Pronto Finance

Pronto debt consolidation eligibility and documents

Pronto’s FAQs require a New Zealand resident over 18 with a current New Zealand driver licence or passport. Its application terms also require applicants not to be undischarged bankrupts.

• Affordability evidence: Bank statements covering the last 90 days of income and expenses. Pronto specifies no fixed minimum income; cash income is not recognised for its assessment.
• Application details: Your bank account, active mobile number, email, employment details and existing financial commitments. All applications involve a credit check.
• Vehicle security: Where required, provide the registration plate for a vehicle registered in your name with a current warrant of fitness and registration. Existing finance normally needs clearing; discuss any security release needed for consolidation.
• Debt information: Obtain current settlement figures for each balance you intend to refinance, including any early-settlement charges.

Unsecured limit discrepancy: The application form says loans above $2,000 require a vehicle. The FAQs variously describe unsecured limits of $500 and $1,000. Neither provides a clear effective date resolving the difference. Confirm the limit before relying on an unsecured offer.

Who should consider Pronto for debt consolidation?

Pronto may suit someone with several expensive balances, sufficient income after essentials and a quotation that reduces the total remaining repayment. Fee-free early repayment is useful if you expect to make additional payments.

Reconsider if the new payment is affordable only because repayment stretches much further into the future. Moving credit-card debt onto a vehicle-secured loan also changes what is at stake: missed payments may expose your car to repossession. Be particularly cautious if you depend on it for work.

Compare other debt consolidation options and personal loans with different security requirements. Keep interest-free balances separate where refinancing would add unnecessary interest. If essential spending already exceeds income, explore debt management support and arrangements with existing creditors before borrowing again.

How to apply and consolidate your debts

Application and settlement process

1. Set the borrowing amount: Add up settlement figures for the debts being consolidated. Distinguish money needed to clear creditors from fees added to the new balance.
2. Apply directly online: Complete Pronto’s application, identify debt consolidation as the purpose and provide the requested financial and security information.
3. Review the written offer: Check your personalised rate, all fees, insurance requirements, repayment schedule and total amount payable before signing electronically.
4. Confirm settlement: Establish who pays each creditor and obtains any security release. Pronto’s general process describes payment into the borrower’s bank account; direct creditor settlement was not confirmed for this review. Obtain confirmation that each intended balance has been cleared.

Pronto’s application terms authorise credit checks and information sharing with Equifax and/or Centrix, including ongoing repayment reporting. Its privacy policy also describes automated processing of application and financial information.

How quickly can the loan be funded?

Pronto’s nine-minute funding promise starts after the signed contract is returned, or after the final joint borrower signs. It applies to ANZ, ASB, BNZ, Kiwibank and Westpac accounts between 9am and 5pm, Monday to Friday, excluding New Zealand public holidays, with a banking-system exception. This is not a nine-minute deadline for completing the application, checks and creditor settlements.

Questions to ask before accepting Pronto’s offer

• What is the total repayment, including financed fees, ongoing charges and any selected protection, and how does it compare with clearing my existing debts?
• Which administration and default charges apply, and is default interest additional to ordinary interest?
• Exactly which assets secure the loan, what insurance must I maintain, and what happens if the vehicle sale proceeds do not cover the debt?
• Who settles each creditor, handles existing security interests and confirms account closure or reduced credit limits?
• What would I save by keeping my current overall repayment amount rather than extending the repayment period?

Pronto debt consolidation advantages and limitations

Advantages: Fixed interest, a choice of repayment frequency and no early-repayment fee offer a defined repayment structure with room to pay down debt faster. The application and contract signing can be completed online.

Limitations: The lowest rate depends on assessment, weekly fees accumulate throughout the loan, and larger loans require vehicle security. Conflicting public fee and unsecured-limit information makes a written quotation particularly important.

Pronto interest rates, fees and total borrowing cost

The published rate schedule gives fixed annual interest of 9.97%–29.97%, depending on Pronto’s client rating. These are interest rates, not fee-inclusive APRs. The minimum published repayment is $20 a week, although your approved amount and term may require more.

Establishment fees: $116 for loans of $200–$499; $216 for $500–$999; and $316 for $1,000–$20,000. Pronto says these apply to new loans and refinances and are included in repayments.

The homepage and sample agreement support the higher figures, but do not establish which schedule applies to a new application. Request confirmation. Collection correspondence, enforcement and repossession can bring additional charges. Early repayment has no fee.

Required vehicle cover and optional repayment protection

The sample agreement requires insurance over collateral and recognition of Pronto’s interest. Confirm the required vehicle cover and premium before comparing costs.

A repayment waiver or payment protection insurance is optional; Pronto says you cannot take both. Obtain the price separately and check whether financing it adds interest.

The waiver terms dated 1 June 2025 include employment conditions, a 30-day exclusion period with specified accidental-injury exceptions, and exclusions for pre-existing medical and psychiatric or psychological conditions. Arrears exceeding seven days can suspend benefits until the account is brought up to date. Insurance has separate terms: Autosure’s summary identifies exclusions including pre-existing conditions and voluntary redundancy. Read the particular policy offered before accepting it.

Illustration: consolidating $10,000 over 156 weeks

Original calculation, not a Pronto quotation: Assume $10,000 is available to settle debts, a $316 establishment fee is financed, and $10,316 is repaid over 156 weeks at a fixed 17.97% annual interest rate. Interest is modelled daily using a 365-day year, with payments every seven days and administration paid weekly.

