People can associate same-day personal loans with shady cash lenders or pawn shops, but there are plenty of reputable lenders to choose from – including some of the Big Four banks.
Find out which lenders offer same-day loans and what you need to consider before applying.
This type of personal loan is offered by lenders that can process an application quickly for all customers. Lenders that offer this type of loan are ASB and ANZ.
This type of personal loan is only offered by some lenders for existing customers. As banks hold more data on existing customers, it’s easier for them to decide whether to loan them money.
A lender that offers this type of loan is Kiwibank. Short-term lenders such as Wallet Wizard and savemybacon have “Member’s areas” that give you a quicker application process.
If you have weighed up your options and are considering a same day personal loan, but don’t have a perfect credit history, a short-term loan might be an option. Compare the loans below.
A personal overdraft or line of credit is another small funding option, usually offered by banks to their existing customers. Overdrafts are attached to your transaction account and allow you to overdraw up to an agreed limit, which you then repay at a variable rate. A line of credit works in the same way but sits in a separate account. It is possible for your bank to organise both options within an hour.
A Lender that offers this type of loan: is BNZ that allows you to access a line of credit 24/7. The interest is paid only on the outstanding balance and charged at a variable rate. They allow you to pay off some or all of the overdraft, and it remains in place even if you are not currently using it.
Some lenders offer automatic approval and provide same-day funding to customers who apply in-branch. You will need to take a form of identification, bank statements and details of your finances including income, assets, credit accounts and debt. The lender can then verify your documents in person.
Lenders that offer this type of loan: Instant Finance, for example, offer instant decisions and same-day loan facilities, for people who drop into an Instant Finance branch. This includes secured and unsecured personal loans.
This is a unique personal loan, where lenders allow you to use a valuable asset as security. Assets can include jewellery, gold, watches, antiques, boats, cars and even fine wine collections. The lender usually requires a valuation of the product and then offers a loan amount based on the valued item. These type of loans usually have a quick turnaround time, with some lenders offering the loan on the same day.
A lender that specialises in this type of loan is assetfinance. They offer same-day funding after an ID check has been completed and your valuables appraised. Assetline offers loans from $1,000 to $15,000 with terms of up to 3 years.
Things to consider about same-day loans
Same-day personal loans may seem like a quick and convenient option to access money, but their fast turnaround time does not mean you should give these loans any less consideration than you would others. You need to think about your personal financial situation and your ability to pay back the same-day loan before you apply. Also, consider the features of the loan. For example, if it has a fixed or variable rate and your repayment options, to see if the loan meets your borrowing needs.
It may be worthwhile considering other forms of credit as a possible option. For example, would it be cheaper to put this expense on your credit card or to take out a personal loan?
How to apply for a same-day loan
To apply for any of the same-day personal loans offered on this page, simply follow the secure link to the lender’s website. The eligibility conditions will differ between lenders, but normally, you need to be over the age of 18, a permanent New Zealand citizen or resident and have a good credit rating.
Matt Corke is the head of publishing in Australia for Finder. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time he has survived the dot-com crash and countless Google algorithm updates.
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