MyFinance

Who can apply after MyFinance's brand change?

Use Instant Finance's current requirements when considering a new application. Its application guide covers applicants living in New Zealand who are citizens or residents, and work-visa holders whose loan can end within their visa period. The minimum application age is 18.

• Identity and address: A valid passport or driver licence, plus recent address evidence. Alternative identification may require a branch visit.
• Income and spending: Three months of bank transactions and evidence of income, such as payslips, benefit information or self-employment records.
• Affordability and credit: The lender assesses income, expenses, existing commitments and credit history. A previous default does not automatically rule out approval, but this is not no-credit-check lending.
• Security, if required: Ownership, valuation and insurance information for the proposed asset.

When this borrowing route may suit

A shorter Instant Finance cash loan may suit someone with a one-off expense and enough surplus income to repay it over three months or longer. Branch support may be useful when income or documentation needs explanation.

Reconsider if you need borrowing only until your next payday, or if repayments depend on taking another loan. For a small bill, compare the quoted total with a payment arrangement from the bill provider and other short-term borrowing options. If essential spending already exceeds income, explore help with managing debt before adding another repayment.

How to apply through Instant Finance

Application and assessment

Start through the official Instant Finance application or a branch. Provide your borrowing requirements, contact details and financial information. The lender follows up for missing documents, assesses affordability and credit, and determines whether security is required.

Read the privacy policy before submitting. Assessment can involve identity providers, credit-reporting agencies and other information sources; account and repayment information may also be shared. An application can appear on your credit file.

Before accepting, check the cash you will receive, any fees added to the balance, the repayment schedule and the total payable. Existing MyFinance customers should obtain account-specific information rather than assume new-loan pricing applies to their agreement.

Approval and payment timing

Instant Finance aims to respond the same day and says approved funds are commonly available that day or within 24 hours of approval. Missing information, verification and outstanding conditions can extend the process. A response is not necessarily an approval or payment.

Questions to ask before accepting an offer

• How much cash will I receive, and how much will I initially owe after financed fees and optional products?
• What is the total repayment for the shortest term I can afford after essentials and existing debts?
• How does weekly, fortnightly or monthly repayment affect the number of administration charges and total interest?
• Which assets secure the loan, what insurance is compulsory, and what registration or discharge costs apply?
• Is any repayment-protection product optional, what does it exclude, and what would the loan cost without it?
• What would I owe if I settled early, missed a payment or needed a repayment arrangement?

Advantages and limitations

Advantages: Personalised fixed interest provides rate certainty; online and branch applications offer different ways to supply documents; and applicants with benefit income, self-employment or past credit difficulties can be assessed individually.

Limitations: MyFinance is no longer being presented as a separate ongoing brand. Standard cash-loan fees weigh heavily on small balances, and security may add insurance costs and asset risk. A longer term can reduce each instalment while increasing the overall cost.

Interest, fees and the cost of a short-term loan

Instant Finance publishes fixed annual interest of 9.95%–29.95%, with the offered rate depending on the applicant, credit history, amount and security. Fees added to the loan also attract interest.

The 1 March 2026 fee schedule lists maximum charges; some may be lower:

• Establishment: $100 for new borrowing up to $500; $220 above $500.
• Identity verification: $2.55 per person face to face, or $7.70 for remote digital and biometric verification.
• Administration: $3 per scheduled instalment.
• Security registration: $8.05 automatically or $16.10 manually through the Personal Property Securities Register. Where land security is involved, listed mortgage or caveat registration is $455 and discharge is $447, subject to third-party charges.
• Later changes: $25 for full early repayment and $50 for a formal contract variation, where applicable.

Small-loan implication: On $1,000 of new borrowing, the $220 establishment fee alone equals 22% of the cash borrowed. That is a fee comparison, not an APR; interest, verification and administration costs are additional. A shorter term reduces the time interest accrues but does not remove the setup fee.

Official repayment example

Instant Finance's published example uses $10,000 over three years at 29.95% annual interest: 156 weekly payments of $102.54, totalling $15,996.24. This includes $5,300.54 interest and $695.70 in fees: $220 establishment, $7.70 identification and $468 administration. The instalments and total reconcile. This is a longer-term illustration, not a short-term quote, and it includes no insurance, security-registration or default costs.

Insurance and repayment protection

For secured borrowing, the published contract requires insurance on secured property, with the lender's interest recorded. Budget for that cost separately. The FAQs recommend payment protection insurance, while the contract also describes an optional repayment waiver; ask which product is actually offered and obtain its price and wording.

The waiver has exclusions and waiting periods: incapacity protection excludes the first seven days, while redundancy protection excludes the first 28 days and does not cover resignation or self-employment. Existing medical conditions can also be excluded. These examples are not the full conditions.

