Personal loans for casual and part-time employees

If you're working part-time or casually, you may still be eligible for a short term or personal loan

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Working irregular hours is common in New Zealand. Whether you are a student, a parent, a shift-worker, or in a role where your hours change week to week, you may still be eligible for a loan. Lenders see casual workers as more of a risk because there is no guarantee of continued work. If you work in casual or part-time employment it is important to know there are loan options out there to consider.

Compare personal loans for casual and part-time employees

  • Personal loans

The majority of lenders require you to be in permanent or full-time employment in order to obtain finance. However, some lenders’ minimum criteria only require you to earn a regular income or that you to meet a minimum annual income. Take a look at some of your other options below and select “Compare” to see if you meet the lender requirements before applying.

Compare personal loans for casual and part-time employees

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Application Fee
3 or 5 years
$250-$1,450 depending on the amount borrowed
A secured personal loan from $2,000 to $200,000 with repayment instalment options. Eligibility: Be an 18+ NZ permanent resident, earn $30,000 or more, have a good credit history and collateral/security.
9.15% - 22.95%
Up to 7 years
An unsecured personal loan up to $25,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.
8.90% - 20.95%
Up to 7 years
A secured personal loan up to $50,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.
13.95% - 23.95%
Up to 60 months
$125-$595 depending on loan size
A secured loan from $1,000 to $50,000 with a quick online application process. Eligibility: Be an 18+ permanent NZ resident, have collateral/security, earn at least $450 per week.
9.95% - 23.95%
Up to 60 months
$95-$595 depending on loan size
Borrow up to $20,000 and apply online within 5 minutes. Eligibility: Be over 21, hold permanent NZ residency, have collateral/security, earn at least $450 per week.

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  • Short term loans

These are small loans that are used to cover unexpected expenses or if you need a smaller loan amount for less than one year. These loans require evidence of regular pay, but casual workers who are paid the same each week by working regular hours may still be eligible. These loans are for a duration of 16 days to one year and are for amounts of $100 to $2,000, but higher amounts up to $5,000 are also available. Compare your options below and select “Compare” to see if you meet the lender requirements before applying.

Compare short term loans for casual and part-time employees

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

What is the difference between a part-time and casual employee?

Part-time employees

  • Work, on average, less than 35 hours per work
  • Usually have regular work hours each week
  • Are entitled to the same benefits as full-time employees but on a pro rata basis
  • Are permanent employees or on a fixed term contract

Casual employees

  • Have no guaranteed hours and usually work irregular hours
  • May not get paid sick or annual leave
  • Receive a higher rate of pay per hour than part-time or full-time employees

Tips for part-time employees

If you are employed part-time you will have more loan options than a casual employee, but approval isn’t guaranteed. Here are some tips on getting your application across the line:

  • Check the minimum income. Your employment is considered more stable (than that of a casual worker), so you will just need to ensure you meet the minimum income criteria with regards to employment requirements.
  • Have been working for at least three months. This will show your employment is stable.
  • Receive your pay into your bank account. Along with payslips, this is a way for lenders to check your income against the information you provide in your application.
  • Get in touch with the bank if you’re unsure about eligibility criteria. This is the best way to check anything before submitting your application and reduces the risk of having a rejected application listed on your credit file.

Tips for casual employees

Some casual workers may find it easier to access loans than others and this is because they are deemed to be less of a risk by lenders. Here are some things casual workers can do to help them access a loan:

  • Work for six months, then apply. Banks and lenders may view people in casual employment as less of a risk if they have been employed at the same place for at least 6 months. This is partly because after 6 months of casual employment in New Zealand you begin to have the same rights as a part-time employee. Please see the Employment New Zealand website for a complete list of these rights. However, some lenders only state you need to earn a stable income or have ongoing employment.
  • Get a letter from your employer. Much of the risk associated with lending to casual employees is the fear they could stop receiving work. By providing a letter from your employer that confirms your employment and ensures to the lender that there is no reason this arrangement shouldn’t continue in the future, it may help your application.
  • Make your repayments on time. Since 2012, New Zealand credit reporters have made an effort to use a more positive way to assess an individual’s finances. Now lenders are able to see if you have made repayments to banks and other lenders on time.
  • Don’t apply for multiple loans. Lenders are able to see any credit accounts and loans that you apply for and if you make multiple applications in a short space of time you may appear to them as an irresponsible borrower.
  • Save. If you can show evidence of your savings to a lender, they may be more inclined to give you a loan. For example, if you are looking to buy a car and need a $5,000 loan and have $2,000 saved in a high interest savings account, the lender may see you as less of a risk.
  • Apply with your own bank. Your own bank has more concrete evidence of your spending and saving history than is shown on your credit file and if this history is positive then you may be more likely to secure a loan.
  • Consult an accountant. An accountant will be able to help you keep track of your tax returns, savings and spending. They will keep a record of everything, so when you apply for personal loans, all the documentation is prepared.

Bottom line

Whether you are a part-time or casual worker, the best way to secure a loan is by doing your research and comparing what is out there before you start applying. Click “Go to site” in our comparison table to start your application today.

Picture: Shutterstock

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