Summary

Borrow from $15,000 up to $100,000 with terms up to 7 years. Rates are risk-based and the loan requires you to secure your loan against an asset.

NOW Finance has been providing loans to Australians since 2013, and has since become one of Australia's largest non-bank lenders. This loan requires security, however NOW Finance also have an unsecured product. Since it's risk-based, your interest rate will personalised based on your credit score and credit history. There are no fees for this loan, so your only cost is the interest rate you receive.

Pros

Obtain a personalised rate
Get a personal loan advisor
Quick application process

Cons

Needs an asset security as collateral
Low credit scores might attract higher interest rates

Details

Product details

Product Name	NOW Finance Secured Personal Loan
Interest Rate (p.a.)	6.75% to 21.65%
Comp. Rate (p.a.)	6.75% to 21.65%
Interest Rate Type	Fixed
Min Loan Amount	$15,000
Max Loan Amount	$100,000

How does the NOW Finance Secured Personal Loan work?

NOW Finance secured personal loans feature personalised rates. Therefore, the better your credit score, the lower the rate that you could be offered. Rates vary between 6.75% p.a. and 21.65% p.a. with comparison rates varying between 6.75% p.a. and 21.65% p.a.

NOW Finance also offer a personal loan advisor who is there to help borrowers throughout the life of their loan. These advisors can talk to you over the phone to help you understand your rate, repayment schedule, and all fees and charges associated with your personal loan application.

How to apply

If you're thinking of applying for a personal loan from NOW Finance, simply click "Go to site" to visit the lender's site directly. Applications take roughly 10 minutes to complete.

Eligibility

Be an Australian citizen or permanent resident
Be 18 years old or over
Have a stable income – full time, part-time, self-employed (for more than 24 months) or casual (for more than 3 months) are all eligible. Centrelink applicants can be eligible if Centrelink is a secondary income to employment (i.e. less than 50% of your entire income).
Have no defaults (paid or unpaid) or active payday loans
Not be a current or prior bankrupt or be party to a court judgement
Have viable asset security

Documentation

You will also need to have the following documentation handy:

A copy of your Australian passport or driver's licence and Medicare card
A letter or payslips from your employer
Proof of address - Driver's License / Bank statement/ Utility Bill/ Centrelink Statement/ Rates Notice/ Lease Agreement.
Proof of rent and/or mortgage payments
Bank statements
Details of any amounts owing, including other loans, credit/store cards and overdrafts

Depending on your circumstances, your advisor may ask you for additional information.

Remember that while this is a competitive loan product, it's still a good idea to compare your secured loan options prior to submitting an application.

Features of this loan

NOW Finance's personal loans come with the following features:

Personalised rate. Rates for NOW Finance loans are risk-based. So, the better your score, the lower the rate you could be offered.
Loan amount. Funding amounts vary from $15,000 to $100,000.
Loan term. Terms vary from 18 months to 7 years.
Fixed rate. NOW Finance offers fixed rate personal loans, meaning that rates won't change over the course of the loan term.
Flexible terms. You can adjust the loan amount, term and repayment schedule to suit your needs.
Loan advisor. Borrowers will be allocated a personal advisor to guide them through the loan process.
Quick application. Applications take around 10 minutes to complete.
Quick funding. Once your application is approved, you could see funds in your account from 24-48 business hours.
Secured. This loan product requires asset security as collateral.
No fees. This loan comes with no establishment or monthly fees. Also, there are no penalties for repaying your loan early.

How much does a NOW Finance Secured Personal Loan cost?