Missed payments and additional charges

For the current contract, overdue amounts attract 5% annual default interest in addition to ordinary interest. Listed charges include $7.50 weekly once an account is at least seven days overdue, $5 for a reversed payment and $45 for a default notice. Enforcement and third-party recovery costs may follow. Older agreements have different default provisions.

Is MyFinance a current short-term loan option?

MyFinance's official page now explains its transition into Instant Finance, so a new borrowing decision should use Instant Finance's quotation. Its strongest feature is the choice of application channels alongside individual assessment. The main limitation for short-term borrowers is the weight of fixed fees on a small loan. Compare the same cash amount and repayment period with other personal loan options, including compulsory insurance and security costs.

MyFinance short-term loan questions

Are MyFinance and Instant Finance two different lenders to compare?

The official MyFinance notice says its customers and brand are being brought under Instant Finance and the MyFinance brand is being retired. Treat older MyFinance advertisements as historical information, rather than a competing current offer. For new borrowing, compare an Instant Finance quotation with other providers; for an existing MyFinance balance, check your own agreement and settlement figure.

If I only need $500, is there a cheaper option than a standard cash loan?

Instant Finance's standard cash loans start at $500 over three months, but it also advertises a separate Fast $500 promotion: an unsecured $500 loan at 0% interest, with a $95 establishment fee and no administration fee. The advertised total is $595 if repaid as agreed, over a maximum of 92 days. Only one outstanding Fast $500 loan is permitted.

The promotion is restricted to promotional periods, so confirm availability. Its linked terms list 39.95% annual default interest on overdue payments, distinct from standard cash-loan terms. If you do not qualify for the unsecured promotion, a secured alternative may have different pricing. Request the applicable written disclosure before comparing offers.

Why can a lower interest rate still produce an expensive short-term loan?

On Instant Finance's standard cash loans, the published establishment fee is $100 for up to $500 in new borrowing and $220 above $500. A $220 fee on $1,000 equals 22% of the cash borrowed before interest and other charges; this is a fee comparison, not an APR. Identification charges and $3 per scheduled instalment also apply, and financed upfront fees attract interest. Compare the total repayable for the same cash amount and repayment period, using your offered rate rather than the advertised minimum. The current pricing page separates these charges.

Can I compare an offer with bad credit without submitting several applications?

Instant Finance considers applicants with previous credit problems, but still assesses credit history and affordability. Before making a formal application, ask whether it can discuss likely eligibility and fees without recording a credit enquiry, and when personalised pricing becomes available. Its cash-loan page says applications appear on your credit file and may affect your score. Being willing to consider bad credit does not establish that the resulting offer will be affordable or competitive.

How do benefit income, self-employment or a work visa affect my options?

Instant Finance may consider benefit income and self-employment, subject to verification and affordability. Prepare bank statements and relevant income records rather than assuming a regular salary is required. Work-visa applicants must provide their passport and visa, and the loan cannot extend beyond the visa term. A shorter permitted term can mean larger instalments, so compare repayment amounts over the period you can actually qualify for.

Is a secured loan worth considering for a small, short-term expense?

Instant Finance offers secured and unsecured lending, and available security can influence the amount and rate offered. A secured quotation needs a wider comparison: include registration charges and any additional insurance cost alongside interest. Assets pledged as security may be repossessed following default. For a small loan, ask for an unsecured comparison where available and assess whether the actual cost saving justifies putting the asset at risk.

Would repaying early make the loan substantially cheaper?

It depends on the product and settlement date. Standard Instant Finance loans have a published $25 full early-repayment fee, with unused interest and administration charges rebated. The Fast $500 promotion instead advertises early repayment at no extra cost. Early repayment does not necessarily refund upfront charges. Request a settlement calculation showing which fees remain payable, then compare payments already made plus the settlement amount with the original total. Existing MyFinance customers should confirm their agreement's provisions.

How should an existing MyFinance customer compare a top-up or refinance?

Ask the servicing team whether additional borrowing would be a separate loan or would replace your existing agreement. Compare the extra cash received, total future repayments and new final repayment date with keeping the existing loan and financing the extra amount separately. A smaller combined instalment can conceal a longer commitment. Further lending remains subject to assessment.

The MyFinance notice lists 0800 260 000 and online@if.co.nz. Request your current settlement figure and an itemised proposed offer before deciding.

Should I request repayment support before borrowing again to cover instalments?

If the problem is an existing repayment you cannot afford, ask the servicing branch about repayment support or a hardship application before taking additional credit. A revised arrangement and a new loan have different costs and consequences; request the proposed total repayment and end date for each. Instant Finance's general support number is 0800 760 000.

If a dispute remains unresolved, follow the formal complaints process. The independent Insurance & Financial Services Ombudsman Scheme provides free dispute resolution and can be contacted on 0800 888 202.