Let’s be real—bad credit happens. Whether it’s from missed payments, a bit of overspending, or just life being life, having a low credit score can feel like a massive roadblock when you need to borrow money. And if you’re in New Zealand, you might be wondering: can I still get a personal loan if my credit isn’t great?
The short answer is: yes, you absolutely can!
While a low credit score can make borrowing more challenging, it’s not necessarily a deal-breaker. Many lenders, including those who work with East Bay Finance, specialise in helping Kiwis with less-than-perfect credit histories secure the funds they need.
So, here’s how it works—and how to boost your chances of getting approved, even if your credit score is less than perfect.
What Is Bad Credit?
In New Zealand, your credit score is a number that reflects your creditworthiness, based on your financial history. It’s based on your financial history—things like paying bills on time, defaults, court judgments, and even whether you’ve been bankrupt in the past.
A low score might result from missed payments, defaults, or a lack of credit history. However, bad credit doesn’t define you or your ability to manage finances responsibly.
If you’ve missed a few payments here and there or had a rough patch financially, your score might have taken a hit. But that doesn’t automatically mean you’re out of options.
Bad credit isn’t the end of the world, and it definitely doesn’t mean you’re bad with money now—it just means you’ve had some bumps in the road.
Can I Actually Get a Loan With Bad Credit?
Yes! It might take a bit more work, and you might not get the same low interest rates you see advertised everywhere—but there are lenders out there who specialise in helping people with not-so-great credit.
At East Bay Finance, we work with a number of different lenders, and many of them are open to working with people who’ve had credit issues in the past. We understand that life’s not always smooth sailing, and everyone deserves a second chance.
How Do Bad Credit Loans Work?
Bad credit loans work similarly to standard personal loans, but they’re designed for people who have a lower credit score. That means lenders might take a closer look at your income, job stability, and general ability to repay the loan, rather than just looking at your credit file.
They might charge a slightly higher interest rate to balance the risk, but every lender is different—and that’s where using a broker like us really helps. We can compare offers from different lenders to find you the best deal based on where you’re at now, not where you’ve been.
Types of Bad Credit Loans
There are a few different options out there, depending on what you need and your current situation:
- Secured Loans: Require collateral, such as a car or property. These loans typically have lower interest rates due to the reduced risk for the lender.
- Unsecured Loans: Do not require collateral but may have higher interest rates. Approval depends on your income and ability to repay.
- Debt Consolidation Loans: Combine multiple debts into a single loan with one monthly payment, potentially at a lower interest rate.
How To Boost Your Chances of Getting Approved
Even if your credit isn’t perfect, there are still a few things you can do to improve your chances:
- Show consistent income – Whether you’re working full-time, part-time, or on a fixed contract, lenders want to see that you’ve got regular money coming in. It’s all about proving that you can make the repayments.
- Keep your debts under control – If you’ve got existing loans or credit cards, try to pay them down as much as you can. Lenders will look at your debt-to-income ratio, so the less you owe already, the better.
- Be upfront and honest – Fill out your application as accurately as possible. Don’t try to hide anything—lenders will find out anyway, and being open builds trust.
- Consider adding a co-signer – If you’ve got a family member with good credit who’s willing to go guarantor, that can really help tip things in your favour.
Client Story
How Donna Got the Loan She Needed to Chase a Better Future
One of our clients, Donna, was keen to boost her earning potential by enrolling in a course, but she needed $20,000 to make it happen. Unfortunately, her loan applications kept getting declined due to a damaged credit score caused by unpaid power and phone bills—bills that were supposed to be paid by her ex-partner while they lived together. Other lenders didn’t take the time to understand her situation, leaving her feeling stuck and frustrated.
That’s when she reached out to East Bay Finance. Our team took the time to listen to Donna’s story and saw the bigger picture. By using her car as security, we were able to get her approved for the loan on the same day. Donna was thrilled to be able to enrol straight away and take control of her future. At East Bay Finance, we believe in personalised lending solutions because no two clients are the same—and everyone deserves a fair shot.
Why go through East Bay Finance?
Here’s the thing—applying directly with one lender can be a bit of a gamble, especially if your credit isn’t great. They might say no, and then you’re back to square one (with another enquiry on your credit file).
But when you go through us at East Bay Finance, we do the legwork for you. We’ve got a solid network of lenders we work with, including ones that are open to bad credit borrowers. That means more chances of approval—and better odds of finding a deal that actually suits you.
Here’s what you get when you go through us:
- Fast application – It takes just 2 minutes online.
- Quick approvals – You’ll usually hear back within 1-2 hours*.
- Same-day payout – Need cash fast? No worries—we can often get the money in your account that same day*.
- Local experts – We’re based right here in Auckland and our team knows the NZ lending landscape inside and out.
- Flexible loan options – Borrow up to $75k unsecured or $150k secured.
- Second chances – We work with people who’ve had credit issues all the time. You’re not alone, and you’re not stuck.
Whether you need funds for bills, emergencies, or consolidating debt, we’re here to help you navigate your financial journey.
Apply Now!
*Subject to responsible lending checks and criteria.
