Struggling with a less‑than‑perfect credit score? You’re not alone—many Kiwis face hurdles securing finance when their credit files show past defaults or late payments.
Some lenders may be reluctant to lend to people with bad credit histories, but East Bay Finance is different. We believe everyone deserves a second chance, which is why we offer the ability for people with bad credit to get back on track.
Keep reading to learn more about getting a bad credit personal loan in NZ. Whether it’s for unexpected bills, debt consolidation, or a major purchase, our friendly team works with you to find a solution—no perfect credit score required.
What Are Bad Credit Personal Loans?
Bad credit personal loans are designed for borrowers whose credit reports show payment defaults, late payments, or other negatives. These things can stay on your file for up to five years, so even if you ran into some financial trouble a while ago, you could still be dealing with the effects.
These loans provide a lifeline when you need funds fast, but they can attract higher interest rates to offset the increased risk to the lender.
Can You Get a Bad Credit Personal Loan in NZ?
Yes—you may still secure a loan even if your credit history isn’t spotless. At East Bay Loans, each application is assessed holistically: you tell your story, and we work with you, not against you.
It’s important to be completely honest about your financial situation – there’s no need to hold anything back. Even if there are some things in your financial history you’d rather keep to yourself, we don’t judge – we’ve seen it all before. We want to set you up for financial success, so our focus is on getting your approval for an affordable loan that can help you achieve your goals.
How East Bay Loans Can Help
- High borrowing limits: Up to $75,000 unsecured (or up to $150,000 with security), subject to responsible‑lending checks.
- Flexible terms: Choose from 6 to 84 months to spread repayments comfortably.
Competitive rates: Personalised from 11.95% for unsecured loans. - Fast approval: Get a decision in as little as 1-2 hours*, with same‑day payout* once approved.
- Friendly service: Your Personal Loan Consultant handles the paperwork so you don’t have to.
*Subject to responsible lending checks and criteria
6 Tips to Improve Your Approval Chances
Want to improve your credit score? A better credit score means it’s easier to get a loan, and you could get a lower interest rate. Follow these tips to increase your chances of getting a loan.
- Pay bills on time—every on‑time payment cleans up your report.
- Keep credit balances low—maxing out your credit cards looks risky to lenders.
- Limit applications—multiple applications in a short span can hurt your credit score.
- Have a guarantor—if you’re unemployed or credit is very poor, a guarantor can tip the balance.
- Organise documentation—ID, proof of income, and bank statements streamline processing.
- Communicate early—if you hit hardship, let your lender know to explore repayment options.
FAQ
Yes—East Bay Loans takes a holistic view and may approve you despite past defaults, as long as you meet responsible‑lending criteria and can afford repayments.
Once you submit all required documents, you can receive an approval decision in as little as 1-2 hours*, with same‑day payout subject to responsible lending criteria.
Bad credit means having payment defaults (overdue by 30+ days) or other negatives on your credit report—these can stay on file for up to five years in NZ.
You’re entitled to a free credit report from agencies like Centrix, Equifax, or illion. To see your actual credit score, you may pay a small fee with these agencies or via services like Credit Simple.
- Pay all bills and loan repayments on time.
- Keep your credit card and loan balances low.
- Avoid making many credit applications in a short time.
- Check your report regularly and dispute any inaccuracies.
East Bay Loans offers unsecured personal loans up to $75,000, subject to affordability and responsible‑lending checks. Need more? You can borrow up to $150,000 (sometimes even more!) with a secured loan.
Interest rates are personalised based on your credit profile and whether you offer security. Rates start at 9.95% for secured loans or 11.95% for unsecured loans.
*Subject to responsible lending checks and criteria
Ready to take control of your finances?
Apply online in minutes or contact our friendly loan consultants for a free, no‑obligation chat—bad credit doesn’t have to hold you back!
