NOW Finance Personal Loans review: Borrow up to $100,000
A little financial help can get you out of a tight spot. Find out if NOW Finance is the right partner to help you secure a loan that fits your financial profile.
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Disclaimer: The information provided here has been reviewed by the publisher as of the publication date. We recommend visiting the official website of the financial product and assessing your financial situation before applying for a line of credit.
Finance your dreams with no hidden costs: NOW Finance makes it easy!
Thinking about finally renovating that outdated kitchen, taking the dream trip to Europe, or maybe consolidating those credit card debts that never seem to go away?
We’ve all been there — and finding the right personal loan can make all the difference between stress and success.
That’s where the NOW Finance Personal Loan steps in. Whether you’re planning something big or managing life’s hiccups, this loan promises clarity, flexibility, and zero fees (yes, really!).
Curious to know if it fits your goals and budget? Let’s unpack the good, the not-so-good, and everything in between.
Key Features: Know the NOW Finance Personal Loan
The NOW Finance Personal Loan is all about simplicity and transparency. You get a fixed interest rate, no hidden fees, and a personalized rate based on your credit profile.
That means you’ll know exactly what you’re signing up for from day one.
With options for both secured and unsecured loans, you can borrow according to your comfort level and financial situation. And if you’re the planning type (who isn’t when it comes to money?), the loan calculator on their site is a real gem.
Key Features Table
| Feature | Details |
|---|---|
| Loan Amount | Starting from $5,000, up to $50,000 (unsecured) or $100,000 (secured) |
| Interest Rate | Fixed rate starting at 6.45% p.a. (comparison rate from 6.45% p.a.) |
| Loan Term | Terms ranging from 1.5 to 7 years |
| Fees | No establishment, monthly, early repayment, or late payment fees |
| Redraw Facility | No |
| Approval Time | Quick pre-approval and streamlined process |
| Application Process | Online application; secured loans require collateral |
Reputation and Trustworthiness
NOW Finance has been operating in Australia for over a decade, carving out a name as a reliable and transparent non-bank lender. They’re known for customer-first service, offering clear terms and a no-surprises policy (seriously, they don’t charge late fees!).
Committed to responsible lending, NOW Finance ensures each applicant is matched with a personalized interest rate based on creditworthiness. This helps avoid over-borrowing and keeps things fair.
Bonus: they’ve snagged multiple awards, including Mozo Experts Choice and Finder’s Personal Loan Award, which adds a shiny stamp of credibility.
Pros and Cons of Applying for a NOW Finance Personal Loan
Imagine if loans came with personality traits — the NOW Finance Personal Loan would be the “no drama” friend who always pays their share and never ghosts your texts. But let’s get real about the ups and downs:
👍 The goods:
- Fixed Rates for Predictable Payments – Know exactly what you’re repaying each week or fortnight.
- Zero Fees, Seriously – No setup, monthly, or early repayment fees. Just the rate.
- Flexible Loan Sizes – Borrow small or large amounts depending on your needs.
- Award-Winning Lender – Recognition from Mozo and Finder shows they’re doing something right.
- Customised Rates – Your interest rate is tailored to your credit profile.
👎 The “could be betters”:
- No Redraw Facility – Once you’ve made an extra repayment, you can’t access it again.
- Minimum Loan of $5,000 – Not suitable if you just need a small top-up.
- Secured Loan Requires Collateral – If opting for higher loan amounts, you’ll need an asset.
Who Is Eligible for This Loan?
NOW Finance keeps their eligibility clear-cut. Here’s what you need to qualify:
- Be 18 years or older
- Be an Australian citizen or permanent resident
- Be currently employed (not on probation)
- Not have been bankrupt or defaulted on previous loans
- Have a valid driver’s license or Australian passport
How to Apply for a NOW Finance Personal Loan
Getting started with NOW Finance is refreshingly straightforward. Everything happens online — and fast! Here’s how the application process works, step by step:
- Get a personalised rate quote online – Start by using the secure online tool at nowfinance.com.au. It only takes a couple of minutes and won’t affect your credit score.
- Choose your loan type and details – Select the loan amount, term, and whether you prefer a secured or unsecured loan based on your needs.
- Submit a full application – If you’re happy with the rate you’ve been offered, continue to the full application. You’ll provide personal info, employment details, and income documentation.
- Verification and assessment – NOW Finance will assess your financial profile, verify documents, and may request access to your bank statements via a secure platform (like Illion).
- Receive approval and funds – Once approved, you’ll sign your contract electronically. Funds are typically disbursed to your account within 1–2 business days.
Tips for Success:
- Prepare your documents early – You’ll need ID, payslips, and bank statements.
- Be honest and accurate – Incomplete or incorrect info can delay your application.
- Use customer support – If you have doubts, NOW Finance’s support team is responsive and helpful.
NOW Finance vs. Other Loan Options
Compared to traditional banks, NOW Finance shines for its no-fee structure and transparency. Many bank loans still include setup or monthly fees, making NOW’s flat-rate promise stand out.
However, it lacks a redraw facility, which may be a drawback if you want flexibility with extra payments. Also, for larger amounts, secured collateral is a must — not ideal for those without assets.
Why the NOW Finance Personal Loan is a Good Choice (But There’s Always an Alternative)
If you’re after a clear-cut, no-surprises loan from a lender that respects your time and money, NOW Finance is a solid pick. It’s ideal for Aussies who want to borrow responsibly without worrying about sneaky fees or ballooning interest.
But hey, it’s always good to compare! If you’re after a more flexible option with redraw capabilities, the Teachers Mutual Bank Personal Loan is another strong contender. Check it out and find the loan that’s the perfect match for you
Teachers Mutual Bank Personal Loans review
Teachers Mutual Bank Personal Loans offer flexibility and transparency—find out if they’re the right choice for you in our review.
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