NOW Finance Personal Loans

Eligibility

To apply for a loan with Now Finance, applicants must:

• Be at least 18 years old.

• Be Australian citizens or permanent residents.

• Have a regular source of income (not primarily from Centrelink).

• Not be declared bankrupt or have had a credit default

You'll need to provide proof of ID, as well as proof of income and expenses. If you're self employed, you'll need to have had your ABN registered for at least two years, while if you're a casual worker, you'll need to have been in your position for three months minimum.

Loan purpose

Now offers unsecured personal loan for the following purposes:

• Debt Consolidation Loan

• Travel Loan

• Medical Loan

• Home Improvement Loan

• Funeral Loan

Terms

Now Finance unsecured personal loans have the following terms

If you are self employed, you are only eligible for a Now Finance unsecured personal loan if your business' ABN has been registered for at least 24 months and you can provide your ATO individual notice of assessment for the current or prior financial year end.

Application time

If you're interested in borrowing with Now, you can get a quote with your personalised rate on the website, which won't affect your credit score. You can then complete an official application.

Now says it takes less than two minutes to receive a response. Once the loan is approved, it takes between 24-48 hours for you to receive the funds.

Now Finance personal loans rates

Now Finance offer personalised rates for borrowers depending on their credit history. In general, rates start low and are adjusted upwards based on how risky the borrower is. The exception is loans for home renovation. If the loan is secured against equity in the property, discounted rates may be available.

Generally speaking, Now is competitive with other non-bank players offering similar products.