Lender Review: NOW Finance


Company Brief

Unsecured Personal Loan: $5,000 – $50,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Unsecured Personal Loan 5.95%-17.95% Per Annum Fixed Annual Interest Rate $5,000 $100,000 24-72 hours 18 months 7 years


The minimum loan amount for a NOW Finance unsecured personal loan is $5,000 and a maximum loan amount of $50,000 – is payable from 18 months to 7 years. The interest rate on this loan ranges from 5.95% to 17.95% per annum. NOW Finance does not charge establishment fees, monthly account keeping fees, or early repayment charges.

For example, if you borrow a $36,000 loan for 1.5 years, and you have a good credit score, your weekly repayments would be $504.55 with an 11.95% interest per annum. Total repayments made would be $39,354.90 with $9,354.90 paid in interest.

Secured Personal Loan: $15,000 – $100,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Secured Loan 4.45%-15.45% Per Annum Fixed Annual Interest Rate $15,000 $100,000 24-72 hours 18 months 7 years


Secured Personal Loans from NOW Finance can be used to purchase a car, motorbike, boat, or caravan. The minimum loan amount for a secured loan is $15,000, and a maximum loanable amount of $100,000. Similar to an unsecured personal loan, there are no fees other than an interest rate ranging from 4.45%-15.45% per annum depending on the credit score of the borrower and the loan-to-value of the item being offered.

For example, if you are a borrower with good credit standing (credit scores above 622 are considered ‘good’ to ‘excellent’), and you get a $30,000 secured personal loan, your weekly repayment will be $129.07 if your interest rate is set at a 10.35%.Total repayments made will be $40,398.91 with $10,398.91 paid in interest.

Breakdown of all fees for each loan product

The following are the lending costs of NOW Finance Unsecured Personal Loan:

  • Annual Interest Rate: 5.95%-17.95% per annum

The following are the costs associated with NOW Finance Secured Personal Loan:

  • Annual Interest Rate: 4.45%-15.45% per annum

While the company offers loans with no additional charges (other than the annual interest rates), you may be charged default or enforcement fees (which vary depending on the third-party enforcement rate or the recovery cost for the situation) if you do not follow the conditions of your loan.

Application Process

The application process will only take 10 minutes and can be completed online or by calling 1300275669. The process begins with a general eligibility check. Personal details and details of personal circumstances will also be required during the application process.

To be eligible for a loan, you will need to meet the following criteria:

  • You are either an Australian citizen or a permanent resident of Australia.
  • You have employment and are not on probation.
  • You have no past defaults or bankruptcies.
  • You have acceptable identification, such as a current Australian passport or a current Australian driver’s license.
  • Provide banking details such as bank statements and possibly other financial details.

After receiving your application, the information will be sent to the NOW Finance credit team who will accept, conditionally approve, or deny your application. If you are denied, the company will be unable to give you a personal loan at the time of your application. You will also be required to submit contact details so NOW Finance can contact you about the status of your application.

If your loan application is conditionally accepted, you will need to submit to the company some additional information to make a final loan approval decision. This additional information may include your most recent payslip, last year’s PAYG summary, the front and back of the ID you provided in your application, and the front page of your bank account.

The entire application process (from application to final approval) will take 24-72 hours depending on the eligibility of the borrower. After the final approval, loan disbursement will be sent to your nominated bank account within 2 hours of the final approval. This timeframe may change depending on the bank provider.

Notable Loan Product Features

NOW Finance’s most notable loan product feature is that it offers transparent and fixed annual interest rates for its loans without the establishment fees, early repayment fees, and monthly account keeping fees. The company also offers up to 7 years of payment terms for its loans.

Now Finance offers a weekly or fortnightly repayment schedule, with payments automatically debited from your chosen bank account. You also have the option to make extra payments into your account and/or pay off your loan account at any time throughout the loan period. Having the option to make extra repayments or pay off your loan at different times helps your personal situation.

The Company


  • Speedy loan preliminary approval with the 10-minute online application process.
  • Auto-debit arrangement for scheduled weekly or fortnightly payments.
  • Transparent fees.
  • Up to 7 years repayment period.


  • Customers have mentioned lapses and delays in response from customer service representatives.
  • Customers have mentioned a complicated process in settling loans for borrowers who will not be able to make repayments on time.

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