bad-credit-payday-loans-featured-image

Bad credit payday loans

A bad credit payday loan could get you out of a sticky financial situation, without the need to commit to long-term debt.

We all have times where we run into unexpected expense, from car repairs to dental work and just about anything in between. When you need a little extra cash to get through to your next payday, there is the option of taking out a bad credit cash loan.

A selection of bad credit payday loans

If you’re stuck with bad credit, compare the loans below to see what offer you may be eligible for:

Sunshine Short Term Offer

Sunshine Short Term Offer

This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.

    Rates last updated April 22nd, 2019
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
    Sunshine Short Term Loans
    $2,000
    9-15 weeks
    30 minutes - conditions apply
    20% of loan amount + 4% of loan amount each month
    $396
    A small loan up to $2,000 that you repay over 9-15 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
    Wallet Wizard Smart Loan (Up to 2K)
    $2,000
    Up to 2 years
    3 hours - conditions apply
    47.8%
    $316.70
    Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
    Nimble Short Term Loan
    $2,000
    62 days to 1 year
    1 hour - conditions apply
    20% of loan amount + 4% of loan amount each month
    $396
    A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
    Cash Converters Personal Loan
    $2,000
    Up to 12 months
    Within 48 hours
    20% establishment fee + 4% monthly fee
    $396
    Cash Converters offers this loan from $400 that gives you up to 12 months to repay.
    Fair Go Finance Small Loan
    $2,000
    3-12 months
    1 business day
    Establishment fee from 10% of loan amount + monthly fee from 2%
    $354
    A small loan between $500 and $2,000 that can be funded in 24 hours.
    Capfin Short Term Loan
    $2,000
    6 to 12 months
    Overnight
    20% of loan amount + 4% of loan amount each month
    $396
    A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

    Compare up to 4 providers

    Rates last updated April 22nd, 2019
    Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
    Sunshine Short Term Loans
    $2,000
    9-15 weeks
    30 minutes - conditions apply
    20% of loan amount + 4% of loan amount each month
    $396
    A small loan up to $2,000 that you repay over 9-15 weeks. Loans approved and funded in as little as 30 minutes. Centrelink must not be your primary income
    Wallet Wizard Smart Loan (Up to 2K)
    $2,000
    Up to 2 years
    3 hours - conditions apply
    47.8%
    $316.70
    Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.
    Nimble Short Term Loan
    $2,000
    62 days to 1 year
    1 hour - conditions apply
    20% of loan amount + 4% of loan amount each month
    $396
    A loan up to $2,000 with terms up to 62 days to 1 year. Centrelink cannot be your primary source of income.
    Cash Converters Personal Loan
    $2,000
    Up to 12 months
    Within 48 hours
    20% establishment fee + 4% monthly fee
    $396
    Cash Converters offers this loan from $400 that gives you up to 12 months to repay.
    Fair Go Finance Small Loan
    $2,000
    3-12 months
    1 business day
    Establishment fee from 10% of loan amount + monthly fee from 2%
    $354
    A small loan between $500 and $2,000 that can be funded in 24 hours.
    Capfin Short Term Loan
    $2,000
    6 to 12 months
    Overnight
    20% of loan amount + 4% of loan amount each month
    $396
    A short-term loan from $500 that you can have up to 12 months to repay. All credit histories considered.

    Compare up to 4 providers

    Cash Converters Medium Personal Loan

    Cash Converters Medium Personal Loan

    Cash Converters offers medium term loans up to $4,600 for when you're in need of money and receive approved funds in your account in two business days.

    • Interest Rate From: 48% p.a.
    • Interest Rate Type: Fixed
    • Application Fee: $400
    • Minimum Loan Term: 4 year
    • Maximum Loan Term: 24 year
    • Minimum Loan Amount: $2,050
    • Maximum Loan Amount: $4,600
    Wallet Wizard Smart Loan

    Wallet Wizard Smart Loan

    The Wallet Wizard smart loan is a credit limit that lets you access up to $5,000

      Swoosh Finance

      Swoosh Finance

      Swoosh Finance offers fast, reliable and hassle-free secured loans of up to $5,000 for when you're in need of money.

