obligations are not met.

Who should consider Pronto Finance?

Our assessment is that Pronto may merit an eligibility enquiry where a borrower has a specific expense, demonstrable repayment capacity and a credit history the lender is willing to accept. Its assessment considers more than a credit report, but that does not establish acceptance of serious defaults or ongoing arrears.

Reconsider if borrowing would cover a recurring budget shortfall, or if losing the proposed security vehicle would threaten your income. Compare other personal loan options on the same amount and term. For existing debts, consolidation only helps financially when the new arrangement improves the overall cost or provides a sustainable repayment plan.

How to apply and receive funds

Application and assessment

Use Pronto’s online application to specify the amount, purpose and preferred repayments, then provide identity, financial and any security information. Pronto assesses the application and, if approved, sends a contract for digital signing before advancing funds.

The application asks about housing costs, other credit, living expenses and information not visible in bank statements. Read the privacy consent: Pronto’s terms provide for credit checks through Equifax and/or Centrix, information exchange and ongoing repayment reporting. Approval remains conditional on its assessment.

What the nine-minute payout claim covers

Pronto’s published payout promise starts after the signed contract is returned, including the final signature for joint borrowing. It applies from 9am to 5pm on weekdays, excluding New Zealand public holidays, for ANZ, ASB, BNZ, Kiwibank and Westpac customers. Banking-system outages are excluded. This is not an unconditional application-to-payment timeframe.

Questions to resolve before signing

• Does my credit history meet your criteria, and will this enquiry involve a credit check?
• Is the loan secured, which vehicle is covered, and what insurance must I maintain?
• Which published fee schedule applies, and can administration charges change during the term?
• What are the cash advance, opening balance, repayment amount and total payable, including financed fees and optional cover?
• How is default interest applied alongside ordinary interest, and which collection charges could arise?
• For joint borrowing, can either borrower be required to repay the whole debt?

Pronto Finance advantages and limitations

• Early repayment flexibility: Pronto publishes no early repayment fee, allowing borrowers to shorten the loan without that penalty.
• Online administration: Electronic applications, supporting documents and signatures reduce the need for an office visit.
• Restricted bad credit suitability: Individual assessment does not amount to a specialist bad credit offer, and unsecured lending requires good credit.
• Significant fixed costs: Establishment and weekly fees can outweigh the benefit of a lower interest rate on a small balance.
• Security and disclosure concerns: Vehicle borrowing carries repossession risk, while inconsistent published charges make a written quotation particularly important.

Pronto Finance interest, fees and insurance

Published charges and unresolved differences

The costs page lists fixed interest of 9.97%–29.97% a year, determined by Pronto’s client rating. The lowest advertised rate should not be treated as an expected offer for someone with adverse credit.

• Establishment: $116 for $200–$499; $216 for $500–$999; $316 for $1,000–$20,000. The charge applies to new loans and refinances.
• Administration: $3.79 weekly on the costs page and sample contract; $3.96 weekly on the homepage, while the loan remains active.
• Default fee: $0.91 daily on the costs page and sample contract; $0.97 daily on the homepage, charged weekly.
• Default interest: 8.95% annually on arrears in the costs page and sample contract; 9.95% on the homepage. Confirm its interaction with ordinary interest.
• Other default costs: The sample contract also lists reminder, enforcement and recovery charges. Obtain the full schedule applicable to your offer.
• Early repayment: No early repayment fee is advertised.

These are conflicting disclosures, not a confirmed range from which borrowers can choose. The sample contract contains placeholders for the advance, repayments and total interest, so it is not a complete representative repayment example.

Required vehicle insurance and optional protection

The sample contract requires secured assets to remain insured to their full insurable value, with Pronto’s interest recorded. Include any additional premium in your affordability comparison.

The Repayment Waiver is optional and separately priced. Pronto also offers optional payment protection insurance as an alternative; it says borrowers cannot hold both. Request the price and applicable terms before choosing either.

The waiver terms dated 1 June 2025 exclude pre-existing medical conditions and psychiatric or psychological conditions, among other exclusions. Redundancy protection excludes casual, seasonal and fixed-term employment and self-employment. Cover depends on the selected tier and eligibility; it does not cover every interruption to income.

Illustration: fees on a $1,000 loan

Editorial calculation, not a quotation: Assuming a $1,000 advance remains open for 52 weekly administration charges, the $316 establishment fee plus $3.79 per week totals $513.08 in fees. Using the homepage’s $3.96 charge produces $521.92.