You will pay these fees

Cost	Amount
Interest Rate	6.75% to 21.65% p.a.
Comparison Rate	6.75% to 21.65% p.a.
Establishment fee	$0
Ongoing fees	$0 per month

You might pay these fees

Cost	Amount
Early pay out fee	$0
Cash advance fee	$0
Additional repayments fee	$0
Late payment fee	$0
Dishonour fee	$0
Paper statement fee	$0

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IMB New Car Loan Fixed1 - 7 Years $2,000 - $125,000	Interest Rate (p.a.) 6.24%	Comp. Rate (p.a.) 6.59%	Application Fee $274.78	Monthly Fee $0	Monthly Repayment $924.31	Go to site More Info Compare	You'll receive a fixed rate of 6.24% p.a. A low minimum borrowing amount of $2,000 that you can use to purchase a new car or one that's up to two years old.
OurMoneyMarket New Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $934.23	Go to site More Info Compare
Stratton Finance New Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $931.85	Go to site More Info Compare	You'll receive a fixed rate from 6.52% p.a. depending on the lender you are approved with. Apply for up to $300,000 and use cash or trade in a vehicle to use as a deposit. Optional balloon payment available.
RACV New Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $945.77	Go to site More Info Compare	You'll receive a fixed rate from 7.29% p.a. A larger loan of $5,000 or more to help you buy a new or used car. 5-hour pre approval available and no ongoing fees.
OurMoneyMarket Used Car Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $934.23	Go to site More Info Compare
loans.com.au - Variable Rate Used Car < 5 years Variable3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.74% to 7.74%	Comp. Rate (p.a.) 8.85% to 8.99%	Application Fee $400	Monthly Fee $8	Monthly Repayment $956.98	Go to site More Info Compare
Stratton Finance Used Car Loan Fixed1 - 7 Years $10,000 - $300,000	Interest Rate (p.a.) 6.52% to 18%	Comp. Rate (p.a.) 6.95% to 23%	Application Fee $395	Monthly Fee $0	Monthly Repayment $931.85	Go to site More Info Compare	You'll receive a fixed rate loan from 6.52% p.a. with a comparison rate of 6.95% p.a. A used car loan of up to $300,000 with quick approval times and balloon payment options.
RACV Used Car Loans Fixed1 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $962.64	Go to site More Info Compare	You'll receive a fixed rate from 8.49% p.a. Benefit from no ongoing fees, 5-hour approval and a 21-day satisfaction guarantee. Interest rate discounts for members.
Verified Lending Used Car Loan Fixed1 - 7 Years $10,000 - $200,000	Interest Rate (p.a.) 7.1% to 18.99%	Comp. Rate (p.a.) 8.06% to 22.99%	Application Fee $395	Monthly Fee $0	Monthly Repayment $939.9	More Info Compare
NRMA New Car Loan Fixed1 - 7 Years $5,000 - $130,000	Interest Rate (p.a.) 7.29% to 16.99%	Comp. Rate (p.a.) 8% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $945.77	More Info Compare	Note: Take out a loan for an eligible electric vehicle and receive a 1.5% discount on your personalised interest rate (interest rates start from 5.79% p.a. and comparison rates from 6.49% p.a.)
NRMA Used Car Loan Fixed1 - 7 Years $5,000 - $130,000	Interest Rate (p.a.) 8.49% to 16.99%	Comp. Rate (p.a.) 9.21% to 17.77%	Application Fee $499	Monthly Fee $0	Monthly Repayment $962.64	More Info Compare	You'll receive a fixed rate from 8.49% p.a. Finance a used car with NRMA and benefit from a fixed rate term and no monthly fees. Pre-approval available within 5 business hours.
loans.com.au - Fixed Rate Used Car < 3 years Fixed3 - 7 Years $5,000 - $150,000	Interest Rate (p.a.) 7.59% to 8.79%	Comp. Rate (p.a.) 8.7% to 10.04%	Application Fee $400	Monthly Fee $8	Monthly Repayment $954.89	Go to site More Info Compare
Latitude Variable Rate Personal Loan Variable2 - 7 Years $5,000 - $70,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.37% to 30.69%	Application Fee $0	Monthly Fee $13	Monthly Repayment $973.85	Go to site More Info Compare	Special Finder offer: $395 establishment fee waived for approved personal loan applications submitted through Finder. Latitude may withdraw offer at any time. T&Cs apply.