Yes Finance

Yes Finance eligibility and required information

The eligibility page requires NZ citizenship, residency or a current work permit, acceptable identification and a completed application. Its wording says applicants must be over 18, while the FAQ says at least 18; confirm eligibility if you are exactly 18.

Yes Finance assesses income consistency, employment and residential stability, existing outgoings, credit history and proposed security. Defaults require an acceptable explanation, and a guarantor may be requested. A guarantor takes on repayment obligations if you do not pay.

Prepare a current passport or driver licence, recent bank statements, and details of income, expenses, assets and debts. Obtain settlement figures from existing creditors so the requested amount reflects what is actually needed to close those accounts. The privacy policy explains credit-bureau checks, identity verification and information sharing.

When Yes Finance consolidation may be suitable

This option may suit someone with several costly debts, reliable income and a realistic repayment plan. Its value depends on the approved rate, charges and repayment period—not simply having fewer payment dates.

Compare each debt separately. Moving an expensive credit-card balance may help, while refinancing an almost-repaid loan or interest-free balance could increase its cost. You do not need to consolidate every account for the exercise to be worthwhile.

Reconsider if the proposal puts an essential vehicle at risk, extends repayment substantially or leaves too little for living costs. Compare other personal loan options. If repayments are already unaffordable, explore debt management and repayment support before adding another loan.

How to apply and settle existing debts

Application and assessment

1. Start through the official debt consolidation application, or call 0508 10 50 10 for assistance.
2. Complete the initial enquiry and any fuller application requested. Supply financial information and proposed security details.
3. Review the written offer, including the amount available for creditors, financed charges, insurance, repayment schedule and total payable.
4. Confirm who will settle each creditor and obtain confirmation that the intended balances have been cleared. Arrange closure or reduced limits where appropriate.

The application allows secured and unsecured enquiries. For unsecured lending, Yes Finance requires stable employment, sufficient income and no prior adverse credit history.

Decision and repayment timing

Yes Finance says most loans can be approved within one day. This is an indication, not a commitment to funding or creditor settlement within 24 hours. Outstanding documents and checks can delay the process.

Questions to resolve before accepting an offer

• What rate applies to my consolidation loan, and which published fee schedule does this quotation use?
• How much reaches my creditors after charges and insurance, and who arranges their settlement?
• What is the total payable, including existing lenders’ exit costs and any required asset insurance?
• Which assets secure the agreement, and does the security also cover other borrowing with Yes Finance?
• Can my existing insurance satisfy the security requirements, and what does optional payment protection add to the cost?
• What would extra repayments or full settlement cost, and how much would a shorter term save?

Advantages and limitations

Advantages

• A fixed repayment term creates a defined finish date for balances previously carried on revolving credit.
• Telephone assistance is available alongside the online application.
• Secured lending may accommodate circumstances that do not meet the stricter unsecured criteria.

Limitations

• Published rates can reach 29.9% p.a., so consolidation may offer little or no saving.
• Security can expose an existing asset to recovery action following default.
• Setup, ongoing and potential early-settlement charges reduce any interest saving.
• Inconsistent public pricing makes the completed quotation particularly important.

Yes Finance interest, fees and total borrowing cost

The consolidation page quotes 14.95%–29.9% p.a., while the FAQ quotes 14.9%–29.9% p.a.. Neither establishes which starting rate currently applies to a particular applicant. The sample agreement provides for a fixed annual rate, with interest calculated daily and charged monthly.

Published charges

The personal fee schedule effective 1 June 2026 lists:

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

The product page still displays $240 secured, $200 unsecured and $50 per additional borrower. The newer dated schedule is the stronger pricing reference, but obtain written confirmation of applicable charges.

The schedule’s other charges, dated 16 September 2022, include a $100–$150 personal-loan settlement administration fee, with possible interest-loss compensation. The sample disclosure specifies $100 for early-settlement administration and differs on some default charges; request the current amounts.

The sample disclosure also shows default interest of 35% p.a. on overdue payments, plus default, dishonour and potential recovery costs. These are additional risks, not the ordinary advertised borrowing rate.

Required and optional insurance

The secured-loan terms require pledged assets to remain insured on the specified basis. Budget for any additional premium. If an insurance premium is financed, interest increases its total cost.

Credit Contract Insurance is optional. The Janssen policy wording makes cover dependent on employment category, insured events and benefit limits; its death benefit excludes payments already overdue. Check the policy version, exclusions and certificate supplied with your offer rather than assuming every interruption to income is covered.

