Life’s pretty good at throwing curveballs when you least expect it and sometimes these curveballs can lead to some expensive emergencies. A quick loan could help see you through a hard time when you’re in need of fast cash. We’ll explore what quick loans are, if they’re safe, and how to get a quick loan.
Overview:
- What are quick loans?
- Are quick loans safe?
- What is the easiest quick loan to get?
- How to get a quick loan
- FAQs
What are quick loans?
A quick loan in New Zealand typically refers to a small, short-term loan that can be obtained quickly, often within the same day. These loans are designed to provide fast access to cash for emergencies or urgent expenses. Quick loans are usually offered by non-bank lenders, such as online lenders and payday loan companies, rather than traditional banks.
Are quick loans safe?
Quick loans can be a safe option if used responsibly and obtained from a reputable, regulated lender. In New Zealand, lenders offering quick loans are regulated by the Credit Contracts and Consumer Finance Act 2003 (CCCFA), and this can provide some peace of mind to borrowers.
However, despite this regulation safety net, you should always:
- Conduct thorough research into the type of loan you need and the lenders available.
- Make sure the loan fits within your budget and is something you can comfortably afford to repay.
- Ensure you fully understand the loan terms and conditions before signing any agreement.
What is the easiest quick loan to get?
The easiest quick loan to get in New Zealand is typically a payday loan or a small personal loan from an online lender. These loans are designed to provide fast access to cash with minimal eligibility requirements, making them relatively easy to obtain, especially for those who need money urgently and have a less-than-perfect credit history.
How to get a quick loan
To get a quick loan in New Zealand, follow these steps to ensure a smooth application process and choose the right loan for your needs:
1. Determine your loan needs and amount
Decide how much money you need and how quickly you can repay it. This will help you choose the right type of quick loan, such as a payday loan or a short-term personal loan.
2. Research and compare lenders
Look for reputable lenders that offer quick loans, including:
- Banks
- Credit unions
- Online lenders
- Payday loan companies
When comparing lenders, ensure you look at:
- Interest rates
- Loan terms
- Customer reviews
- Whether the lender is registered and follows New Zealand’s lending regulations
3. Check your eligibility
Review the eligibility criteria for each lender. Generally, you must be:
- At least 18 years old
- A New Zealand resident or citizen
- Have a regular income
Some lenders may also require a minimum credit score or a stable employment history.
4. Prepare all your relevant documentation
Having all your relevant documentation ready to go before you apply for a loan can make the application both faster and smoother. Generally, the documentation you will need includes:
- Proof of identity: passport, driver’s license, or birth certificate.
- Proof of income: recent payslips, bank statements, or benefit statements.
- Proof of address: utility bills or bank statements showing your current address.
- Bank account details: your New Zealand bank account information for loan disbursement.
5. Apply for the loan
Once you have completed all your research, checked your eligibility, and gathered all your documentation, you should be ready to apply for the loan. Most quick loan providers have online application forms that are straightforward and easy to complete. Fill out the application accurately, providing all required information and documentation.
Some lenders may have a physical location where you can apply in person, but you should confirm this with your chosen lender before you apply for the loan.
6. Review loan terms and conditions
Once your application is submitted, the lender will review it and, if approved, provide you with a loan offer. Carefully read the loan terms, including the interest rate, fees, repayment schedule, and any other conditions. Make sure you fully understand the cost of the loan and the repayment obligations.
7. Accept the loan offer
If you agree with the terms, accept the loan offer. This can often be done online with an electronic signature.
8. Receive your funds
After accepting the loan terms, the funds will typically be deposited directly into your bank account. Many lenders can disburse funds within a few hours or the same day, depending on their processing times.
9. Repay the loan on time
Ensure you repay the loan according to the agreed-upon schedule to avoid late fees, higher interest rates, and negative impacts on your credit score.
10. Consider your options
If a quick loan is too costly or not the best option for you, consider other alternatives like
borrowing from friends or family, using a credit card, or looking into financial assistance programs.
Need cash in a flash? Swoosh is here to help!
Facing unexpected expenses and need some extra funds to see you through? Apply online for a quick loan with Swoosh today!
FAQs
Which type of loan does not require a credit check?
In New Zealand, several types of loans do not require a credit check or have minimal credit check requirements. These loans are typically easier to qualify for but often come with higher interest rates and shorter repayment terms due to the increased risk for lenders.
Is it hard to get a personal loan?
Getting a personal loan is not necessarily hard, but the ease of obtaining one will depend on:
- Your individual circumstances such as your credit history, income, and any existing debt
- The loan amount and purpose of the loan
- Each lenders requirements
- The type of lender
- Whether the loan is secure or unsecured
How quickly can I get a personal loan?
The speed of obtaining a personal loan in New Zealand can range from a few hours to several days, depending on the lender and the completeness of your application. Online lenders typically offer the fastest turnaround times, often providing same-day or next-day funding, while traditional banks and credit unions may take longer. To get a loan quickly, ensure your application is complete and choose a lender known for fast processing times.
