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Easy-approval loans

Need a personal loan? Find out about lenders that offer easy approval

If you’re in need of some extra money but don’t think you’re eligible for a standard personal loan, you still have options to consider. Providers that offer “easy-approval loans” look beyond your salary and employment and focus on your ability to repay the loan. Find out more about your options in this guide.

⚠️ Warning: be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the MoneyTalks helpline operated by FinCap on 0800 345 123. It is open from 8:00am to 5pm, Monday to Friday and 10am to 2pm Saturday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Commerce Commission New Zealand website explains how loans works and what to be aware of when borrowing from a lender.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.

Comparison of personal loans with easy approval

1 - 2 of 2
Name Product Max Loan Amount Loan Term Turnaround Time Loan Interest Establishment Fee Account Administration Fee
Save My Bacon Flex Loan
12 - 36 months
Same day
49.95% p.a
$4 per month
Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
Medium term loans from $2,000 to $5,000 with no hidden fees.
Moola Loan
92 - 184 days
Often available in under 60 minutes
292% p.a.
(fixed for the term of the loan)
Eligibility: Be 18 or over, be in employment and be a New Zealand citizen, permanent resident or have a valid working visa.
Borrow up to $1,500 and enjoy a flexible repayment plan.

Compare up to 4 providers

How to easy approval loans work

How do easy approval loans work?

These personal loans tend to come with shorter repayments periods, but with higher fees and rates because they are easier to receive approval. You can usually only borrow up to $2,000 (you may be able to borrow more from some lenders), as opposed to a standard personal loan where you may be able to apply for as much as $50,000. However, they work the same as regular personal loans in other ways, including how you receive your funds (in your bank account) and how you repay the loan (via direct debit). However, you will obtain the money more quickly.

The three easy steps to get your loan approved

Receiving approval for your credit should not be a hassle or a nightmare, especially if you do the following:

  1. Compare a range of loans and providers to find one that’s affordable.
  2. Make sure all your supporting documents are in order, ie bank statements, identification and any additional facts the institution requires.
  3. Complete your application, being as thorough as possible and providing as much information as the lender requests.

What you need to know about personal loans with easy approval

The term easy-approval loan covers a wide range of lenders and loan types, but it is essential to realise their differences and know what factors matter when you compare lender. We’ve included some aspects to consider when making your comparison:

  • What is the actual approval period?
    With an easy-approval loan, you can apply online and receive approval instantly, as long as you have a good credit rating and can provide proof of income. Many lenders offer instant cash online within less than 24 hours, allowing you to access money without having to adhere to strict eligibility criteria or waiting for long periods before being approved. When in need of a quick cash fix, it makes more sense to go for a lender with a straightforward and quick approval period.
  • Is the loan secured or unsecured?
    Depending on your preferences and the availability of collateral, you can opt for a secured or unsecured instant loan. With a secured easy-approval loan the lender requires you to pledge collateral as security in case you are unable to pay. Collateral can be a property deed, a guarantor or even the item you wish to use the money to finance. An unsecured loan does not require you to provide any security, but your credit rating has to be good due to the extra risk the lender takes.
  • What are the interest rates associated with the loan?
    Easy-approval loans usually have higher interest rates than standard loans due to them involving a higher risk, which makes it even more important to shop around for a competitive loan to reduce the cost of borrowing.
  • Are there any payment penalties?
    Most easy-approval loans have late payment penalties, which can make them very expensive if you don’t pay your monthly repayments on time. You should consider the penalties on your instant cash loan before you apply, to avoid spending more in the long run.

What are the benefits and drawbacks of these loans?

  • Instant approval

One of the main benefits of an easy-approval loan is you can receive approval in minutes and see your money within the hour. Depending on the lender and when you apply you may need to wait one business day.

  • Loan amount

You can borrow as little as $100 or up to $2,000 with these personal loans, which allows you quick cash for anything from a car purchase to paying your rent with minimal hassle.

  • Flexible eligibility criteria

Unlike standard loans that have strict eligibility criteria, an easy-approval loan allows you to access money with less documentation. All you have to do is produce proof of residency, your ID and 90 days of your bank statements.

  • High costs

The main downside with an easy-approval loan is the high fees and interest rates you have to pay.

  • Short repayment period

With most instant cash loans you only have about three to six months to finish your repayments, which may be beyond your budget.

Things to avoid about easy-approval loans

  • Late payments.
    You should always make sure you pay your loan on time to avoid late payment penalties. Also, you should try and take out a secured instant loan if possible, as interest charges and penalties are considerably lower than on an unsecured one. If you default on the loan, your credit rating will suffer, and make it harder to access finance in future.
  • Check for extra payments.
    Not reading the fine print on an easy-approval loan can expose you to unexpected costs that will make it harder to repay. Check for processing fees and other charges the lender may not disclose on the loan application form.

How to apply for an easy approval loan

If you are in need of some quick cash, to take care of an urgent financial need, you can consider applying for one of the featured easy-approval loans on Standard eligibility criteria are:

  • Be over the age of 18
  • Be a New Zealand citizen or permanent resident
  • Provide identification, eg driver’s licence, passport, 18+ card
  • Be able to provide proof of income, (usually 90 days worth of bank statements)

Picture: Shutterstock

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  • Personal loans vs payday loans

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  • Can you repay your payday loan early?

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