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Emergency loans for single mothers

Are you a single mother looking for a loan? There is finance available when you need emergency funds.

⚠️ 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.
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

If you’re a single mother, there are a variety of reasons why you might need access to finance. Whatever the reason, there are loan options available.

You can consider a short-term lender, a traditional bank or credit union or an alternative financial solution. Find out more below and compare your loan options.

What choices do I have?

  • Short-term loan. These loans let you borrow between $100 and $2,000, or sometimes up to $10,000. You can be in a variety of financial situations, including receiving Work and Income payments or having bad credit, but bear in mind that higher fees and rates may apply.
  • Bank loan. Some banks offer same-day loans for existing customers, which gives you an option if you need money fast. You need a good credit history to be eligible, but a bank may still consider you if you receive Work and Income payments.
  • Alternative finance. There are various low-interest loans available to those on low incomes, and charities that offer financial assistance. Depending on your circumstances, you may want to consider these.

What are the alternative finance options for single mothers?

  • No Interest Loans Scheme (NILS). Good Shepherd New Zealand provide the NILS and it is designed for purchasing essential goods and services. You can apply for up to $1,000, and Good Shepherd arranges it so repayments are made at an affordable amount over a set period. You need to have a Community Services Card, have resided in your current premises for three months and show a willingness and capacity to repay.
  • Work and Income advance. If you receive Work and Income payments, you may be able to obtain an advance on your benefit or emergency assistance if you have an immediate need for essential goods. Depending on what the money is for, Work and Income usually directly pays the supplier. How much they lend you is dependent on what the money is for, e.g. rent, school uniform or supplies, appliances or furniture.
  • Ngā Tangata Microfinance Trust (NTM). A registered charitable trust, NTM provides loans that have no interest or fees. It offers two loans, an Asset Building loan, to be used for essentials like homeware and whiteware, and a Debt Relief loan which you have to use to pay off another high-interest loan. Check out its website for the other conditions that apply.

How to compare emergency loans for single mothers

  • Take note of interest rates and fees. Take a close look at the lender’s product disclosure statement (PDS), so you know what costs might apply if you make a late payment, change your payment dates or repay early.
  • Find out what loan amounts are available. Different lenders may offer different minimum and maximum amounts. You don’t want to borrow more than you need, so apply for a loan as close as possible to the amount you need.
  • Check if the loan terms are flexible. Compare the terms of the loan, so you have an optimal time to make repayments. Most lenders require that you pay back the funds on or before your “next payday” and automatically deduct the funds from your account.

Things you should avoid when looking at emergency loans

  • Be careful of borrowing too much.

When you’re in need of emergency funds, it can be easy to borrow more money than you need. While this might help your current financial situation, it may cause more problems in the future, because over-borrowing can put you in deeper debt and you may find it harder to repay the loan.

  • Watch out for the expensive fees and penalties.

If you take the first loan you see, you might incur high and frequent fees or extra penalties. For example, if you don’t compare the available loans, you may find yourself paying an unnecessary application fee or ongoing maintenance fees.

  • Disreputable lenders.

Make sure you check the loan provider’s website to ensure it’s a reputable company. There have been many cases where scammers have pretended to be a loan provider, so see how easy they are to contact and check their credit licence.

  • Multiple applications.

Each loan application you make shows up on credit reports. Although a loan provider may not consider your credit history, if you make too many applications over a short time, it can have a negative impact on your credit score.

  • Inflexible loan terms.

Compare the loan term so you have the optimal time for making repayments. Most lenders require you to pay back the loan within the “next payday” and deduct payment automatically from your account.

  • Legal issues.

Once you sign the loan agreement, customers are bound by the conditions until the full loan, including rates and fees, are paid. These loans are usually unsecured, which means loan providers can start legal proceedings if you default on the loan.

    Ready to apply?

    Check you are eligible for the loan before you apply. You typically need to meet the following requirements:

    • Be over 18
    • A New Zealand citizen or permanent resident
    • Earn a regular income

    You also need to provide documentation to prove your income, usually 90 days of bank statements, a form of identification and details of your employment, income, assets and debt.

    More guides on Finder

    • Payday loans in Auckland

      We look at payday loans available in Auckland, including which lenders are based here and how to compare loan providers.

    • Payday loans for single parents

      Single parents often do it tough. If you are running low on cash and need to pay for things such as food, school items or even transport, a payday loan might be able to help you out of a bad situation.

    • $1,000 cash loans

      Don’t stress if you need $1,000 cash urgently. Consider applying for a loan from a payday lender for a fast financial solution.

    • Urgent cash loans

      How to find fast access to finance when you need it the most.

    • Car repair loans

      Your guide to the finance options available when you need some extra funds to repair your car.

    • Low-income loans

      Need to borrow money but you’re on a low income? There are lenders that will consider you. Find out what your options are and how much you need to earn to be eligible for a low-income loan.

    • Personal loans vs payday loans

      Find out the difference between personal loans and short term payday loans to see which will be best for you.

    • Can you repay your payday loan early?

      Why not repay your payday loan early if you can? Find out which lenders let you close your loan early without charging you a penalty or fee.

    • Loans for bankrupts

      If you have declared bankruptcy and need a loan, there are options available.

    • $1,500 loans you can apply for

      Find out which lenders will approve you for a loan up to $1,500 and what you need to apply.

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