Struggling with a poor credit score? It can be difficult to get a loan if your credit history isn’t great. But we’ve got some good news! There are options out there for borrowers with a less-than-perfect credit history.
Secured loans for bad credit provide the collateral-backed boost you need to access funds when traditional lenders say no. At East Bay Finance, we specialise in helping Kiwis with challenging credit histories secure loans up to $150,000*—often with same-day payout*! Ready to see if you qualify? Apply now or try our Loan Calculator to see what your repayments could be.
*Subject to responsible lending checks and criteria
How Secured Loans for Bad Credit Work
A secured loan is backed by collateral—typically something valuable like your home, car, or another asset. By pledging collateral, you reassure lenders they can recover their money if you can’t make repayments.
- Collateral reduces risk: Since lenders have security, they’re often more willing to say “yes” to applicants with spotty credit histories.
- Higher borrowing limits: With East Bay Finance, you can borrow up to $150,000*—well above the $75,000 cap on unsecured loans.
- Faster approvals: Our local team can often get your loan approved within 1–2 hours* and paid out the same day.*
If you find yourself struggling with a low credit score, secured loans for bad credit can provide a lifeline by turning your assets into borrowing power.
*Subject to responsible lending checks and criteria
Secured Loans vs Unsecured Loans
Understanding the difference between secured and unsecured loans is important. While unsecured loans may seem simpler, secured loans for bad credit can unlock larger amounts and lower rates because of the safety net collateral provides.
| Feature | Secured Loans | Unsecured Loans |
|---|---|---|
| Collateral Required | Yes (e.g., vehicle, property) | No |
| Borrowing Limit | Up to $150,000*, or even more in some cases | Up to $75,000* |
| Interest Rates | From 9.95%* | From 11.95% |
| Approval Chances | Higher for applicants with bad credit | More difficult if credit score is poor, but still possible |
| Repayment Terms | Repayment Terms Up to 84 months | Up to 84 months |
*Subject to responsible lending checks and criteria
Justina and Tama’s story
Here’s an example of how secured loans for bad credit have worked for some of our clients.
Justina and Tama needed $25,000 to install a new water tank on their property but were juggling a $60,000 mortgage plus an unsecured personal loan, leaving their weekly repayments too high to manage comfortably.
To solve this, we arranged a secured loan using their home as collateral, paid off all existing debts, and consolidated everything into a single 7‑year loan that cut their weekly repayments by over $100!
This creative, collateral‑backed solution demonstrates how pledging an asset can unlock lower rates and larger borrowing amounts—even when other lenders might have declined. By using security, Justina and Tama accessed better terms than they could have on an unsecured basis.
For borrowers with imperfect credit histories, this case is a perfect illustration of how secured loans for bad credit work: collateral reassures the lender and boosts your odds of success.
Why Choose Secured Loans for Bad Credit?
1- Lower Interest Rates
One of the main advantages of secured loans is their ability to offer rates as low as 9.95%*. Collateral gives lenders confidence, letting you pay less over time.
2- Higher Chance of Approval
If you have bad credit, a loan backed by collateral could increase your chances of getting a loan. Even with a less-than-perfect credit history, you may increase your chances of approval when you opt for a secured loan.
3- Flexible Repayment Terms
Spread your repayments to maximise affordability, up to 84 months, making weekly or monthly budgets more manageable.
4- One-Stop Application
Apply once and we’ll compare offers from multiple lenders on your behalf. This is the power of using a loan broker like East Bay Finance – multiple lenders means more chances of success! Learn more about our streamlined process.
At East Bay Finance, we understand the challenges of finding lending options when your credit isn’t perfect, which is why our secured loans for bad credit are designed to maximise your approval chances and keep repayments affordable.
Ready to Get Started?
See how much you could borrow—try our Loan Calculator or complete a quick 2‑minute online application on our Secured Loans page. Let East Bay Finance help you turn your assets into opportunity with secured loans for bad credit. Apply now—it’s quick, easy, and you get answers in 1–2 hours!*
*Subject to responsible lending checks and criteria
FAQ
Yes. A secured loan requires you to pledge an asset as collateral, which significantly reduces the lender’s risk by giving them something to claw back if you default. Because of this collateral backing, secured loans are often accessible to borrowers with poor credit scores or limited credit history.
At East Bay Finance, we specialise in arranging secured loans for people with bad credit, offering amounts up to $150,000*, rates from 9.95%*, approvals in 1–2 hours*, and same‑day payout*.
Collateral can be virtually any valuable asset that the lender can repossess and sell if you fail to repay. At East Bay Finance, acceptable collateral typically includes real estate and vehicles, but we’ll work with you to find suitable security for your loan.
Secured loans let you access higher borrowing limits because the collateral mitigates lender risk. With East Bay Finance, you can borrow up to $150,000*—and sometimes even more depending on the value of your security.
A secured loan is backed by collateral (e.g., property, vehicles), which reduces the lender’s risk and typically results in:
- Lower interest rates and fees
- Higher borrowing limits (up to $150,000 vs. $75,000 unsecured)
An unsecured loan has no collateral requirement but relies solely on your credit history and income, often leading to higher rates and lower limits
It might! When you make on‑time repayments with a loan arranged by East Bay Finance, these are reported to credit bureaus, helping you build a positive payment history and potentially boost your credit score over time.
With East Bay Finance, our streamlined online process and local lending partners mean you can receive approval in as little as 1–2 hours* and have funds paid out the same day*, provided you meet our responsible lending criteria and supply all required documents.
Simply complete our quick 2‑minute online application to get started. As loan brokers, we compare multiple low‑cost lenders on your behalf—so you apply once, and we find you the best deal. Our team will contact you promptly to finalise details and arrange security valuations if needed.
*Subject to responsible lending checks and lending criteria.
