Finance Now

Finance Now business loan eligibility and documents

Finance Now serves commercial customers, including sole traders and companies. Its online checklist specifies applicants over 18 who are New Zealand citizens or permanent residents living in New Zealand, with current passport or driver licence identification. Confirm how these requirements apply to your business’s owners and authorised signatories.

The published business application requests the legal entity, trading history, ownership details, accountant, bank account and purchase purpose. It also includes financial information covering assets, liabilities, monthly income, expenses and surplus. Prepare identification for relevant owners and any proposed guarantors, and ask which supporting financial records are required.

No universal minimum turnover, trading period or credit score was identified in the reviewed business materials. Approval remains subject to assessment. Finance Now’s privacy policy explains its use of identity verification, credit reports and information obtained through retailers or brokers.

Who should consider this equipment loan?

This product is most relevant when a business wants to own equipment while spreading its purchase cost. Advertised uses include computers, point-of-sale systems, light industrial equipment and fit-outs; associated software or servicing can also be included.

Match the repayment period to the asset’s useful life. A five-year loan may reduce the monthly commitment, but it can leave a business paying for technology that needs replacing sooner. Assess the payment against cash remaining after operating expenses, tax and existing debt, including a quieter trading month.

Reconsider if the main need is unrestricted cash for wages, overdue bills or recurring losses. Compare other business funding options suited to that purpose. For equipment, obtain comparable bank asset-finance and rental quotations, checking ownership, insurance and exit costs.

How Finance Now business finance works

Application and agreement

1. Identify the equipment, supplier and funding required, including any associated costs.
2. Use the business finance application or apply through a participating retailer.
3. Provide the information requested for the lending assessment. An indicative repayment calculation is not approval.
4. Review the personalised schedule, security, guarantees, insurance and total payable before signing.

The published loan schedule directs payment to the equipment supplier where the loan finances an equipment purchase. Do not assume the proceeds will be unrestricted cash paid into your business account.

Approval and supplier payment

Finance Now’s retailer information advertises payouts within 24 hours, but does not establish a universal application-to-funding deadline. Ask when assessment, signing and supplier payment will be completed before committing to delivery.

Its contact page lists business enquiries on 0800 438 775 or bfenquiries@financenow.co.nz.

Questions that could change the cost or risk

• Is my interest rate fixed for the entire term, and does clause 2.2 allowing rate changes apply?
• What is the total repayment, including establishment, registration, service and insurance costs?
• Does security cover only the equipment, or additional business or personal property?
• Must anyone provide a personal guarantee, and when will it be released?
• What insurance must I maintain, and can an existing policy satisfy the requirement?
• What would early settlement cost, and does deferring the first payment add interest?
• Which dishonour fee applies: the $25 website figure or the $10 older schedule figure?

Finance Now business loan advantages and limitations

Advantages

• Ownership from the outset: Useful when equipment will remain productive beyond the repayment term.
• No-deposit option: Can preserve cash for operating expenses, subject to approval.
• Related costs can be included: Software and servicing may be financed alongside equipment.

Limitations

• Contract inconsistencies: Rate-fixing and dishonour charges need clarification before acceptance.
• Security exposure: Default can put secured assets at risk; guarantees can create personal liability.
• Continuing costs: Monthly fees and required asset insurance add to the interest charge.
• Purpose-specific funding: Equipment finance may not meet an ongoing working-capital need.

Finance Now business loan rates, fees and total cost

The business pricing page publishes interest of 0%–23.95% p.a. The 0% endpoint is not an offer available to every applicant, and fees can still apply. The calculator’s selectable rates are illustrative, rather than the full pricing range or a fee-inclusive APR.

• Establishment: Indicative $195 online; the pricing page says this one-off charge can vary by retailer.
• PPSR registration: $10.
• Account servicing: $9.95 monthly.
• Deferred payments: Options of 3–12 months are described, with interest accruing during the deferral.
• Default: Published default interest is 20% p.a. on overdue amounts under the terms. The website also lists $25 for a dishonoured payment and $10 per written correspondence item.

Resolve the conflicting documents: The pricing page describes a fixed-rate contract, while clause 2.2 of the linked business terms permits interest-rate changes with at least 10 working days’ notice. The May 2017 schedule lists a $10 dishonour fee, differing from the current webpage. Obtain a consistent written offer before signing.

Required asset cover and optional payment protection

For secured lending, the terms require insurance at full replacement value against specified risks. Allow for that premium in the equipment’s ongoing cost.

Key Person Payment Protection is separate and optional. The linked July 2021 policy wording limits cover to benefits selected on the certificate. Exclusions include pre-existing medical conditions; redundancy cover excludes self-employed people and working directors. Separate bankruptcy cover has its own conditions. Ask for the applicable policy, premium, waiting periods and benefit limits before adding it.

