📣Borrow up to $75,000 unsecured!
Your credit score is how lenders decide whether or not to lend you money. Bad credit scores can be caused by not paying your bills on time, missing loan payments and applying for too many loans. Having a bad credit score doesn’t mean you can’t get a loan, it just means you need to be careful about what type of loan you apply for, to avoid getting into trouble. Many people apply for loans with bad credit, only to discover their credit wasn't that bad after all!
What to do with a low credit score
Every time you apply for a loan, a credit check is performed. Details of these checks are kept on file for approximately four to five years. Applying for multiple loans within a short period of time can negatively impact your credit score. This can indicate that you're applying for more than you can repay. You can learn more about factors that influence your credit score on the government's consumer protection website.
The key thing to remember is this – when applying for a loan, it’s vital to choose the right Loan Company. Here are three factors to consider when deciding which lender to choose:
- Choose a low cost lender. High-cost loans can impact your credit score. Loansmart is a low-cost lender
- Choose a reputable company
- Choose a company that can provide more options, for more chances of success
Who is a good candidate for a loan
| Age Group | Loan Advantages / Opportunities |
|---|---|
| 18-25 | - Opportunity to build credit history - Student loan or education financing options - Small credit options for first car or personal loans |
| 26-35 | - First-home loan schemes (e.g., KiwiSaver home deposit subsidies) - Financial support for starting a family - Opportunity for debt consolidation to optimize finances |
| 36-50 | - Loan options for upgrading or investing in property - Business loan or startup financing support - Refinancing opportunities for stable interest rates |
| 51-65 | - Pre-retirement debt reduction or loan optimization - Accessing equity (e.g., home equity loans) - Loan products for portfolio diversification |
| 65+ | - Reverse mortgages (to access home equity) - Loan schemes to supplement pension income - Specific non-age-discriminatory products (subject to financial eligibility) |
Detailed Loan Parameters
Annual Interest Rates (AIR) range from 9.95% p.a. to 35.50% p.a.
Loan terms range from 6 to 84 months. Processing fees apply.
Unsecured borrowing up to $75,000(Amounts determined by individual financial capabilities)
Smart Loan Process
- Apply online
- Provide photo ID and recent bank statements
- Discuss your needs
- Evaluate your application and find the best option for you
- Provide options; select your preferred option
- Loan documents will be sent to you for you to sign online
- Funds will be deposited into your account
FAQ
❓How much can borrow
The maximum unsecured loan amount is $75,000, and the maximum secured loan amount is $150,000. Your actual loan amount depends on your financial situation.
❓What can do with a same-day loan Almost anything you need extra funds for! These include small cash loans, home renovation loans, wedding loans, car loans, and emergency loans.
❓What is the average loan processing time
The sooner you apply on the same day, the better. Applications are processed in the order they are received. Some days are busier than others, so apply first to get to the front of the line! Once your loan is approved, the funds will be deposited into your account immediately. The speed at which funds arrive depends on your bank account.
Carefully assess your repayment ability, research multiple lenders, and prioritize transparent loan terms. Important: Loan terms vary by lender and individual circumstances. Read carefully before committing.
