Yes Finance

Who can qualify with past credit problems?

Yes Finance’s published criteria require applicants to be at least 18 and hold New Zealand citizenship, residency or a current work permit. Expect to provide a current driver’s licence or passport, a completed application and recent bank statements showing income and expenditure.

The lender considers employment and residential stability, existing commitments and the explanation for previous defaults. Its eligibility page says an unacceptable credit history may require a guarantor with an established credit record. Security is normally required and must be acceptable to the lender; another person providing security may become a co-borrower or guarantor.

The application declaration also requires confirmation that you are not an undischarged bankrupt and have not applied for a No Asset Procedure. Discuss any relevant insolvency history before completing that declaration.

When a Yes Finance loan may make sense

Our assessment is that this option is most relevant to someone whose past credit problems have stabilised, who needs funding for a defined expense and has enough income to repay without repeatedly borrowing again.

Reconsider securing a loan against a vehicle you depend on for work if your budget is already stretched. A manageable instalment does not remove the consequences of losing the asset. Compare using the same amount and term.

If the purpose is , compare the new total repayment with the remaining cost of those debts. Turning unsecured balances into secured borrowing introduces asset risk even if the monthly payment falls.

Applying and receiving a decision

Application process

Start with Yes Finance’s official cash-loan application, or call 0508 10 50 10 for assistance. An initial enquiry is followed by a fuller application where the lender believes it may be able to help.

Read the credit-check and information-sharing authorisation before submitting. If an offer follows, check the disclosure statement for the amount advanced, financed fees, repayment schedule, insurance and security obligations before signing.

Approval and payment timing

Yes Finance says most loans can be approved within one day. This is an advertised approval timeframe, not a promise of money arriving within 24 hours. Confirm what verification remains outstanding and when funds would actually be released.

Questions to settle before signing

• Which interest rate applies to my application, and why does it differ from the figures on your website?
• How much will I receive, how much will be financed, and what is the total repayment including fees and required insurance?
• Does the security cover only this loan, or other borrowing too? What would a guarantor become responsible for?
• What would it cost to repay early, change the payment schedule or miss a repayment?

Advantages and limitations

Advantages: Previous credit difficulties can be considered in context. Telephone assistance is available, and applicants can supply bank statements manually instead of using the electronic retrieval service.

Limitations: Unsecured lending excludes applicants with adverse credit history. Secured borrowing puts the pledged asset at risk, while fixed charges weigh particularly heavily on smaller loans. Conflicting website rates make a written quotation essential for comparison.

Yes Finance interest, fees and total cost

Published interest rates do not agree

The personal-loan page quotes secured interest of 14.9%–24.9% p.a., but a lower section gives a general range of 14.95%–29.9% p.a. The FAQs quote 13.9%–29.9% p.a. for secured personal loans, while the application displays 9.9%–29.9% p.a. for secured borrowing.

These are conflicting disclosures, not interchangeable offers. No dated interest-rate notice was found that resolves them. Do not assume the lowest figure applies to an applicant with bad credit.

Standard and conditional charges

The schedule effective 1 June 2026 lists:

• Establishment: $195 secured; $150 unsecured.
• Signing and verification: $48 per borrower.
• PPSR and credit check: $23 for a single borrower.
• Additional borrower or guarantor: $30 each.
• Account administration: $5 monthly.
• Continuing disclosure statement: $5 when issued.

This newer schedule differs from the establishment fees still shown on the product page. Confirm the charges itemised in your offer.

The separately dated “other fees” schedule lists personal-loan settlement administration of $100–$150, with possible financial-loss charges additional. The sample agreement instead specifies $100 administration on full prepayment; obtain your applicable settlement terms in writing.

Required asset insurance and optional protection

The secured agreement terms require collateral insurance throughout the loan, including specified loss and damage cover. Obtain the premium and check whether existing insurance satisfies those conditions.

Credit Contract Insurance is optional. The linked Janssen policy wording includes eligibility conditions, benefit limits and exclusions. For example, redundancy cover has a 60-day stand-down and excludes voluntary redundancy and the completion of a fixed-term contract. Check the policy version and cover category offered to you, plus any interest charged on a financed premium.

Illustration: fixed fees on a small loan

Fee-only illustration, not a quotation: For $1,000 of secured borrowing over 12 months, assuming one borrower and the listed establishment, verification and credit-check charges apply, upfront fees total $266. Twelve monthly account fees add $60, producing $326 before interest, statement charges and insurance. This excludes contingent charges and any interest on financed fees; it is not the total borrowing cost.

