Bad Credit Loans

It can be very difficult to get loans when you have bad credit. There are not many lenders who are willing to take risk lending to people whose credit ratings are not up to standard. That’s where we come in, through research and customer feedback we have put together information, help and tips on how and where to get bad credit loans in New Zealand.

What is bad credit loans?

Bad credit loans are loans that you can get even if your credit is not up to standard. This can be due to previous loans not paid, overdue loans, missed payments on hire purchase and anything to do with previous loans not being paid on time. Don’t worry this should not stop you from getting loans in New Zealand, but it will limit you to only few lenders that are still willing to take the risk in providing loans


Secured loans

You can get a secured loan by using something that own as collateral and pay off your loan once you have enough money and get your item back. A pawnbroker can be the best option to use when getting small amount of secured loans. You can take your valuables and pawn it to get cash instantly. You can find more on secured loans > here


Borrowing from family and friends

One of the best way to get bad credit loan is to borrow it from your family and friends as in this case you can agree on the interest which will be significantly less then what finance companies will charge and the time you need to pay off your loan by. Make sure you keep to your word and pay off the loan on time and with any interest if any.  This is going to save you heaps on interest and fees so consider this type of bad credit loan before going to finance companies.

Borrowing from Finance companies

Getting a bad credit loan in New Zealand can be costly as there is significant risk involved for the lenders. In order to cover the coast of other bad debts and the risk of people not paying their loans on time the finance companies will charge high interest rates and fees. Make sure you do your research and compare the interest rates and fees before signing up for a bad credit loans from finance companies.  We have put together a list of finance companies that offer bad credit loans in New Zealand.  You can read more about bad credit loan providers  >here

Unsecured loans with bad credit

You can get unsecured loans even if you have bad credit, it can be a very fast solution to your money shortage. This type of loan can be applied though finance companies and paid back when you get paid or you can pay it back in installments.

Unsecured loans are usually very short term and usually have high interest rates so make sure you read the terms and conditions before you sign up for a unsecured bad credit loan in NZ. Make sure you will be able to pay the loan back within the time limit otherwise a late payment will incur fees and very high interest charge. If the loan is not paid it, it can affect your credit rating and make it harder to get loans in can find out more on bad credit unsecured loans in NZ


Bad Credit Loans