Illustration: financing a $10,000 equipment purchase

LoansFinder calculation, not a Finance Now quotation: Assume a $10,000 purchase, $195 establishment fee and $10 PPSR fee financed together, giving a starting balance of $10,205. At an assumed unchanged 16.5% p.a. over 36 months, standard monthly amortisation produces approximately $371.25 per month, including the $9.95 service fee.

Total repayments would be approximately $13,365.06: $3,365.06 above the purchase price, comprising interest and the stated fees. This excludes asset insurance, optional payment protection, deferral, default and early-settlement costs. Actual daily-interest calculations, payment dates and rounding may change the result.

Is Finance Now business finance worth comparing?

Finance Now merits comparison for an equipment purchase where retaining cash and owning the asset both matter. Its strongest feature is financing the equipment and associated costs without a required deposit, subject to approval. Its main limitation is the unresolved difference between advertised pricing and linked contract wording.

Compare the complete cost of ownership: repayments, fees, insurance, maintenance and eventual replacement. A manageable instalment is useful only if the equipment remains productive and the security obligations are acceptable.

Finance Now business loan FAQs

How much can I borrow, and does the online limit cover every application?

Finance Now’s online business application accepts $1,000–$20,000 over 6–60 months. This confirms the online range, rather than a maximum across every retailer arrangement. For a larger purchase, ask whether a separate assessment is available. When comparing quotations, check whether the requested amount includes equipment, software, servicing and financed fees: the purchase price and starting loan balance may differ.

Does Finance Now take security only over the equipment?

Finance Now typically registers security over purchased equipment, but its published agreement schedule also accommodates broader security and guarantors. Equipment finance does not necessarily limit your liability to that equipment. Ask whether the offer includes other business assets, personal property or a personal guarantee. Compare this scope alongside the interest rate, and include the required insurance on secured assets in your cost assessment.

Does no-deposit finance also mean I can delay repayments without extra cost?

No. Finance Now advertises no-deposit business finance, subject to approval, but that concerns the upfront contribution. Its separately described deferred-payment arrangements can postpone the first payment for 3–12 months while interest accrues during the deferral. If offered a payment delay, request quotations with and without it. Compare the starting balance when repayments begin, subsequent instalments and total payable.

Can a startup or business owner with poor credit qualify?

Finance Now’s marketing includes businesses getting started, but the reviewed business materials do not establish a universal minimum trading period, turnover or credit score. It uses credit information when assessing applications; this is not evidence of automatic acceptance for adverse credit. Before applying, ask whether your trading history and any defaults fall within its current criteria, whose credit files will be checked and whether an initial eligibility discussion creates a credit enquiry.

Is Finance Now suitable for working capital, wages or stock purchases?

The reviewed loan primarily finances business assets and equipment, with associated software and servicing potentially included. Its published agreement directs equipment-purchase funds to the supplier. Do not assume the loan provides unrestricted cash for wages, stock or overdue bills. Confirm the proposed use before applying; if you need recurring access to cash rather than a specific asset, compare business funding options designed for working capital.

Should I choose Finance Now’s business loan or equipment rental?

With the loan, you own the equipment from the outset, subject to any security interest. With rental, Finance Now retains ownership. Its rental terms describe a minimum contracted period, continuing rental payments if you retain the equipment afterwards, and return of the equipment when the arrangement ends. Compare both options over the same expected usage period, including maintenance, insurance, termination and return costs. A lower rental payment does not establish a lower overall cost or eventual ownership.

How do Finance Now’s rates and fees compare with another lender’s quote?

Finance Now publishes business interest rates of 0%–23.95% p.a. Its online calculation includes an indicative $195 establishment fee, $10 PPSR fee and $9.95 monthly service fee; establishment charges may vary by retailer. Compare the same purchase amount and term using total repayments, rather than treating the interest rate as a fee-inclusive APR.

There is also a material discrepancy: the pricing page describes fixed-rate lending, while clause 2.2 of the linked business terms allows rate changes with notice. Ask Finance Now to confirm in writing whether that clause applies to your offer.

Could early repayment make Finance Now more expensive than another lender?

Potentially, if another offer has lower settlement costs. Finance Now’s published business terms contemplate early repayment with its consent and recovery of associated losses or costs. They do not establish fee-free settlement for every business loan. If you expect to repay from a seasonal cash inflow, ask both lenders for an indicative settlement calculation at that point. Compare payments already made plus the settlement amount, including applicable charges.

What repayment support and independent complaints route are available?

Finance Now’s Credit Solutions team can discuss repayment assistance on 0800 654 377. Ask which options apply to your business contract and how any extension or payment reduction changes interest, fees and the final repayment date. A request for assistance does not itself change the payment schedule.

For a dispute, use the complaints process or email complaints@financenow.co.nz. Unresolved complaints may be referred to the Insurance & Financial Services Ombudsman on 0800 888 202, subject to its eligibility and jurisdiction. Confirm that the scheme can consider your particular business and complaint.