legal
Financial Hardship
Experiencing hardship?
If you are struggling to meet your loan repayments, we are here to help you.
What should you do?
If you are having financial difficulties, then you should contact us immediately. You can contact our hardship team by:
- Phone: Call us on 1300 761 711 between 9.00am and 6.00pm Monday – Friday (Sydney/Melbourne time)
- Email: Send an email to accountmanagement@nowfinance.com.au
- Post: Send your concerns via writing to PO Box 24313, Melbourne VIC 3000
- Online: Click HERE to apply for financial hardship via the Customer Portal. (Note: You need to already be registered as a Customer Portal user).
What information will we need?
We will need some information from you when you talk to us about your financial hardship. This information may include:
- why you are experiencing hardship and documentation evidencing the cause of the hardship (if available);
- details about your current income and financial expenses and your expected future financial situation; and
- what repayments you might be able to afford.
How will we help you?
There are a number of ways we can help including setting up a payment plan or altering your loan repayments. This is called a ‘financial hardship arrangement’. Your arrangement may be temporary, like deferring a repayment. Or permanent, like varying your loan.
We will talk to you about the financial hardship you are experiencing and work with you to find the best solution.
External support
If you are having financial difficulties you can also contact a financial counsellor on 1800 007 007 (free call) from anywhere in Australia. This is a free and independent service.
Otherwise, the National Debt Helpline website provides step-by-step guides to help you manage your debt problems. You can also find a lot of helpful financial information at www.moneysmart.gov.au and at https://www.creditsmart.org.au/financial-hardship/variation-financial-hardship-arrangement/.
Important Information
All applications for finance are subject to NOW Finance’s lending and approval criteria. No fees apply only to new NOW Finance Secured Personal Loans and new NOW Finance Unsecured Personal Loans. An establishment fee of up to $595 applies to NOW Finance Car Loans. If you do not comply with the terms of your loan, we may pass on to you any third-party enforcement or recovery costs incurred by us.
Comparison Rates are designed to help you understand the overall cost of a personal loan by taking into account the interest rate, fees and charges, the loan amount, and the loan term. All comparison rates shown are based on a loan of $30,000 over 5 years for the respective product type referenced.
- Loan terms: 18 months to 7 years
- Loan amount: $5,000 – $50,000 (Unsecured); $15,000 – $100,000 (Secured)
- Interest rates: 5.95% p.a. – 26.95% p.a. (Unsecured); 5.95% p.a. – 21.65% p.a. (Secured)
- Comparison rates: 5.95% p.a. – 26.95% p.a. (Unsecured); 5.95% p.a. – 21.65% p.a. (Secured)
- Loan terms: 18 months to 7 years
- Loan amount: $3,000 to $150,000
- Interest rates: 7.59% p.a. – 15.39% p.a.
- Comparison rates: 8.43% p.a. – 16.29% p.a.
Your personalised quote will provide you with an estimate of your interest rate and repayments. The final rate offered, if one is offered, may differ once you have completed a loan application and told us about your personal financial circumstances and credit history.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Representative example: A borrower with excellent credit taking out a $30,000 NOW Finance Unsecured Personal Loan over 5 years at an interest rate of 5.95% p.a. (5.95% p.a. comparison rate), would pay an estimated total of $34,703.50 using the fortnightly payment option. Rates on offer are subject to change without notice.