When unexpected expenses arise, short term loans can provide a way to access funds for urgent needs. Whether it’s car repairs, urgent bills, or a temporary cash shortfall, Swoosh offers a simple online process to help you apply and receive funds quickly. If you’re not sure which loan option suits your circumstances, our guide on how to get a quick loan in NZ outlines some general information to help you understand the process.
What is a short term loan?
A short term loan is a personal loan typically repaid over a few months to two years. These loans are generally smaller in amount compared to long-term loans and are often used to cover one-off or urgent expenses.
With Swoosh, our short term loans range from $2,000 to $5,000, and repayments are tailored to suit your budget. We focus on fast processing and responsible lending so you can borrow with confidence.
What’s the difference between short term and long term loans?
Short term loans and long term loans differ mainly in their repayment timeframes and total costs.
| Short term loans | Long term loans |
| Typically repaid over several months to around 2 years | Typically repaid over several years |
| May result in lower total interest paid due to the shorter term | May result in higher total interest paid due to the longer term |
| Often used for smaller borrowing amounts | Often used for larger borrowing amounts |
| Repayments may be higher as the loan is repaid over a shorter period | Repayments may be lower as the loan is repaid over a longer period |
Short term loans are often used for smaller or more immediate expenses, while long term loans are often used for larger borrowing amounts or extended projects. The most suitable loan term will vary depending on your individual circumstances including the loan amount, repayment capacity, and intended purpose.
How our short term loans work
Getting a loan doesn’t have to be complicated. Here’s how our short term loans work.
Flexible repayment options
Choose a repayment schedule that works for you – whether that’s weekly, fortnightly, or monthly. This helps you align your repayments with your pay cycle, making it easier to manage your budget.
Weekly
Fortnightly
Monthly
Transparent rates and fees
| Online cash loan amount | $2000-$5000 |
| Application fee | $0 |
| Standard establishment fee | $300 |
| Account maintenance fee | $10 per month |
| Other fees | $25.30 (included in loan) |
| Annual Interest | 48% |
| Term length | 12 Months |
| Flexible repayment options | Weekly, fortnightly, or monthly (based on your paydays) |
| Loan type | Secured (against vehicle) |
How much payday loans cost: Rates and fees
Swoosh Finance is all about simple, easy finance. That’s why we’re upfront about our rates and fees. You know what you are dealing with before you make any decisions.
Interest is calculated daily, based on the outstanding balance, and is applied monthly to your account. Our small payday loans have fixed interest rates, so you know exactly how much you’ll be paying for the entire loan term.
If a scheduled payment is returned unpaid, we may issue a $40.00 debit dishonour fee. This fee is not subject to interest, though you’ll continue to pay the usual interest charges as described.
Simple eligibility criteria
We keep our eligibility requirements straightforward, so you can focus on getting your application underway. If you meet these four basic criteria, you’re ready to apply online today:
At least 18 years old
New Zealand permanent resident
Employed for at least 3 months*
Own a vehicle registered in your name**
*Earning a minimum of $400/week
**Vehicle will be used as security for the loan
Fast, easy application process
From start to finish, our application process is smooth and hassle-free. Just three easy steps and your funds could be in your account before you know it:- Complete our online loan application in just minutes.
- We review your bad credit loan instantly.
- Electronically sign the contract and the money will be deposited directly into your bank account the same day!*
*For contracts returned at or after 4pm (NZDT), funds will be transferred overnight.
Find out more: How to get a personal loan fast in NZ.
Short term loan FAQs
Short term loans can impact your credit score in the same way as any other type of loan. To help protect your credit history, it’s important to borrow within your ability to repay, make each repayment by the due date, and contact your lender promptly if you experience any difficulties.
Yes. Swoosh considers more than just your credit history when assessing applications. Even if you have limited or past credit issues, you may still be eligible to apply for a short term loan if you meet the following requirements:
- You’re at least 18 years old
- You’re a New Zealand permanent resident
- You’ve been employed for 3 months or more, earning at least $400 per week
- You own a vehicle registered in your name, which will be used as loan security
We offer secured personal loans, using an asset (like a car, motorbike, or boat) as security. This helps us lender to a wider range of customers and offer competitive rates and fees.