When life throws a curveball, sometimes you need a little extra help to get you through. Whether it’s a car breaking down, a medical bill popping up, or a surprise household repair, emergencies can’t always wait until payday. That’s where emergency loans come in. But where can you get an emergency loan in New Zealand? And how do you know if you qualify? We’ll walk you through everything you need to know about getting access to fast, reliable funds when you need them most.
Overview:
What are emergency loans?
Emergency loans are personal loans designed to help cover urgent or unexpected expenses. They’re usually smaller in amount, faster to approve, and easier to access than traditional long-term loans.
Emergency loans are often fixed-term with a set repayment schedule, making it easier to manage your budget. These types of loans can be either secured or unsecured, depending on the lender. Secured emergency loans require an asset—like a vehicle—as collateral, which can make it easier to get approved or access better rates. Unsecured loans, on the other hand, don’t require collateral but may come with higher interest rates or tighter eligibility criteria.
What can I use an emergency loan for?
You can use an emergency loan for just about any urgent expense, including:
- Car repairs: if your vehicle suddenly breaks down, you may need cash fast to get it back on the road.
- Medical or dental bills: emergency medical or dental procedures can be tough on the wallet, and sometimes a little extra cash can help.
- Household emergencies: like a broken washing machine, burst pipe, or fridge that gives up on you.
- Unexpected travel: family emergencies or last-minute flights can put pressure on your budget.
- Urgent vet bills: pet care can get expensive quickly in an emergency.
Essentially, emergency loans can cover any cost that can’t wait. Just make sure you’re borrowing for the right reasons and can afford the repayments.
What is the easiest loan to get approved for?
The easiest loan to get approved for will depend on your individual circumstances, such as your income, credit history, and whether you can offer collateral. In general, loans with lower borrowing amounts, shorter terms, or those that are secured with an asset may have more flexible approval criteria. Some lenders may also place more weight on your current financial situation rather than your past credit history. Online lenders, in particular, often have simplified application processes and faster turnaround times compared to traditional banks, but approval is never guaranteed. It’s important to check the eligibility and lending criteria of a lender before applying for a loan.
At Swoosh, we offer quick, secured personal loans backed by your vehicle, with a simple online application and fair, responsible assessments based on your current situation. Apply online or contact our friendly team to get started.
How do I know if I will qualify for a loan?
Every lender has its own lending and eligibility criteria, but most emergency loan providers will look at a few key things:
- Income: do you earn enough to comfortably repay the loan?
- Credit history: your credit score may be checked, but it’s not always the final decider.
- Bank account behaviour: lenders often use automated bank feeds to check for responsible spending.
- ID and residency status: you’ll need to be a New Zealand citizen or permanent resident over 18.
It’s a smart move to check your credit score before applying for any loan as it can give you a clear picture of where you stand and can help you understand what lenders might see. In New Zealand, you’re entitled to one free credit report per agency each year, and since each agency may hold slightly different information, it’s worth checking with all three:
Checking your own credit score is a soft check, so it won’t affect your rating in any way.
Looking to improve your credit score? Learn how with our blog: How to Improve Credit Score in NZ.
How to get emergency loans
If you’re in need of urgent funds, there are a few different ways to apply for an emergency loan. These types of loans are often available from a range of lenders, including
- Banks
- Credit unions
- Finance companies
- Online providers
Traditional lenders may have more detailed application requirements or longer processing times, while some online lenders aim to offer a faster and more streamlined experience.
How to apply
Before applying for any loan, it’s a good idea to check the lender’s eligibility criteria and read the loan terms carefully so you know what to expect. The steps to apply for an emergency loan can vary depending on the lender, but the process generally involves the following:
1. Complete an application form
Most lenders will ask you to fill out a form—either online or in person—with details about your personal information, income, expenses, and employment status.
2. Provide identification
You’ll need to supply valid ID, such as a driver’s licence or passport, to verify your identity.
3. Share your recent bank statements
Many lenders request access to your recent bank transaction history, often through a secure online link, to assess your financial situation and ability to repay the loan.
4. Provide collateral information (if required)
If you’re applying for a secured personal loan—like those offered by Swoosh—you’ll also need to share details about the asset being used as security, such as a vehicle.
5. Wait for assessment and approval
Once your application and documents are submitted, the lender will review your information. Approval times vary, some lenders may offer same-day decisions, while others may take longer.
6. Receive your funds
If approved, the loan amount is usually deposited directly into your bank account. Timeframes for fund transfers can differ from lender to lender.
Can you get loans with bad credit?
While traditional lenders like banks might knock you back if you’ve had a few financial stumbles, there are some online lenders—including Swoosh—who specialise in bad credit loans. These lenders often take a broader view of an applicant’s financial situation and may be willing to lend if the person can demonstrate steady income, a manageable level of existing debt, and the ability to meet repayments. In some cases, offering an asset—like a vehicle—as security can also improve the chances of approval.
At Swoosh, we focus on your current financial circumstances and assess each application individually. Rather than relying solely on your credit history, we consider the bigger picture to help you get the support you need.
Struggling to find the right loan for you and your credit score? Check out our blog: Best Loans for Bad Credit NZ.
Hit with a curveball and need funds fast? Swoosh is here to help.
At Swoosh, we make applying for an emergency loan fast and easy with a 100% online process, flexible repayment options, and fast approvals. Apply online today!
FAQs
How do you qualify to borrow money?
Each lender will have their own eligibility and lending criteria, but to apply for a secured emergency loan, you’ll typically need to meet some basic requirements, such as:
- Be at least 18 years old
- Be a New Zealand citizen or permanent resident
- Be employed and earning a regular income
- Have a valid NZ driver licence and a registered vehicle (for secured loans)
- Have an active NZ bank account and a mobile number
- Be able to demonstrate that you can afford the repayments
Once your application is submitted, lenders will also assess your financial situation in more detail, before making a decision.
At Swoosh, we make the application process simple and fast, while taking a responsible and individualised approach to assessing each loan. Apply online or contact our team today!
How to get a loan when no one will approve you?
If you’re struggling to get approved for a loan, consider looking into lenders that accept a wider range of credit backgrounds or offer secured loans. In some cases, providing an asset like a vehicle may help strengthen your application. Alternatively, it may be worth taking time to improve your credit score and overall financial position before reapplying.
