NOW Finance

NOW Finance eligibility and documents

The published requirements include:

• Australian citizenship or permanent residency and age 18 or over; temporary visa holders are excluded.
• Employment as the main income source, with no current probation. Self-employed applicants need an ABN registered for at least two years.
• No unpaid defaults, current or previous bankruptcy, or court judgement under the unsecured-loan target market criteria.
• Sufficient income after living expenses and existing commitments to service the proposed loan.
• A current Australian driver’s licence or Australian passport for identification.

Casual-employment discrepancy: The personal-loan page specifies at least three months of casual employment, while the eligibility checker states six months. Applicants with three to six months should confirm eligibility before submitting a full application.

Prepare recent payslips, employment details and bank statements showing income and spending. The August 2025 product guide specifies 90 days of statements and, for self-employed applicants, a notice of assessment and latest business activity statement. Further evidence may be requested. Meeting the initial criteria does not establish approval.

Who should consider this personal loan?

NOW Finance may suit borrowers who know the amount they need, have steady repayment capacity and want the option to repay early without an exit fee. The unsecured structure avoids pledging a vehicle or other asset.

Reconsider if you need less than $5,000, depend mainly on Centrelink, need access to money after making extra repayments, or would struggle with the quoted instalments. NOW Finance excludes purposes such as paying rent or mortgage arrears, tax debts, defaults and court judgements.

Compare other personal-loan offers using the same amount and term. For debt consolidation, check whether the new total repayment improves on keeping the existing debts: a lower instalment achieved through a longer term can increase overall interest.

How to apply for a NOW Finance personal loan

From rate estimate to credit agreement

1. Request a personalised rate through the official NOW Finance website. NOW Finance says this initial quote does not affect your credit score.
2. Choose the amount and term, then complete the application with your income, expenses, debts and supporting documents.
3. NOW Finance assesses affordability, verifies information and performs credit checks. The final offer may differ from the initial estimate.
4. Review the credit schedule and contract before signing, including repayments, total cost and any broker charge.

A full application is distinct from the initial quote. NOW Finance’s privacy policy explains that application information may enter your credit record and affect your score.

Approval and funding times

NOW Finance estimates around two minutes for a quote and five to ten minutes to complete the online application. Its process page states funding within 24–48 business hours after approval and signing. These are published estimates; document checks and individual circumstances can extend the process.

For application assistance, call 1300 275 669, Monday–Friday, 9am–6pm Sydney/Melbourne time.

Questions to ask before accepting an offer

• What are my final fixed interest rate, comparison rate and total scheduled repayments?
• How much reaches me or my existing creditors after any broker fee, and will interest accrue on that fee?
• Which terms are available for my amount, and how much interest would a shorter term save?
• What third-party costs could be passed on if the loan falls into default?
• Does the agreement require any insurance, and what would it cost separately?
• For consolidation, who pays the existing lenders and what happens to the old credit accounts?

NOW Finance advantages and limitations

• Simple lender-fee structure: No establishment or ongoing account fees on new personal loans.
• Early-repayment flexibility: Extra payments and early settlement carry no NOW Finance penalty, allowing interest savings when affordable.
• Predictable repayments: A fixed rate helps with budgeting, although it does not fall automatically if market rates decline.
• Potentially expensive personalised pricing: The upper advertised unsecured rate is 26.95% p.a.; the minimum rate alone is a poor basis for comparison.
• No redraw: Extra repayments cannot be withdrawn again, so retain enough accessible savings for unexpected expenses.
• Restricted eligibility: Employment, residency and adverse-credit criteria limit access.

NOW Finance interest rates, fees and total cost

The advertised unsecured interest range is 5.95%–26.95% p.a., fixed. The published Australian comparison-rate range is also 5.95%–26.95% p.a., calculated on $30,000 over five years. A comparison rate incorporates specified borrowing costs; it is not a personalised quote. Different amounts, terms or charges can produce a different comparison rate.

New personal loans have $0 NOW Finance establishment, account, extra-repayment and early-payout fees. However, the September 2026 product determination permits a broker to charge a separate origination fee. If financed, that fee increases the debt and can take total credit above the $50,000 borrowing limit. Ask for the cash advanced, financed fees and total credit as separate figures.

NOW Finance also states that third-party enforcement or recovery costs may be passed on following a breach of the loan terms. Missed payments therefore remain consequential despite the absence of routine lender fees.

Term qualification: Current public information gives an overall range of 18 months–7 years. The August 2025 product guide specifies a 36-month maximum below $8,000. Confirm the available term for a smaller loan instead of assuming seven years is available.

Official $30,000 loan example

NOW Finance’s published example uses an excellent-credit borrower taking $30,000 over five years at 5.95% p.a. interest and a 5.95% p.a. comparison rate, with fortnightly repayments. It states estimated total repayments of $34,703.50. Subtracting the principal gives $4,703.50 above the amount borrowed.

