Whether you need a small loan to pay off credit card bills or you’re struggling to meet other financial obligations, you may be surprised to learn that there are many ways to get loans for bad credit in New Zealand. In fact, many credit unions offer a range of financial products to help with your debt problems.
Direct debit loans
Generally, bad credit loans come with high interest rates and fees. These fees can add up and make it difficult to pay back the loan. It is important to know your options and work with the lender to get your loan paid off. If you need help, you can contact the Citizens Advice Bureau for free advice. They can put you in touch with a non-profit organisation that can help.
If you have direct debit authority, you can set up automatic payments for your bills. This can be for a fixed amount every month or a variable amount every day. You should ensure that you have the money in your account to cover each payment.
Payday loans
Having a bad credit score can limit your access to traditional borrowing sources. In the quest for a quick buck, you might be tempted to take out a payday loan. However, these flimsy loans come with hidden costs. For instance, you may end up paying a hefty overdraft fee. You might also be required to pay an astronomical fee for each direct debit payment you make.
Getting a payday loan is like putting a square peg in a round hole. While the process is not entirely painless, it can help you out of a jam. The key is finding a lender who is willing to make you an offer.
Debt relief loans
Obtaining a bad credit debt relief loan could be the smartest thing you do for your credit score in years to come. Aside from the actual loan, there are other options for bad credit borrowers to consider such as debt consolidation, debt management and debt settlement programs. These programs are designed to help consumers find their footing in the financial services industry. Some local banks have their own debt management programs while others offer a slew of loan products. The best part is that these programs are free to participate in. These programs can save you thousands of dollars in the long run.
Crester Credit
Having a bad credit score is not a disqualification to apply for a Crester Credit loan. Unlike many lenders, Crester Credit offers genuine loan choices and flexible repayment terms. You can apply online in as little as seven minutes.
There are a few things to know before you apply. First, you will need to have a valid NZ driver’s license. Next, you will need to complete a secure Credit Sense link. Finally, you will need to select the appropriate loan amount.
During your application, Crester Credit may access personal information from a credit reporting agency. They may use that information in the ways outlined in the credit report and in connection with clause 4. They may also share that information with other third parties, such as a guarantor.
Nectar
Whether you are looking for personal loans to purchase a car, debt consolidation, wedding costs, vet bills, or home improvements, Nectar NZ can help you take control of your finances. They have a fast and easy online application process and competitive rates.
When you apply for a Nectar loan, you will receive a personalized loan offer in just seven minutes. You can then decide whether or not to take out the loan. In addition, Nectar provides payment protection insurance if you are uncertain about your ability to pay.
Nectar loans are 100% online and you can apply for one from the comfort of your own home. All you have to do is enter a few details, upload a few documents, and you can have the funds transferred to your account on the same day.
Good Shepherd New Zealand
BNZ and Good Shepherd New Zealand are teaming up to provide interest free Good Loans, as well as other no-cost loan schemes to support people in need. BNZ is providing staff and resources to help Good Shepherd NZ with its community finance initiatives.
Good Loans is a micro finance scheme, delivering interest-free personal loans to eligible low-income New Zealanders. It is a partnership between Good Shepherd New Zealand, the Ministry of Social Development (MSD) and BNZ. Its remit is to help clients build their financial capabilities and improve their household budget.
The no-cost Good Loans program offers up to $7k in interest-free loans. The Good Loans program has been around for five years, and has helped over 4,000 families in the process.