If you’ve never borrowed from an established company before or if you’ve developed a bad credit score, you’ll find it hard to take out easy loans that require no credit check in New Zealand. Almost all banks and credit card issuers will check your score before making you any kind of loan or credit offer. This situation can land you in a tough situation when you need to access extra cash quickly.
In this post, we’re going to look at some of your best options for a loan when you have a poor credit history. Check these out and see of any sound like the right solution for your circumstances.
Payday loans are quick cash loans that are paid directly to your account quickly. You then pay them pack when you get your next payday. This is the kind of loan we offer at Pretty Penny Loans. Our customers can complete the application process easily online 24/7 wherever they are and we do everything we can to ensure the money reaches you within 24 hours of approval.
These loans are rising in popularity because they are easy loans with no credit check. We don’t take a look at your credit score or credit report in our assessment like they would with credit cards or home loans. We are far more concerned with your current income level. As long as we can see that you earn enough to pay back what you borrow, then we’ll be confident that the loan is within your level of affordability. We’re not interested in giving you more than you can afford so that you run into more trouble down the line. Our key goal is to help you solve your urgent financial situation by giving you access to the exact amount you need to make it to your next payday.
All we need is your government issued ID and access to your bank account information. With just these vital pieces of information, we’ll be able to determine a sensible level of funds to lend you. Once you’ve sent us an application, we’ll respond with an offer that clearly lays out all the terms and details of the loan for you.
A loan from friends or family
The advantages of loans from personal relations can include, zero interest, instant cash, and flexible repayment terms. The thing is, this option is never anywhere near as easy as borrowing from a professional company. Nobody enjoys asking loved ones and friends for money and the consequences for things going wrong can be hugely destructive. The same rule applies when making investments or going into business with your nearest and dearest; your personal relationship is put at risk as well as the money.
Think long and hard before borrowing from loved ones, and just like with payday loans, only take what you need and are 100% sure you can afford to pay back comfortably.
This is only possible if you own any precious items that you can physically take to a dealer. The idea with a pawn shop is for you to hand over your goods to the broker in return for a cash loan. The cash you receive is meant to represent the value of the item, but for obvious reasons, these dealers never quit offer you exactly what the item is worth. They then keep the item reserved so that you have the chance to buy it back when you get your next payment from work. The amount you’ll pay to buy the item back will of course be significantly more than the broker gave you in the initial loan.
Fail to buy the item back in time and you forfeit the item over to the pawnbroker. It is then theirs to sell on for a much higher price (matching or more than the items true market value). If this is the option you think might suit you best, be sure to check over the terms and rates carefully before handing over your precious goods. This option is popular because it’s an easy way to get a loan with no credit check in NZ. Don’t have any goods worth selling? Then you’re best options are a loan from relations or fast payday loan.
You can read more about easy loans with no credit checks here, and in our previous blog post: Why It’s So Important To Repay A Bad Credit Personal Loan in NZ