Both figures exclude the $1,000 principal, all interest, insurance, optional protection and default costs. Fees alone therefore exceed half the cash borrowed in this illustration. Ask for the full repayment schedule: a manageable weekly instalment can still conceal a substantial total cost.

Is Pronto Finance suitable for bad credit?

Pronto’s strongest feature is repayment flexibility without an early repayment fee. Its main limitation for this category is that it does not offer a dedicated bad credit product, while unsecured borrowing requires good credit. Compare a confirmed offer against alternatives using total repayment, insurance costs and vehicle risk. Eligibility and a reconciled fee schedule should come before payout speed.

Pronto Finance bad credit questions

How does Pronto Finance assess applicants with bad credit?

Pronto’s official FAQ says it does not offer bad credit loans, although it considers the severity of an applicant’s credit history alongside affordability and its internal client rating. Individual assessment does not mean adverse credit will be accepted. Before applying, ask whether your specific circumstances, such as outstanding defaults or previous arrears, fall within its criteria. This helps distinguish a potentially suitable lender from one whose requirements you are unlikely to meet.

Is Pronto’s client rating different from my credit score?

Yes. Pronto describes its client rating as an internal assessment using credit reports, bank information, repayment history, security and other data. It is not interchangeable with a credit bureau score, so a score obtained elsewhere does not establish your Pronto interest rate or eligibility. Pronto still conducts credit checks and reports repayment information under its published terms. Before comparing several providers through applications, ask each whether an initial eligibility enquiry will be recorded on your credit file.

How much can I borrow, and can I choose a short repayment term?

Pronto publishes secured loans of $200–$20,000, subject to approval, with contracted terms from 26 weeks to five years. Its published minimum repayment is $20 a week, although your required payment may be higher. For a temporary expense, distinguish the contractual term from your intended settlement date: Pronto permits early repayment without an early repayment fee, but establishment and administration charges still matter when comparing the cost of borrowing briefly.

Can I get a Pronto loan without using my car as security?

Pronto offers small unsecured loans for applicants with good credit, but its published limits conflict: the FAQ mentions both $500 and $1,000, while the application says loans over $2,000 require vehicle security. Do not interpret this as a $2,000 unsecured offer for bad credit. Confirm your eligibility and security requirements directly. A joint application may allow another borrower to provide a vehicle, but both applicants undergo assessment. For a secured offer, compare the required vehicle insurance cost and repossession risk alongside the interest rate.

Can I qualify if my main income is a WINZ benefit?

Pronto says it can consider WINZ income, with credit history and affordability affecting the outcome. It requests 90 days of bank statements and does not publish a single minimum-income threshold in its FAQ. It also says cash-paid income cannot be recognised in its assessment. When comparing providers, check whether each accepts your particular income source and how much remains after essential costs and existing repayments; benefit acceptance alone does not establish an affordable offer.

Could Pronto cost more than a lender advertising a higher interest rate?

Yes, depending on the fees and repayment period. Pronto’s pricing page lists a $316 establishment fee for a $1,000 loan. Its published weekly administration charges conflict at $3.79 and $3.96. Illustration: keeping that loan open for 52 weekly charges would produce $513.08 or $521.92 in establishment and administration fees alone, excluding principal, interest, insurance, optional protection and default costs. Compare written quotations for the same cash advance and repayment period, using the total payable rather than the advertised starting rate.

What would I actually save by repaying Pronto early?

Pronto advertises no early repayment fee. Earlier settlement can reduce future interest and the number of weekly administration charges, which apply while the loan remains active. Request an itemised settlement figure rather than multiplying your remaining instalments. If you bought a Repayment Waiver, its published terms also provide for a rebate on early repayment; ask how much applies. Compare the settlement amount with your remaining scheduled payments to establish the saving for your loan.

What support does Pronto offer if repayments become unaffordable?

Pronto’s repayment-support page describes repayment holidays, rescheduling and hardship applications. A holiday can involve higher repayments afterwards, so temporary relief may change the later repayment burden. Ask for the revised schedule, total interest and treatment of default charges in writing. Contact 0800 543 718 or info@prontofinance.co.nz promptly, and consider debt management support before borrowing again to cover instalments.

What can I do if Pronto’s charges differ from the quotation?

Compare the charge with your signed disclosure statement and any subsequent fee-change notice, then ask Pronto to explain the difference in writing. Keep the quotation, statements and correspondence, particularly because its public fee schedules conflict. Use its complaints process or call 0800 543 718; its one-business-day response target is not a resolution deadline. Unresolved complaints can be referred to Financial Services Complaints Limited on 0800 347 257, a free independent dispute-resolution service.