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Your independent loan comparison
Interest free loans
Fortunately, there are interest free not-for-profit loans available to make finance easy and affordable.
Fast information
Properties of this loan
- Online loans up to $10 000
- Term 1 - 52 weeks
Loan requirements
- You must be over 18
- Do you earn at least $350 per week after tax? From salary, wages or benefit (can be combined)
- Is your income (salary, wages or benefit) direct credited into your account
- Do you have internet banking (if you don't it only takes 5 minutes to organise simply phone your bank or call into your nearest branch)
- Have you got photo ID — your driver’s licence, passport, an 18+ card with a birth certificate, or firearms licence
- If employed, have you been with your employer for more than 90 days
- Proof of address — From your bank or a government department. Eg. WINZ, HOUSING NZ, LTNZ
About company
More information about the company Superloans
Fast information
Properties of this loan
- Online loans up to $10 000
- Term 12 - 24 months
Loan requirements
- Be over 18 years of age
- Receive a regular income to a personal bank account for at least 90 days
- Have a direct contact number
About company
More information about the company Jacaranda Finance Pty Ltd
Fast information
Properties of this loan
- Online loans up to $5 000
- Term 4 - 28 weeks
- Easy online application
Loan requirements
- You need to be over 18 years old
- You need to be currently residing in New Zealand
- You need to have a valid photo ID (any passport or NZ driving license accepted)
- You need to be a NZ/AU Resident/Citizen or hold a valid work visa
- You need to be working full-time/part-time for at least three months with your current employer
- You need to be earning at least $300 per week
- You need to have an active bank account with at least three regular payroll transactions
- You need to have an access to internet as our loan application process is 100% online
- You need to have an access to your internet banking (optional if you are seeking a loan of less than $1500)
- You need to have an active and registered mobile number
- You need to have an active email address
- You do not owe money on any existing high-cost loan
- You did not owe money on any high-cost loan within last 15 days
- You have not taken two or more high-cost loans in the last 90 days
About company
More information about the company Seed Credit Limited
With all the fees, charges and interest rates, the cost of a loan can quickly add up. This can be especially hard for a low income earner, pensioner or someone who is unemployed when they’re in need of a loan. Fortunately, there are interest free not-for-profit loans available to make finance easy and affordable.
No Interest Loan Scheme (NILS). Supported by the New Zealand Government, interest free loans are offered under this scheme on a not-for-profit basis by Good Shepherd New Zealand. There is no interest or fees and charges associated with this credit, you simply repay what you borrow. The money can only be used for the purchase of essential goods and services including car expenses, medical costs, education essentials and household goods.
How much can I borrow?
You are able to borrow up to $1,000 with a repayment term of up to 18 months to help fit the repayments into your budget with ease.
Am I eligible for an interest free loan?
NILS is an initiative to provide affordable finance to families on low incomes and as such, you must meet the below criteria to be considered:
- Be eligible for a Community Services Card
- Resided at your current address for no less than three months
- Demonstrate the willingness and capacity to repay the loan
What if I have bad credit?
The loans are provided on the basis of trust and respect and so there are no credit checks necessary when applying. If you have bad credit, you simply need to show that you have the ability to make repayments and that you’re committed to doing so.
Are there any alternatives?
Yes. If you’re unable to get a NILS loan for whatever reason, there are other options available. These options aren’t exactly the same as an interest free loan but they could be a means to an end if you’re in a tight situation.
- Work and Income cash advance. If you receive a payment from Work and Income you can apply for an advance payment if you need emergency funding. There is no interest charged, they simply give you a lump sum out of any future payments you're scheduled to receive. The amount you get depends on the emergency and other factors such as your income and assets. The advance is repaid out of your future benefit payments.
- Work and Income Emergency Payments. In some cases, you may be eligible for additional payments that do not need to be repaid. A Temporary Additional Support payment could be received if you can't cover essential living costs. There is also a Special Needs Grant for the purchase of items you have no other way of paying for.
What if I’m not eligible for any of these options?
If you’re not eligible for interest free finance or emergency payments from Work and Income, you might like to consider a short-term loan (link to page with payday/short-term loans). These loans come with hefty fees and charges but they’re very flexible regarding who they lend to and some can have the money in your pocket the same day you apply. If you have bad credit, are unemployed, don’t have the documents required for a traditional loan or you just need fast cash, a short-term loan could be the option for you.