Illustrative repayment calculation

Illustration, not a Yes Finance offer: refinancing $10,000 over 36 months at an assumed 19.9% p.a. gives approximately $371.13 a month in principal and interest, or $376.13 including the monthly account fee. Assuming one secured borrower, $266 in setup charges paid upfront and six $5 statements, total payments are approximately $13,837.

This calculation uses monthly amortisation; Yes Finance calculates interest daily, so a quotation will differ. It assumes timely payments and excludes required asset insurance, optional cover, existing creditors’ exit charges and contingent fees. Include these before deciding whether refinancing saves money.

Is Yes Finance debt consolidation worth considering?

Its strongest feature is the ability to replace several balances with a defined repayment plan, supported by online and telephone applications. The main limitation is the combination of potentially high pricing and asset security. Compare debt consolidation alternatives using the same balances and repayment period. The decisive measure is the complete cost of becoming debt-free, alongside an instalment your budget can sustain.

Yes Finance debt consolidation FAQs

How much can I consolidate, and can I use a car that is still on finance?

Yes Finance generally advertises personal loans of $1,000–$25,000, potentially more depending on circumstances and security; this is not a separately confirmed consolidation limit. Its FAQs say an asset with existing finance may still be considered depending on its equity. Ask how settling that finance would affect the amount available for your other creditors.

Can I consolidate without security, and what changes if I pledge my car?

Published unsecured lending is limited to $2,000, with stable employment, sufficient income and no prior adverse credit history required. Pledging a car introduces repossession risk and an obligation to maintain acceptable asset insurance under the contract terms. Compare any additional insurance cost alongside the interest saving. Asset insurance is separate from optional payment protection insurance.

Does Yes Finance consider previous defaults, or do I need a clean credit record?

Previous credit problems may be considered for secured lending, but Yes Finance checks credit history and asks for an acceptable explanation. Its unsecured criteria exclude prior adverse credit history. These are different approval routes. Before comparing an offer with another lender, establish whether it requires security or a guarantor: either changes the risk attached to borrowing, even if the repayment looks affordable.

Which Yes Finance rate and fees should I use when comparing lenders?

Use a written personalised quotation. The consolidation page advertises 14.95%–29.9% p.a., while the FAQ starts at 14.9%. The fee schedule effective 1 June 2026 lists establishment fees of $195 secured or $150 unsecured, below the product page’s $240 and $200. Additional charges apply. Ask for the amount paid to creditors, total financed and total payable so financed fees or insurance do not distort the comparison.

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

Its terms allow funds to be paid to the borrower or as the borrower directs, but the public consolidation information does not establish an automatic creditor-payment and account-closure service. Request itemised settlement instructions, including payment dates and any shortfall caused by accrued interest. Clearing a card balance and closing its credit facility are separate actions; confirm who handles each.

Can repayments follow my payday, and does changing the schedule cost extra?

Yes Finance offers weekly, fortnightly and monthly repayments. Its published fee schedule lists a $25 charge for changing the payment day or frequency. Agree the schedule before signing, particularly if your pay cycle may change. When comparing quotes, convert weekly payments to a monthly equivalent by multiplying by 52 and dividing by 12; multiplying by four understates the annual commitment.

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

Include exit costs in the comparison. The fee schedule lists $100–$150 for personal-loan settlement administration, plus possible compensation for interest-rate-related losses. The sample agreement instead specifies $100 administration. Request confirmation and an illustrative settlement figure for your intended payoff date. Full settlement and occasional extra repayments are different: ask separately how each is charged and applied.

Should I consolidate every debt, or leave cheaper balances outside the loan?

Ask Yes Finance to price both options. Refinancing an interest-free balance or a loan close to its final payment could add borrowing costs even when the combined instalment falls. Yes Finance generally offers terms of one to three years, which may extend some existing debts. Compare the total remaining payments across all accounts under each option, including debts left outside the consolidation and any settlement charges.

What support is available if the new repayment becomes unaffordable?

Call 0508 10 50 10 or email info@yesfinance.co.nz promptly. The sample agreement describes written hardship requests explaining the circumstances and seeking a term extension, payment postponement or both. Ask how a proposed change affects interest and total repayment. Send complaints to complaints@yesfinance.co.nz. Yes Finance identifies Financial Services Complaints Limited, on 0800 347 257, as its free external service for unresolved complaints.