$1,200 fast cash loans

Trying to find a way to cover emergency cash shortfalls can be stressful. You might start looking for a loan, only to see you don’t meet the criteria because of your credit history, income or employment status. No matter what your financial circumstance there are options available to you, whether it be a lender with less stringent criteria or a no or low-interest loan.

Compare short term loans from $1,200

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Name	Product	Maximum Loan Amount	Loan Term	Turnaround Time	Loan Interest	Minimum Monthly Repayment	Establishment Fee	Account Administration Fee
Moola Payday Loan		$5,000	Up to 368 days	Within the day	From 149.65% p.a.	N/A	$21.23	N/A	Borrow up to $5,000 and enjoy a flexible repayment plan. Eligibility: Be over 18, have an ongoing source of income, working visa applicants accepted (conditions apply).	Go to site More Info	Compare	loading Fetching your data...

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• Warning about Borrowing

  

  Warning about borrowing

  High-cost short term credit is not a long-term financial solution and can be expensive if borrowed for a long period. You should always refer to your loan agreement for exact repayment amounts.

  Check your options before you borrow:

  • For information on managing debt and further advice, call the New Zealand Federation of Family Budgeting Services on 0508 283 438 (freephone).
  • Talk to your utility providers to see if you can agree on a payment plan.
  • If you receive benefits from the government, ask about an advance from Work and Income. Phone: 0800 559 009.

  The Commerce Commission New Zealand website explains how loans work and what to be aware of when borrowing from a lender.

What are the $1,200 loan options available?

• If you have bad credit

Loan options are more limited when you have bad credit. When it comes to a $1,200 loan, many payday lenders will consider you even if you have negative marks on your credit file. What you need to show is your ability to manage the loan repayments, whether this is through Work and Income payments or regular employment.

• If you have good credit

There are more options available if you have good credit. If you need the money urgently, check if your bank offers same-day personal loans to existing customers. If it doesn’t, an overdraft can usually be set up from your transaction account within a day, giving you access to a line of credit. While you have the option of applying for a conventional personal loan, these are usually available for amounts upwards of $5,000.

Smaller personal loan options you can apply for >>

• If you’re eligible for a low or no-interest loan

Low and no-interest loans are essentially financial assistance programs, aimed at those receiving Work and Income payments or on lower incomes. To be eligible, you usually need to:

• Have a Community Services card or pension card
• Have resided at your current address for more than three months
• Show a willingness and capacity to repay the loan
• Not be using the loan to pay rent, bills or a holiday

The loan is usually designed to finance essentials, which includes household items such as furniture, washing machines and fridges, and some medical, dental services and educational necessities like computers and textbooks.

How you can compare and find the right loan for you

• Know what you’re eligible for. You may be acceptable for some lenders and not others, so check the minimum eligibility before you apply. You need to meet requirements for income, age and residency, and there may be restrictions if you receive Work and Income benefit.
• Check what the fees will be. Ideally, check out the cost on the loan providers website before you apply, or on your loan product disclosure statement (PDS).
• What are your repayments? While your repayment terms, such as how long you have to repay the loan, may vary, your provider will usually structure the repayments according to the frequency of your pay.

The costs of borrowing $1,200

For a loan under $2,000, you typically have to repay it within a term of 2 days to one year.

Harmoney offers a range of loans, so to find one that suits your requirements and to view the terms and conditions, see its website. An example of a $1200 loan with Harmoney, can be taken out over a year with an interest rate of 16.49% p.a., and monthly instalments of $109.16. However check out its other costs, e.g. this loan has a hefty $500 application fee.

Questions you might have about $1,200 loans

• Can I apply for a loan if I receive Work and Income payments?

  Yes, some lenders offer Work and Income loans to applicants who show they can manage the repayments. Review the eligibility criteria in the review pages before you apply to see the requirements you need to meet.

• When will I receive my loan?

  This differs between lenders. Potentially, if you submit your application and accept your loan contract before 2:30pm on a business day, you will receive your loan amount on that same day. Some lenders can have the loan to you within the hour.

• How do I make repayments?

  Your lender will outline this in your loan contract. However, the loan repayments are usually direct debited from the bank account the provider deposits your loan into, on the agreed upon dates.

• I won’t have enough money to cover my repayment. What do I do?

  The first step is to get in touch with your lender; this may save a late fee or a direct debit dishonour fee. Your lender may be able to set up a payment plan or delay the repayment for you.

• When can I apply for another loan?

  It is important to note that payday loans aren’t designed to be a long-term financial solution. If you do need to ask for another loan, you need to completely repay the first loan before applying. You can apply with the original lender or find a different one.

Elizabeth Barry

Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at The Lizzies. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).