Same Day Personal Loans

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Same-day personal loans are generally available to borrowers who have an established relationship with a lender or offered as short-term finance options to borrowers who need fast approval on a loan.

Before you apply for a personal loan with a lender offering same-day approval, you may wish to consider other available options, such as an overdraft, line of credit, or eligibility for emergency or ongoing government support payments.

How to get same-day approval on a personal loan

Same-day approval on personal loans can usually be achieved in one of two ways:

1. Applying for a secured personal loan

The main hurdle to getting approved for a loan is your risk level as a borrower. The less risk you present to a lender, the easier it is to approve your loan.
Providing security in the form of an asset considerably lowers your risk level, as it means the lender can take ownership of the asset should you not be able to meet repayments.
The greater the difference in the value of your security to the amount you borrow (i.e. a $30,000 car used as security on a $5,000 loan) the less the lender has to worry about in giving you the money.

2. Applying for a short-term personal loan

On the other end of the scale, you can apply for a short-term personal loan if you don’t need to borrow a considerable amount of money and can easily pay it back within a short timeframe.
The shorter your term (i.e. the faster you can repay the amount in the least number of payments) and the lower the amount (i.e. the amount waiting to be repaid), the easier it is to offer fast approval.

In both instances, it’s crucial that your application and supporting document accurately represent your financial situation. This begins with your bank statements.

The lender you apply with will use your bank statements to get an overview of your recent financial history, including the frequency your receive income, the source of your income, and the amount you receive.

Lenders will often use your bank statements for the previous three months to assess your loan application, and often require your recent payslips to verify your employment and salary.

You can qualify for a same-day personal loan in New Zealand if you are:

18 years or over
Currently employed with a sufficiently stable income to repay the loan amount
A permanent NZ resident or hold a work permit or visa allowing you to reside in New Zealand

If you meet the standard qualifying criteria for a personal loan, you can calculate how much you can borrow and compare lenders to find the best loan offers available in New Zealand before applying for a loan.

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How to get the fastest approval on a personal loan

To get the fastest approval on a personal loan application, you’ll want to make sure there are as few issues as possible with your supporting documents.

The most common problems are not providing the correct and required information needed by your lender, and the information provided not matching accurately with the details provided in your application.

Here are some considerations to make before submitting an application for a same-day loan:

1. Accurate borrowing capacity.

Don’t bite off more than you can chew or, in other words, don’t apply for the maximum amount just because there’s a higher loan limit offered by the lender. If the amount you apply for exceeds the amount your capacity (the amount you can comfortably afford to repay) then it’s likely your application will be delayed or, at worst, declined.

The quickest way to estimate how much you can afford to repay is to use a Personal Loan Repayment Calculator, which can estimate your loan repayments at various instalment frequencies before you submit an application.

2. Accurate personal information.

Your personal information is used by lenders to verify your identity, verify the legal ownership of any assets you list as potential collateral, and enables a lender to perform a credit check if necessary.

3. Accurate and sufficient bank statements.

If you are making your application with your bank, then they will have access to your bank statements to allow them to assess your income and repayment capacity. If you are applying with a non-bank lender, you will need to provide read-only access of your bank statements that they can use for the same purpose.

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