Costs if repayments fall behind

The sample personal-loan agreement specifies 35% p.a. default interest on overdue payments, a $25 default fee and a $25 dishonour fee, with further collection charges possible. Check your actual agreement: some sample charges differ from the website schedule. The sample also warns that secured assets may be repossessed and sold following default.

Our assessment of Yes Finance for bad credit

Yes Finance’s strongest feature for this audience is its willingness to consider the circumstances behind earlier credit problems. The main limitation is that access may depend on security or a guarantor, while published pricing remains inconsistent. Compare the written total repayment, compulsory insurance and asset exposure against alternatives. Acceptance alone is not evidence that the loan represents good value.

Yes Finance bad credit loan questions

Will Yes Finance consider me if another lender declined my application?

Possibly. Yes Finance checks credit but says it may consider past problems that have been resolved or are being addressed. Persistent non-payment can still lead to rejection. Its eligibility criteria also say an unacceptable credit history may require a guarantor with an established credit record. The useful comparison is what conditions attach to approval: another lender’s refusal does not establish that Yes Finance will approve you, or that its offer will be affordable.

Can I get an unsecured Yes Finance loan with bad credit?

Its published unsecured criteria require no previous adverse credit history, stable employment and sufficient income, with borrowing up to $2,000. That makes the unsecured option unsuitable for many people searching for bad credit loans. A secured application may be considered separately, but check whose assets would secure it and whether a guarantor is required. These obligations matter when comparing it with an unsecured offer.

How much can I borrow, and can I use a car that still has finance owing?

Yes Finance advertises secured personal loans from NZ$1,000 to NZ$25,000. Its FAQs say existing finance on an asset does not automatically rule it out: further lending may depend on the amount owed and the equity available. Ask how much of the proposed loan would repay the existing finance, how much covers fees and how much cash you would actually receive. The approved loan balance and the usable advance can differ substantially.

How should I compare Yes Finance’s interest rate and fees with another lender?

Use a written quotation because the published rates conflict: the personal-loan page quotes 14.9%–24.9% p.a. for secured borrowing, while the FAQs quote 13.9%–29.9% p.a. Neither range establishes your rate.

The fee schedule effective 1 June 2026 lists $195 secured establishment, $48 verification per borrower and $23 for a single borrower’s PPSR/credit check. If all three apply, they total $266 before interest, ongoing fees and insurance. Compare offers for the same usable advance and repayment period, including required collateral insurance and any interest on financed charges.

Do I have to use electronic bank-statement retrieval, and will opting out delay approval?

No. Yes Finance accepts downloaded PDF bank statements instead of its electronic retrieval service, although it says manual verification may take longer. This gives applicants a choice over how they supply financial records. Its advertised one-day approval timeframe should not be treated as a commitment to same-day payment, particularly when documents, security or guarantor checks remain outstanding.

Can I match repayments to payday, and what happens if my payday changes?

Yes Finance offers weekly, fortnightly and monthly repayments. Choose the payment day and frequency when arranging the loan: its published “other fees” schedule, dated 16 September 2022, lists a $25 charge for changing the payment day or frequency. Confirm whether that charge would apply to your requested change. When comparing providers, check payment flexibility alongside total cost; a smaller weekly figure alone does not establish a cheaper loan.

Could early-repayment charges reduce the benefit of refinancing later?

Yes. The published schedule lists $100–$150 in personal-loan settlement administration, excluding any applicable charge for financial loss caused by falling interest rates. The sample personal-loan agreement instead specifies $100 administration, so confirm your contract’s terms. Before refinancing, obtain a dated settlement figure and add the new lender’s establishment costs. Compare that combined cost with the repayments remaining on your existing loan, rather than comparing interest rates alone.

What should I ask for if my Yes Finance repayments become unaffordable?

Contact 0508 10 50 10 promptly; Yes Finance says it will discuss a suitable payment arrangement. Ask for the proposed payment, duration, additional interest and any fees in writing. A lower instalment may improve immediate affordability while increasing the eventual cost. If you are considering borrowing again to cover repayments, seek before committing to another agreement.

What can I do if I dispute a fee, lending decision or payment arrangement?

Send a complaint to complaints@yesfinance.co.nz, identifying the disputed issue and the outcome you want. Keep the quotation, agreement and relevant correspondence. Yes Finance names Financial Services Complaints Limited as its independent dispute-resolution scheme. Contact FSCL on 0800 347 257 if the issue remains unresolved or you need guidance on whether it falls within the scheme’s scope.