NOW Finance Personal Loan Rates & Review

NOW Finance Personal Loans as of May 2024

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofMay 14, 2024

	6.75^%_p.a.	6.75^%_p.a.	^$615	Fixed	Unsecured	N/A	^$0	^$0	N/A	More details
	No Fee Joint Personal Loan
No Fee Joint Personal Loan More details
	6.75^%_p.a.	6.75^%_p.a.	^$615	Fixed	Unsecured	N/A	^$-1	^$0	N/A	More details
	No Fee Personal Loan Complete your online application 2 minutes to get your personalised rate without impacting your credit score Access your funds within 24-48 hours of being approved
No Fee Personal Loan Complete your online application 2 minutes to get your personalised rate without impacting your credit score Access your funds within 24-48 hours of being approved More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 14, 2024. View disclaimer

Eligibility

To apply for a loan with Now Finance, applicants must:

Be at least 18 years old.
Be Australian citizens or permanent residents.
Have a regular source of income (not primarily from Centrelink).
Not be declared bankrupt or have had a credit default

You'll need to provide proof of ID, as well as proof of income and expenses. If you're self employed, you'll need to have had your ABN registered for at least two years, while if you're a casual worker, you'll need to have been in your position for three months minimum.

Loan purpose

Now offers unsecured personal loan for the following purposes:

Debt Consolidation Loan
Travel Loan
Medical Loan
Home Improvement Loan
Funeral Loan

Terms

Now Finance unsecured personal loans have the following terms


Term length	18 months-7 years
Loan size	$5,000-$50,000
Fees	None
Loan type	Fixed
Repayment options	Fortnightly or weekly
Type of vehicle	New or used

If you are self employed, you are only eligible for a Now Finance unsecured personal loan if your business' ABN has been registered for at least 24 months and you can provide your ATO individual notice of assessment for the current or prior financial year end.

Application time

If you're interested in borrowing with Now, you can get a quote with your personalised rate on the website, which won't affect your credit score. You can then complete an official application.

Now says it takes less than two minutes to receive a response. Once the loan is approved, it takes between 24-48 hours for you to receive the funds.

Now Finance personal loans rates

Now Finance offer personalised rates for borrowers depending on their credit history. In general, rates start low and are adjusted upwards based on how risky the borrower is. The exception is loans for home renovation. If the loan is secured against equity in the property, discounted rates may be available.

Generally speaking, Now is competitive with other non-bank players offering similar products.