      • Interest Rate From: 48% p.a.
      • Comparison Rate: 66.04% p.a.
      • Interest Rate Type: Variable
      • Application Fee: $400
      • Minimum Loan Term: 1 year
      • Maximum Loan Term: 2 year
      • Minimum Loan Amount: $2,000
      • Maximum Loan Amount: $5,000
      Rates last updated April 22nd, 2019
      Name Product Product Description Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $5,000
      Wallet Wizard Smart Loan
      Apply for up to $5,000 and be able to access your approved loan as a convenient line of credit.
      $5,000
      Up to 2 years
      24 hours
      47.8%
      $243.50
      Swoosh Finance
      A secured loan up to $5,000 you can apply for in 10 minutes. Have up to 2 years to repay what you borrow.
      $5,000
      12-24 months
      Next business day
      $400 + 48% p.a. of borrowed amount
      $244
      Nimble Medium Loan
      Apply for up to $5,000 and have up to 2 years to repay.
      $5,000
      Up to 2 years
      1 hour - conditions apply*
      Application fee of $400 + 47.62% p.a.
      $262.75
      Credit24 Medium Term Loan (Good Credit)
      A small loan with long terms: Apply for up to $5,000 and have up to 2 years to repay.
      $5,000
      12-24 months
      Same day
      $400 establishment fee + 48% p.a. interest
      $263.18
      Fair Go Finance Personal Loan
      A larger loan up to $10,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.
      $10,000
      3-36 months
      Within 24 hours
      from 17.90% p.a. + establishment fee of between $460 - $695 + $5 monthly fee
      $238.07
      Cash Converters Medium Personal Loan
      A larger loan up to $4,600 available even if you have bad credit. You'll have up to 2 years to repay.
      $4,600
      Up to 24 months
      24 - 48 hours
      $400 (establishment fee; financed under loan) + 48% p.a. interest
      $243.88

      Compare up to 4 providers

      [/fin_hide]
      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.

      Loans you may qualify for with bad credit

      Name Product Bad Credit Conditions Loan Term Turnaround Time Loan Interest Minimum Monthly Repayment Account Administration Fee Establishment Fee
      Open to applicants with minimum credit score as low as 300.
      Up to 3 years
      Same day upon approval
      From 9.95% p.a.
      N/A
      $10 per month
      $250

      Compare up to 4 providers

      Can I obtain a payday loan with bad credit?

      Payday lenders operate with different lending criteria to other institutions, such as major banks, which is the main reason they can offer loans to borrowers with negative marks on their credit file. Payday lenders consider your employment situation; how much you earn; whether you receive Work and Income payments and will look at the last 90 days of your bank statements to see if you’re eligible for a loan.

      If your credit rating is dreadful, but you still have a regular income, a no credit check payday loan may be something to consider.

      Am I eligible for a loan?

      The requirements vary from each institution, but you usually need to meet the following criteria:

      • A New Zealand citizen or permanent resident
      • Over 18 years of age
      • Receive a regular income, either through employment; Work and Income benefits or a private source, eg investments.

      These criteria are an example of the standard eligibility requirements. You should check you meet the eligibility criteria set by the lender before you apply.

      What features come with a bad credit payday loan?

      The features that come with a short-term bad credit loan include the following:

      • Convenient online application. Lenders allow you to apply online and the application process only takes a few minutes. You should hear a response immediately.
      • Receive your money quickly. It’s standard for payday lenders to offer a one-day turnaround. If you submit your loan by the cut-off time, usually 4:00pm, your funds will arrive the next business day.
      • Apply for as much as you need. These lenders offer various loan amounts, usually between $100 and $2,000. You may also find loans up to $10,000.
      • Easy repayments. Lenders usually direct debit your repayment from your account automatically, so you don’t have to worry about missing a payment.
      • Repay the loan early. You can usually repay the loan early without penalty. However, make sure you check the product disclosure statement (PDA) to see if this applies to your loan.

      How to find the right payday lender for you

      With so many payday loan providers appearing online, it may be difficult to know where to look first. It’s essential you find the right loan for you, so finder has found specific aspects of payday loans for you to consider before making a final decision.

      • Research lenders thoroughly.
        Lenders will have the right to access your bank account details, so you need to be sure they are trustworthy and have a good reputation. Look at each website carefully and make sure it is easy to find the provider’s policies and loan terms. Some online lenders have a “live chat” tool, where you can discuss your needs and ask questions. It is also advisable to read reviews and testimonials from other customers.
      • Find out what the fees and interest rates are.
        High fees and interest rates are the price you pay for efficiency and fast access to funds. Make sure you check these out and can afford the repayments.
      • What is the turnaround time for receiving your funds?
        How fast do you need the money? Do you need it within an hour, or do you have a day or two to spare? Most lenders transfer the money directly into your account, within a time frame of 1 to 24 hours (on business days).
      • Can you get loan extensions or redraws?
        Some loan companies may extend the term of your loan for up to 90 days. Of course, the provider will charge extra fees for this. Before you sign anything, always ask what happens if you cannot pay back the loan on time. Make sure to ask about any hidden or extra fees you might incur within the time you have to pay back the loan. You should have a reasonably good idea of how quickly you can pay off the loan, so try to avoid an extension if you can.

      Loan for car repairs

      Car accident bad credit loanHarry was driving when he had a small car crash, colliding with a tree. The bonnet of his car was pushed out of shape and the engine needed repairs. The total cost was close to $1,000, but he didn’t have the money or the credit history to access a loan. He needed the car repaired quickly, so looked at his short-term loan options. Harry was employed full-time in government work and was approved for a small loan, which he needs to repay over his next two paydays. The loan was in his account on the same day and he quickly had the car repaired.

