Finance Now

Finance Now eligibility and application requirements

You must be at least 18 and a New Zealand citizen or permanent resident currently living in New Zealand. Finance Now assesses whether you can meet the new repayments alongside your other commitments.

Its published credit criteria favour consistent, verifiable income and require good credit experience, or a suitable guarantor, with no recent payment or loan defaults to other financial institutions. Meeting the basic requirements does not establish approval.

• Identification: Prepare a valid passport or driver’s licence and information needed to verify your residential address.
• Financial information: Have employment details, after-tax income, regular expenses and existing commitments ready. Supporting bank statements or payslips may be requested.
• Debts being consolidated: Obtain current balances and settlement figures, including any fees charged by existing creditors.
• Self-employed applicants: Finance Now’s FAQ asks for evidence of at least one full financial year of self-employment and the latest financial year’s IRD acknowledgement.

When this consolidation loan could make sense

Finance Now is worth comparing if several expensive accounts are difficult to manage and your personalised offer provides a realistic route to clearing them. Compare the total remaining repayments on your existing debts with the new loan’s total, including settlement fees, new charges and any insurance.

Consider leaving a cheap or nearly repaid balance outside the consolidation. Moving it into a longer loan can increase its cost, even if combining everything feels simpler. Also decide whether to close repaid credit accounts or reduce their limits so that the new loan does not sit alongside fresh borrowing.

Compare other debt consolidation options and suitable personal loans using the same amount and repayment period. If repayments are already unaffordable, explore creditor hardship arrangements and debt management support before taking on another loan.

How Finance Now debt consolidation works

Application and settlement

1. List the accounts you want to settle and request up-to-date settlement amounts.
2. Follow the application link on Finance Now’s official consolidation page and provide the requested identity and financial information.
3. Finance Now checks your circumstances and, if approved, provides the proposed rate, repayments, fees and agreement.
4. Confirm who pays each existing creditor, when payments will arrive and whether account closure is included. Keep meeting existing obligations until settlement is confirmed.

Finance Now’s privacy policy describes obtaining and sharing information with credit reporting agencies. Ask how a quotation or application will be recorded before submitting multiple applications.

How long does it take?

Finance Now says funds can reach your account within 24 hours after approval and receipt of the required documents. This is an indicative funding timeframe, not a promise that every existing debt will be settled within a day.

Questions to ask before accepting the loan

• What are my fixed rate, repayment amount and total payable, including every compulsory charge?
• How much will reach my existing creditors after fees and any insurance are financed?
• Does the lower repayment come from a better rate, a longer term, or both?
• Which asset, if any, secures the loan, and must I insure it?
• What would I pay if I settled early, and how are additional repayments treated?
• Who handles creditor payments and closure of the accounts being consolidated?

Finance Now advantages and limitations

• Defined repayment plan: A fixed rate and scheduled end date can make progress easier to track than revolving credit balances.
• Choice of security arrangements: Unsecured lending is available, while suitable security may help with the amount or rate offered.
• Additional repayments: Finance Now permits extra payments, although full early repayment can attract a charge.
• Wide rate range: The advertised minimum is not an indication of the rate you will receive or the savings you will achieve.
• Asset exposure: Securing previously unsecured debts introduces the risk of losing the pledged asset if you default.
• Costs of switching: Establishment, ongoing and possible settlement charges can erode a modest interest saving.

Finance Now interest, fees and total repayment cost

Your rate depends on factors including credit history, the amount borrowed and any security. The annual interest rate is only one part of the comparison: financed fees also increase the amount on which interest may be charged.

The published personal loan fee schedule lists:

• Standard charges: $215 to establish the loan and $2.50 per month.
• Conditional charges: A $7.90 Personal Property Securities Register fee, $95 loan variation fee and charges for certain administrative requests.
• Default costs: A $5 dishonoured payment fee and $10 per written default correspondence. The listed default interest rate is the higher of 28% p.a. or your annual rate plus five percentage points; its application is governed by the agreement.

Finance Now’s repayment guidance confirms that early settlement charges can apply. Request a dated settlement quote rather than assuming the displayed balance is the amount needed to close the loan.

Optional insurance and exclusions

Payment Protection Insurance adds a separate cost if selected. The PPI booklet linked from the insurance section includes exclusions for specified pre-existing conditions and redundancy occurring within the first 30 days. Redundancy cover also excludes self-employment and certain temporary or contract work. Confirm the policy version, eligibility, premium and any interest on a financed premium before accepting cover.

Illustration: a lower payment can cost more overall

This LoansFinder calculation assumes $10,000 is used to settle debts, the $215 establishment fee is financed, interest is fixed at an illustrative 15% p.a., and a $2.50 service fee is paid monthly. It uses monthly amortisation and excludes insurance, security charges, existing lenders’ settlement fees, missed payments and early repayment charges. It is not a Finance Now quotation.

