Guaranteed personal loans

We take you through your options, even when you feel your personal loan choices are running low.

Last updated:


Before the Global Financial Crisis (GFC), guaranteed personal loans were more readily available.

Now, lenders take much more consideration of risk and have more stringent eligibility criteria, meaning “guaranteed” personal loans are no longer available. However, you might still be eligible for a loan. Compare your options below.

⚠️ 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.

Moola Payday Loan

Borrow up to $5,000 and enjoy a flexible repayment plan.
  • Minimum loan amount: $100
  • Maximum loan amount: $5,000
  • Interest Rate: From 149.65% p.a.
  • Loan term: Up to 368 days
  • Turnaround time: Within the same day
  • Key requirements: Be 18+ years old, provide proof of recurring income
Moola Payday Loan
  • Simple application process
  • Fast turnaround time
  • $0 early termination fee
Go to site More info

A selection of loans you can compare

Name Product Maximum Loan Amount Loan Term Turnaround Time Loan Interest Minimum Monthly Repayment Establishment Fee Account Administration Fee
Up to 368 days
Within the same day
From 149.65% p.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).
Up to 42 days
Overnight, or within 60 minutes with fast payment
250% p.a
$58 (less for loans under $400)
$6.10 per month (paid in advance)
Cash Relief offers short term loans of up to $600. Eligiblity: Be over 18, working full time and not rely on welfare payments.

Compare up to 4 providers

“Am I eligible for a loan?”

Eligibility criteria differ among lenders, but you can find those willing to accept applications from borrowers in a variety of situations.

  • If you have bad credit. There is a range of bad credit providers that will consider you for a loan. You can find brands who do not conduct credit checks, but unless your credit is particularly bad, you usually don’t need this.
  • If you receive Work and Income payments. Some lenders will consider you for a loan if you receive Work and Income payments, although there are specific restrictions regarding this. You can find out more and compare them here.
  • If you’re unemployed. Unemployed applicants may be eligible for a loan. As long as you can repay the debt, the lender may consider you.
  • If you’re a current or discharged bankrupt or on a Debt Repayment Plan (Summary Instalment Order – SIO). Even if you are currently bankrupt or have been bankrupt in the past, including a Debt Repayment Plan, you may find a lender who will consider you.

Help! I’ve been offered a guaranteed loan!

If a lender has offered you a personal loan with guaranteed approval, it is likely a scam. No personal loans are “guaranteed”, and lenders that promise you approval are often looking to charge excessive interest and fees, or will get you to sign a contract with unfair or illegal terms.

You can check if a lender is legitimate by verifying whether its listed with the Financial Markets Authority (FMA) or see if they appear on the Financial Service Providers Register. You should also call its publicly listed phone number to ensure the lender is legitimate.

If you think it’s a scam, stop dealing with the lender immediately and report them to the FMA.

What types of personal loans can I apply for?

Even though guaranteed personal loans are no longer available, there are various loans you can opt for where you have a chance of approval.

  • Short term loans

A payday loan is a small loan that is only for a short period. The loan amount is usually between $100 and $2,000, and the loan term between 2 days and one year. These type of loans are referred to as “payday loans” because the loan amount and term is based on your income and pay frequency, making them less of a risk to the lender.

The costs for this type of loan may include charges for its establishment, monthly account keeping and defaults.

Most payday lenders will carry out a check on your credit history but look more at your current financial situation rather than negative marks. Use the table above to compare payday loans.

  • Secured loans

Secured loans involve you borrowing from a lender and using a significant asset, such as a car, boat or housing equity as security in case you default on the loan. These loans usually offer lower fees and rates than unsecured personal loans because the investment is less of a risk to the lender. Lenders provide these loans as variable or fixed rate options, usually for a period of six months to seven years.

  • Unsecured loans

Unsecured, bad credit personal loans are an option for people with bad credit who do not want to risk a guaranteed asset when they take out a loan. You may also choose to take out an unsecured loan if you wish to use the loan to finance something other than a large asset, such as to pay off bills or put towards home repairs, or even a holiday.

How to compare your loan options

When comparing personal loans, you need to keep the following in mind:

  • Fees. The lender should set out all the relevant costs before you settle on the loan, as this will help you have a better idea of its true cost.
  • Rates. You can expect rates to be higher with a bad credit personal loan, though it is still important to compare these rates to make sure you are receiving the best deal.
  • The lender. You also need to consider the lender. Look at how transparent the provider is with its information regarding fees and charges. You can also read online customer reviews.
Payday loan guarantor

Matt gets a guarantor

Matt is in a bit of a situation. He works part-time and also studies. Matt has so far been able to juggle his car repayments, credit card bills and day-to-day living expenses on his $20,000 p.a. income.

However, Matt does not have the ready money to cover the cost of having his car fixed. He needs his car to make it to a gig he’s playing the following weekend. Matt’s low income means he does not meet the minimum requirements for a loan, but luckily, his parents offer to become a guarantor on a loan for him. This means Matt can take out a personal loan with a bank, despite him not meeting the minimum income requirements.

Read to apply? Here’s how

To apply for a personal loan you need to be over the age of 18 and a permanent New Zealand resident or citizen. To start the application process and find out more information, click the “Go to Site” buttons in our comparison table above.

The document requirements differ between brands, but typically you need to supply some form of identification; your contact details; proof of a regular income/salary and details regarding your assets, debt and credit accounts. Please remember to compare a range of options before you apply.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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 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 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.

4 Responses

  1. Default Gravatar
    SandraSeptember 25, 2018

    I am unemployed and I also have no licence or passport I have no photo ID at all, can anyone help with a small loan?

    • Avatarfinder Customer Care
      JhezSeptember 26, 2018Staff

      Hello Sandra,

      Thank you for your comment.

      Though document requirements and eligibility criteria differ between lenders, typically you need to supply some form of identification (Driver’s licence/18+ card, Passport, Community Services Card, Utility bill showing your address). Please make note that most of the lenders in NZ check your employment and income flow as they need to be sure that you are capable of repaying the loan.

      According to the above statement, guaranteed personal loans are no longer available. You may want to reach out to the lenders that we have listed above and see if they can consider you for a loan with your current situation.

      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.


  2. Default Gravatar
    KimberleyAugust 7, 2018

    hi can I get a small loan im on a benefit and have average credit and only a 18+ card for identification

    • Avatarfinder Customer Care
      JoshuaAugust 9, 2018Staff

      Hi Kimberly,

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

      You may still be able to obtain a small loan provided that you meet the eligibility requirements. You may check out payday loans without a credit check or other cash loans.

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

      Have a wonderful day!


Go to site