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Loans for part time workers and casual employees

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

Working irregular hours is common in New Zealand. Lenders see casual workers, such as students, parents, shift-workers, or roles where your hours change week to week, as more of a risk because there is no guarantee of continued work. Your income also might not satisfy their minimum requirements.

However, even if you are not in full-time employment, there are still a range of personal loans and car finance that you can apply for.

Compare loans for part-time workers and casual employees

  • Personal loans

The majority of lenders require you to be in permanent or full-time employment in order to obtain a personal loan. However, some only require that you meet a minimum weekly income, usually no less than $400 a week. Even if you meet the minimum income, you’ll still need to have enough money left over once you’ve paid for your living costs and other debt responsibilities. Take a look at some of your 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 Establishment Fee
Lending Crowd Personal Loan
5.03% -19.30%
$2,000
$200,000
2, 3 or 5 years
$0
$200 - $500 depending on the amount borrowed
Eligibility: Be a NZ resident/citizen and have a good credit score.
Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
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  • Car loans

If you need to buy a car, be aware that lenders do typically prefer car loan borrowers to be in full time permanent employment. Working casually won’t exclude you from getting car finance, but you may be required to provide more evidence of your ability to repay the loan. Take a look at some of your options below and select “Compare” to see if you meet the lender requirements before applying.

Compare car loans for casual and part-time employees

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee
FAST QUOTE
Simplify Secured Car Loan
6.25% - 12.50%
$5,000
$500,000
12 - 60 months
$100 - $500
Eligibility: Must be 18+, a New Zealand resident or permanent citizen and have an income of at least $500 per month.
See how much you could borrow without affecting your credit score.
MTF Finance Secured Car Loan
8.70% - 20.70%
$2,000
$100,000
3 to 60 months
$376
Eligibility: Must be 18+, be an NZ citizen, resident or have a work visa, and have a regular source of income.
Secured car loans from $2,000.
Lending Crowd Secured Car Loan
5.03% - 15.44%
$5,050
$200,000
3 or 5 years
$200 - $500 depending on the amount borrowed
Eligibility: Be a NZ resident/citizen and have a good credit score.
Borrow $5,050 to $200,000 for your chosen vehicle. 100% online with no paperwork or early repayment fees.
Nectar Unsecured Car Loan
8.95% - 29.95%
$1,000
$30,000
6 months - 4 years
$240
Eligibility: Must be 18+, an NZ citizen or permanent resident, have an income of $400 per week or more (after tax) and a stable credit history.
Unsecured car loans from $1,000 with payouts made within one day of approval. Applications entirely online.
Stadium Finance Secured Vehicle Loan
8.95% - 19.95%
$3,000
$100,000
Up to 60 months
Varies
Eligibility: Must be 18+ and must have disposable income of $300 per week
Secured loans from $3,000 and funds paid within one day of approval.
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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 a year. Short term loans require evidence of regular pay, but casual or part-time workers who are paid the same each week and working regular hours may still be eligible. These loans are for a duration of one week to one year and are for amounts of $750 to $1,500, but higher amounts up to $5,000 are also available. Take a look at some of 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 Max Loan Amount Loan Term Turnaround Time Loan Interest Establishment Fee Account Administration Fee
Moola Loan
$1,500
90 - 182 days
Often available in under 60 minutes
292% p.a.
(fixed for the term of the loan)
$0
N/A
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.
Save My Bacon Flex Loan
$5,000
12-36 months
Same day
49.95% p.a
$50
$4
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.
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What is the difference between a part-time and casual employee?

Part-time employees

  • Work 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
  • Might receive a higher rate of pay per hour than part-time or full-time employees

Tips for part-time workers applying for a loan

If you are a part-time worker, 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 and you are likely to be out of a probation period.
  • 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.
  • Check your credit rating. Lenders are more comfortable providing loans to people that have a good to excellent credit rating. You can request your credit file information to see what your score is and if there are any issues, such as multiple defaults, that could deem you more of a risk.
  • Get in touch with the lender 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 applying for a loan

Some casual workers may find it easier to access a personal loan or car finance than others. This is because they are deemed to be less of a risk by lenders. Here are some things you can do to help you 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 six months. This is partly because after six months of casual employment in New Zealand you begin to have some of the same benefits 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.
  • 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 a personal loan or car finance, all the documentation is prepared.

Bottom line

Even if you are not employed full time, there are still different types of loans for part-time workers and casual employees available. Before you start applying, do your research and compare what is out there, keeping in mind the minimum eligibility requirements. If you’ve found a loan with terms that suit you in our comparison table above, click “Go to site” to start your application today.

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