The longer term reduces the monthly payment by about $111.10 but increases total repayments by about $1,893.02. Figures use unrounded calculations; actual payment dates, interest calculation and rounding can change the result.

Is Finance Now a suitable consolidation lender?

Finance Now’s strongest feature is the ability to replace several eligible debts with one fixed repayment plan. Its main limitation is that the personalised rate and any security requirement can substantially change the value of the offer. The decisive comparison is whether the new agreement clears your debts at an affordable payment and an acceptable total cost, allowing for how long you will remain in debt.

Finance Now debt consolidation FAQs

Which debts can I consolidate, and should I include every account?

Finance Now lists personal loans, credit cards, overdrafts, store cards and hire purchase agreements as eligible debt types. Ask for a comparison with and without any interest-free, low-rate or nearly repaid balance. Including those accounts could replace inexpensive borrowing with interest-bearing debt over a longer period. For hire purchase or secured loans, obtain a settlement figure that includes any exit charges and confirm how the existing security will be released.

How does Finance Now’s advertised rate compare with the rate I might receive?

As checked on 5 October 2026, Finance Now advertises fixed rates of 8.25%–29.95% p.a. until 14 January 2027; the published minimum becomes 8.45% for applications received afterwards. Its rate guidance says your offer depends on the amount, credit profile and any security, including its value relative to the loan. Compare your personalised quotation with other debt consolidation offers, using the same settlement amount and term.

Could Finance Now’s fees outweigh a lower interest rate?

Yes, particularly when consolidating a small balance or debt with little time remaining. Finance Now’s fee schedule lists a $215 establishment fee and $2.50 monthly service fee. Over 36 months, those charges total $305 before interest or conditional costs. Add existing creditors’ settlement charges and any optional Payment Protection Insurance. If a fee or premium is financed, include the interest charged on it when comparing total repayments.

Will Finance Now pay my creditors and close the old accounts?

Finance Now’s product page describes providing funds to repay existing debts, but does not clearly establish whether direct creditor payment and account closure are standard for every application. Obtain written confirmation of who pays each creditor, the settlement date and who requests closure. This is a useful provider comparison: paying a card balance and closing its credit facility are separate actions. Ask how any interest or fees posted after settlement will be handled.

Is Finance Now an option if I have bad credit or recent defaults?

Its published criteria distinguish between limited credit experience and recent finance defaults. Finance Now refers to good credit experience, or a suitable guarantor, while separately specifying no recent payment or loan defaults to other financial institutions. A guarantor therefore should not be treated as a way around the default criterion. The page does not define “recent”; explain the dates and status of any defaults before proceeding with a full application.

Would offering my car as security get me a better consolidation rate?

Finance Now says security can help increase the available amount or reduce the offered rate, and that larger loans require security under its standard credit policy. However, it publishes the same headline rate range for secured and unsecured personal loans. If both are available to you, request quotations for the same amount and term. Compare the actual saving against security registration costs, any required asset insurance and the risk of losing the pledged asset if you default.

Can I compare a Finance Now quotation without affecting my credit record?

Finance Now’s privacy policy describes obtaining information from credit reporting agencies and sharing credit information with them. The reviewed pages do not confirm a separate soft-check quotation process. Before applying, ask when a credit enquiry is recorded and whether an indicative personalised rate is available beforehand. Check the same point with competing lenders: using a repayment calculator, requesting a quotation and submitting an application may involve different checks.

How can I tell whether the smaller repayment represents a real saving?

Request two comparisons: one using the proposed Finance Now term and another using your existing planned debt-free date, where affordable and available. This separates savings from a lower rate from payment relief achieved by borrowing for longer. Compare total payments from today, including switching costs, and keep your assumed payments on existing debts consistent. Our repayment illustration shows how extending the same loan from three to five years lowers the instalment while increasing the total repaid.

Is Finance Now suitable if I expect to repay the loan early?

Finance Now’s repayment guidance allows additional payments but says early settlement charges can apply. If you expect a bonus, asset sale or other lump sum, ask how partial repayments and full settlement are treated separately. For provider comparison, request the estimated cost of settling at your intended date, including any charge, rather than comparing only the full-term repayment totals. Confirm whether extra payments shorten the term or change later instalments.

What support is available if consolidation repayments become difficult?

Finance Now’s hardship team is available on 0800 654 377. It assesses your circumstances before agreeing to changes; contacting the team does not itself alter the repayment schedule. Ask how any proposed extension or payment reduction affects interest and the final repayment date. Independent debt management support is also available, including free financial mentoring through MoneyTalks on 0800 345 123.

For general enquiries, call 0800 40 50 70. Follow Finance Now’s complaints process for disputes. If unresolved, you can seek free assistance from the Insurance & Financial Services Ombudsman on 0800 888 202.