In this guide

  • Review
  • Details
    • Product details
  • How does the NOW Finance Secured Personal Loan work?
  • How to apply
  • Features of this loan
  • How much does a NOW Finance Secured Personal Loan cost?
  • Compare other personal loans
  • Your reviews
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NOW Finance Secured Personal Loan

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NOW Finance Secured Personal Loan

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Application Fee
$0
Interest Rate (p.a.)
From 6.75% (fixed)
Comparison Rate (p.a.)
6.75%
Max Loan Amount
$100,000

Summary

Borrow from $15,000 up to $100,000 with terms up to 7 years. Rates are risk-based and the loan requires you to secure your loan against an asset.

NOW Finance has been providing loans to Australians since 2013, and has since become one of Australia's largest non-bank lenders. This loan requires security, however NOW Finance also have an unsecured product. Since it's risk-based, your interest rate will personalised based on your credit score and credit history. There are no fees for this loan, so your only cost is the interest rate you receive.

Pros

  • Obtain a personalised rate
  • Get a personal loan advisor
  • Quick application process

Cons

  • Needs an asset security as collateral
  • Low credit scores might attract higher interest rates

In this guide

  • Review
  • Details
    • Product details
  • How does the NOW Finance Secured Personal Loan work?
  • How to apply
  • Features of this loan
  • How much does a NOW Finance Secured Personal Loan cost?
  • Compare other personal loans
  • Your reviews

Details

Product details

Product Name NOW Finance Secured Personal Loan
Interest Rate (p.a.) 6.75% to 21.65%
Comp. Rate (p.a.) 6.75% to 21.65%
Interest Rate Type Fixed
Min Loan Amount $15,000
Max Loan Amount $100,000

How does the NOW Finance Secured Personal Loan work?

NOW Finance secured personal loans feature personalised rates. Therefore, the better your credit score, the lower the rate that you could be offered. Rates vary between 6.75% p.a. and 21.65% p.a. with comparison rates varying between 6.75% p.a. and 21.65% p.a.

NOW Finance also offer a personal loan advisor who is there to help borrowers throughout the life of their loan. These advisors can talk to you over the phone to help you understand your rate, repayment schedule, and all fees and charges associated with your personal loan application.

How to apply

If you're thinking of applying for a personal loan from NOW Finance, simply click "Go to site" to visit the lender's site directly. Applications take roughly 10 minutes to complete.

Eligibility

  • Be an Australian citizen or permanent resident
  • Be 18 years old or over
  • Have a stable income – full time, part-time, self-employed (for more than 24 months) or casual (for more than 3 months) are all eligible. Centrelink applicants can be eligible if Centrelink is a secondary income to employment (i.e. less than 50% of your entire income).
  • Have no defaults (paid or unpaid) or active payday loans
  • Not be a current or prior bankrupt or be party to a court judgement
  • Have viable asset security

Documentation

You will also need to have the following documentation handy:

  • A copy of your Australian passport or driver's licence and Medicare card
  • A letter or payslips from your employer
  • Proof of address - Driver's License / Bank statement/ Utility Bill/ Centrelink Statement/ Rates Notice/ Lease Agreement.
  • Proof of rent and/or mortgage payments
  • Bank statements
  • Details of any amounts owing, including other loans, credit/store cards and overdrafts

Depending on your circumstances, your advisor may ask you for additional information.

Remember that while this is a competitive loan product, it's still a good idea to compare your secured loan options prior to submitting an application.

Features of this loan

NOW Finance's personal loans come with the following features:

  • Personalised rate. Rates for NOW Finance loans are risk-based. So, the better your score, the lower the rate you could be offered.
  • Loan amount. Funding amounts vary from $15,000 to $100,000.
  • Loan term. Terms vary from 18 months to 7 years.
  • Fixed rate. NOW Finance offers fixed rate personal loans, meaning that rates won't change over the course of the loan term.
  • Flexible terms. You can adjust the loan amount, term and repayment schedule to suit your needs.
  • Loan advisor. Borrowers will be allocated a personal advisor to guide them through the loan process.
  • Quick application. Applications take around 10 minutes to complete.
  • Quick funding. Once your application is approved, you could see funds in your account from 24-48 business hours.
  • Secured. This loan product requires asset security as collateral.
  • No fees. This loan comes with no establishment or monthly fees. Also, there are no penalties for repaying your loan early.

How much does a NOW Finance Secured Personal Loan cost?

You will pay these fees

CostAmount
Interest Rate6.75% to 21.65% p.a.
Comparison Rate6.75% to 21.65% p.a.
Establishment fee$0
Ongoing fees$0 per month

You might pay these fees

CostAmount
Early pay out fee$0
Cash advance fee$0
Additional repayments fee$0
Late payment fee$0
Dishonour fee$0
Paper statement fee$0

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Verified Lending Used Car Loan
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NRMA New Car Loan
Fixed1 - 7 Years $5,000 - $130,000
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OurMoneyMarket Used Car Loan - No Vehicle Age Limit
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
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Comp. Rate (p.a.)
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Application Fee
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Monthly Fee
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Monthly Repayment
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NRMA Used Car Loan
Fixed1 - 7 Years $5,000 - $130,000
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8.49%
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Monthly Fee
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Monthly Repayment
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