Bad Credit Options

Personal Loans with Bad Credit

Bad credit is something that becomes attached to you (quite literally) if you have defaulted on your financial obligations or loan repayments in the past. Typically, a repayment left unpaid for more than 60 days is considered a default. Depending on the details of the organisation where you obtained the credit facility, if they list or report you to one of the credit reporting agencies they use, this can and will affect your ability to obtain credit and finance in the future.

If you currently have bad credit, our personal loans service could help you turn it around. As you know it can be difficult to convince a bank or other credit provider to loan you money or finance goods when you have a low credit score, so paying off a loan with us can actually help you improve your credit profile.

How do credit inquiries affect credit?

Every time you apply for a credit product, like a credit card, charge card or loan, a credit inquiry is recorded on your credit profile for a term of five years. These remain on your file whether you are rejected or accepted. This means that other companies will see all the credit inquiries over a short time as likely evidence that you have applied for credit and they have been declined – if they haven’t been declined, it may still harm your chances for getting finance, as providers will assume that if you are paying off the products indicated by the credit inquiries on your file, you will be less able to pay back what they lend themselves. This is why it’s important to only apply for credit or loans when you really need it – applying too often, whether successful or not, can make your credit situation look worse.

Are there options?

Everyone deserves a second chance. Talk to us about taking out a bad credit loan to start improving your credit profile. To help you know what you can apply for, we have created the guide below. Please read this before making an application.

It is worth applying for an unsecured loan if your bad credit is limited to:

  • No more than one default to a finance company or bank, which is paid off
  • No more than two small unpaid defaults to any other company

It is worth applying for a secured personal loan if your bad credit is limited to:

  • No more than one default to a finance company or bank, that you are currently paying off
  • No more than two small unpaid defaults to any other company; and
  • You own a car or a home

Unfortunately, we do not have the resources to help you if you are:

  • Currently bankrupt
  • Currently under a No Asset Procedure

So if you think you meet our criteria and need a loan, all you have to do is apply online in less than five minutes and we’ll contact you.


So what’s on my credit report?

What are credit reports? A credit report includes any payment defaults recorded against your name. A default is where a payment has been overdue for more than 30 days, and the lender has taken steps to recover the outstanding amount.

A default can stay on your credit record for five years, even after you have paid the amount in full.

A credit file can also show how much you’ve borrowed and whether you are making regular repayments (such as credit card, hire purchase, car finance and mortgage repayments) on time. Payment of power and phone bills may also be included in your file. So the more repayments you make on-time, the cleaner your credit report is.

Who holds my credit details?

The following credit reporters operate in New Zealand:

To correct or freeze information on a credit report, make sure to contact all three.

How do I check my credit rating?

Everyone has a legal right to request information held about us by a credit reporter – at no cost.

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