This is the provider’s illustration, not an offer. It does not illustrate a financed broker fee, insurance premium or default-related recovery costs. Compare your own total repayment and check the weekly or fortnightly schedule against your monthly budget; some months contain an additional payment date.

Is NOW Finance worth comparing?

Our assessment is that NOW Finance’s strongest feature is the combination of no routine lender fees and unrestricted early repayment without a lender penalty. Its main limitation is personalised interest that can be considerably higher than the advertised minimum. The decisive comparison is your final total cost over the same repayment period, including any broker fee, while keeping enough cash available because there is no redraw.

NOW Finance personal loan FAQs

Is NOW Finance cheaper than a personal loan with fees?

That depends on your personalised interest rate, borrowing term and application channel. New NOW Finance personal loans have no lender establishment or ongoing fees, but its product determination allows a broker to charge a separate origination fee. Financing that fee increases the balance on which you pay interest. Compare personal-loan offers using the same amount available for your needs and the same repayment period, then check total repayments, including any charges paid separately.

Can I compare my NOW Finance rate without affecting my credit score?

NOW Finance says its initial personalised quote does not affect your credit score. A full application is a separate step: its credit-reporting policy explains that application information may appear on your credit file and affect your score. The quoted rate is also an estimate and may change after assessment. When comparing providers, establish whether each offers a preliminary quote or requires a full credit application before revealing your rate.

Should I choose a secured or unsecured NOW Finance personal loan?

NOW Finance advertises $5,000–$50,000 unsecured and $15,000–$100,000 secured, excluding any separately financed broker origination fee. Borrowing $100,000 therefore requires acceptable security; it is not the unsecured limit. The secured product accepts eligible vehicles, watercraft or caravans.

Within the overlapping borrowing range, compare actual quotes instead of assuming security produces a cheaper offer. Include required insurance costs: NOW Finance’s broker guidance requires insurance evidence for secured personal loans. Weigh any saving against the risk of losing the pledged asset following default. For a vehicle purchase, also compare car-finance options.

Does NOW Finance’s higher interest-rate range mean it accepts bad credit?

No. Risk-based pricing does not remove eligibility restrictions. Its unsecured criteria exclude unpaid defaults, current or previous bankruptcy and court judgements. Paying an outstanding default does not establish eligibility; the remaining credit history still needs assessment.

Centrelink also cannot be the primary income source under the published criteria. Supplementary benefits may be considered alongside qualifying income. If a restriction applies to you, clarify it before making a full application rather than assuming a higher offered rate will compensate.

Would applying with my partner improve our NOW Finance offer?

NOW Finance accepts joint applications from couples living at the same address and says this may increase borrowing capacity. Both applicants must meet its criteria, provide bank statements and verify their identities. It does not promise a lower joint rate. Compare any available individual and joint quotes on cost and affordability, remembering that both partners take responsibility for repayment. A higher approved amount is only useful if it matches your actual borrowing need.

How does NOW Finance compare if I expect to repay the loan early?

NOW Finance charges no fee for extra repayments or early payout, which can matter when comparing fixed-rate loans. Ask competing lenders for the cost of settling at your expected repayment date, rather than comparing only full-term totals. However, NOW Finance does not offer redraw: extra repayments cannot be withdrawn later. Its early-repayment flexibility therefore suits money you can commit permanently, rather than emergency savings you may need again.

Can I refinance an existing NOW Finance loan just to obtain a lower rate?

Its published refinancing conditions require a new credit assessment and at least $3,000 of additional borrowing. That matters if you only want to reduce interest: taking extra cash increases the debt, and extending the term may offset a lower rate. Ask for the settlement balance, additional amount and new total repayment separately. Compare refinancing elsewhere without extra borrowing, including any new lender fees, before deciding.

Does the no-fee policy protect me if repayments become unaffordable?

No. It does not cancel repayments or remove credit-reporting consequences, and NOW Finance says third-party enforcement or recovery costs may be passed on following a breach. Its hardship team can assess payment plans or repayment changes; call 1300 761 711, Monday–Friday, 9am–6pm Sydney/Melbourne time. Ask how any arrangement changes interest, the final repayment date and credit reporting. Confirm the arrangement before relying on reduced payments.

What recourse do I have if the final offer or loan servicing differs from what I was told?

Keep the quote, credit agreement and relevant correspondence, then use NOW Finance’s complaints process or call 03 8535 1132. Explain the discrepancy and the outcome sought. Its policy targets resolution within 30 days, or 21 days for hardship or debt-collection matters, with notification if more time is needed. If unresolved, an eligible complaint may go to the Australian Financial Complaints Authority on 1800 931 678.