      The good and the not so good of payday loans

      • Quick and easy application process.
        Being able to lodge your application online removes the hassle of paperwork and provides a convenient, simple solution to unexpected expenses.
      • Quick turnaround time.
        Many lenders will deposit the funds into your bank account within 24 hours.
      • Bad credit history.
        Most lenders focus on your current financial status, which is ideal for anyone with a low credit rating.
      • Many brands from which to choose.
        There are many reputable online lenders from who you can choose. It’s important that you find the right company to suit your needs.
      • Higher fees.
        The fees are higher than for most other personal loans and may end up costing you more than you can afford.
      • Payday loans are not a long-term solution.
        If you are having financial difficulty, a payday loan is just a “quick-fix” short-term solution. It Is not going to help minimise your overall long-term debt.
      • Dishonest lenders.
        Unfortunately, fraudulent lenders operate online. It can be hard to detect dodgy lenders since you cannot walk into their store. There is only one way to avoid taking out a loan with a dishonest lender – do some research. Make sure the lender you choose is well-known and reputable.

      How can I apply for a payday loan without being ripped off?

      With so many lenders out there, applying for a bad credit payday loan can be tricky. Use the comparison table above to guide your decision-making process. Follow the “More Info” and “Go to Site” links to the lenders’ websites for further information on what each can offer you. Make sure you assess your financial situation first, to ensure you can meet the repayments.

      Was this content helpful to you? No  Yes

      Ask an Expert

      You are about to post a question on finder.com:

      • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
      • finder.com is a financial comparison and information service, not a bank or product provider
      • We cannot provide you with personal advice or recommendations
      • Your answer might already be waiting – check previous questions below to see if yours has already been asked

      Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

      By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

      Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

      8 Responses

      1. Default Gravatar
        LizzyFebruary 9, 2019

        Hi, I’ve got bad credit and I need some cash till payday, please.

        • finder Customer Care
          JoshuaFebruary 17, 2019Staff

          Hi Lizzy,

          Thanks for getting in touch with Finder. I hope all is well with you. :)

          Upon checking, I could see that you’re on the right page. Please check the comparison table above and check your options. You can compare based on fees, loan interest, and loan term, to name a few. Once you found the right one for you, click on the “Go to site” green button to learn more or initiate your application.

          Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

          I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

          Have a wonderful day!

          Cheers,
          Joshua

      2. Default Gravatar
        StephanieSeptember 27, 2018

        I’m on a full-time job but want at least a good amount of cash to tidy up a lot of bills before Christmas. Who will be suitable with a bad credit history?

        • finder Customer Care
          JhezelynSeptember 29, 2018Staff

          Hello Stephanie,

          Thank you for your comment.

          Lenders will usually check your capacity to repay a loan. Hence, as long as you meet the eligibility criteria and the requirements set by the lender, you could be considered for a loan.

          The lenders listed above may consider you for a loan because they do not perform a credit check. Ensure that you have met the eligibility criteria before submitting an application. Please click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

          Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

          Regards,
          Jhezelyn

      3. Default Gravatar
        GeoffJuly 4, 2018

        I am in full time employment & have ok credit. I recently had some unexpected costs arrive from nowhere and need an emergency loan but the problem is, my only forms of I.D are birth certificate, an expired drivers licence and a trade licence with name and photo on it. Are there any “fast loan” companies that won’t see this as an issue?

        • finder Customer Care
          joelmarceloJuly 7, 2018Staff

          Hi Geoff,

          Thanks for leaving a question on finder.

          You can apply with Ferratum to see if you will get approved.

          The requirements vary from each institution, but you usually need to meet the following criteria:

          – A New Zealand citizen or permanent resident
          – Over 18 years of age
          – Receive a regular income, either through employment; Work and Income benefits or a private source, eg investments.

          These criteria are an example of the standard eligibility requirements. You should check you meet the eligibility criteria set by Ferratum before you apply from by clicking HERE.

          Cheers,
          Joel

      4. Default Gravatar
        MakaylaJune 28, 2018

        I am looking for a quick loan for food until my next pay day. I do have bad credit.

        • finder Customer Care
          joelmarceloJune 29, 2018Staff

          Hi Makayla,

          Thanks for leaving a question on finder.

          You can apply with Ferratum to see if you will get approved.

          The requirements vary from each institution, but you usually need to meet the following criteria:

          – A New Zealand citizen or permanent resident
          – Over 18 years of age
          – Receive a regular income, either through employment; Work and Income benefits or a private source, eg investments.

          These criteria are an example of the standard eligibility requirements. You should check you meet the eligibility criteria set by Ferratum before you apply from HERE.

          Cheers,
          Joel

      Go to site