• Using $3.79 weekly administration: Approximately $89.39 a week and $13,944.93 in total loan repayments.
• Using $3.96 weekly administration: Approximately $89.56 a week and $13,971.45 in total loan repayments.

This is roughly $387–$388 per calendar month for budgeting, calculated as the weekly payment multiplied by 52 and divided by 12. Totals use unrounded payments; the final instalment may differ. The illustration excludes vehicle insurance, optional protection, existing-creditor settlement charges and default costs. Your actual rate, fees and payment dates may differ.

Is Pronto a worthwhile debt consolidation option?

Pronto’s strongest feature is repayment flexibility without an early-settlement fee. Its main limitation is the combination of vehicle-security risk and ongoing charges. Our assessment is that an offer deserves consideration when it produces a meaningful reduction in remaining repayment costs at a manageable payment level. Compare the same settlement amount and planned debt-free date: a smaller instalment alone does not establish a saving.

Repayment support and complaints

Contact Pronto on 0800 543 718 or info@prontofinance.co.nz. Its repayment-support information describes rescheduling, repayment holidays and hardship applications. Ask how any change affects interest, fees and the final repayment date.

Use Pronto’s complaints process if a problem remains unresolved. It identifies Financial Services Complaints Limited as its independent dispute-resolution scheme, available without charge on 0800 347 257. For independent budgeting support, MoneyTalks is available on 0800 345 123.

Pronto debt consolidation FAQs

Which debts can I consolidate with Pronto, and should I include every balance?

Pronto lists personal loans, payday loans, credit cards, store cards, hire purchase and overdue bills as potential consolidation uses, subject to assessment. Including every balance may not produce the cheapest result. An interest-free purchase or bill arrangement could become more expensive once refinanced at Pronto’s interest rate. Request settlement figures and compare the remaining cost of each debt before deciding which balances to include.

How much can I consolidate, and what if my debts exceed $20,000?

Pronto advertises loans of $200–$20,000 over 26 weeks to five years, subject to approval. Ask whether your approved amount is the money available to settle creditors or includes financed fees and optional protection. If your debts exceed the amount available, compare the proposed Pronto repayment plus payments on debts left outside the loan. Partial consolidation may still help, but it will not leave you with just one repayment.

Does Pronto require my car as security, and how does that affect comparisons?

The application form requires vehicle security above $2,000, while the FAQs give conflicting unsecured limits of $500 and $1,000. Obtain confirmation; see the eligibility section. For larger consolidation amounts, compare Pronto’s secured offer with any unsecured offers available to you. Refinancing unsecured debts against your car introduces repossession risk if you default. If the vehicle already has finance owing, ask whether settlement and release of the existing security can be arranged.

What determines whether I receive Pronto’s 9.97% rate?

Pronto’s published fixed rates range from 9.97% to 29.97% a year. Its pricing table assigns 9.97% to an internal Pronto client rating of 1,000 or more. That rating combines information including credit history, banking data and security; it is not simply your credit-bureau score. Compare your personalised rate and total repayment with other lenders’ written offers. The advertised interest rate does not include establishment and administration fees.

Can I qualify with past defaults or a poor credit history?

Pronto says it does not offer bad-credit loans, but its FAQs explain that decisions consider the severity of your credit profile, its client rating and affordability. A previous default is not enough information to predict the outcome. Pronto requires a credit check and 90 days of bank statements, so current income and spending also matter. Offering a vehicle does not remove the affordability assessment.

Does Pronto pay my creditors directly, and are the debts cleared in nine minutes?

Pronto’s general process describes depositing funds into your bank account; direct payment to each creditor was not confirmed in the reviewed information. Its nine-minute funding promise starts after all borrowers return the signed contract. It applies to specified major banks during weekday business hours, excluding public holidays, with banking-system exceptions. It does not establish when old accounts will close. Confirm who handles settlements and security releases, and keep existing payments current until settlement is confirmed.

How much flexibility does Pronto offer if I want to repay faster?

Pronto permits early repayment without an early-repayment fee and encourages additional payments. Full repayment also ends the ongoing weekly administration charge, making the actual time you keep the loan relevant when comparing providers. Ask for a settlement figure rather than adding up future scheduled instalments. If you purchased a repayment waiver, its published terms provide for a rebate on early settlement; ask Pronto to show any applicable rebate separately.

Which insurance costs should I include when comparing Pronto with another lender?

Distinguish insurance on the vehicle securing the loan from optional repayment protection. Pronto’s sample agreement requires collateral insurance, so check whether your existing vehicle policy meets its requirements and whether any extra premium applies. A repayment waiver or payment protection insurance is optional, and Pronto says you cannot take both. Request quotes with and without protection. Check employment requirements, exclusions and waiting periods before paying for benefits you may not qualify to claim.

Can Pronto cost more overall even if its interest rate is lower?

Yes. For loans of $1,000–$20,000, Pronto publishes a $316 establishment fee. Its Costs of Borrowing page lists $3.79 weekly administration, while its homepage and sample agreement list $3.96. Fee-only illustration: over 156 charged weeks, establishment and administration would total $907.24 or $933.76 respectively, before interest, insurance or other charges. Confirm the applicable schedule and compare the same debt-settlement amount and repayment end date across offers. A longer term can reduce instalments while increasing the final cost; see the fee comparison and repayment illustration.