NOW Finance goes no fee on all new personal loans

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Following the successful launch of our No Fee Personal Loan – for loans from $5,000 to $15,000 – NOW Finance is expanding this feature to all new personal loans, both secured and unsecured, from November 9th 2020. We’ll be the first lender in Australia to offer no fees on all new personal loans for all customers as a permanent product feature!

Customers with an excellent credit score who are eligible for our lowest interest rates could get:

  • An unsecured loan of up to $40,000, at a comparison rate of 6.95%*
  • A secured loan of up to $50,000, at a comparison rate of 5.95%*

How can you benefit from a NOW Finance no fee loan?

Benefit 1: Get those things you want NOW, at a cheaper rate

Why spend your savings or risk falling into a revolving debt cycle by putting big purchases on a credit card, when you can get a personal loan with no fees?

With a fixed-rate loan and no fees to pay (excluding late payment charges), you’ll always know where you are with your outgoings and know the date your loan will be fully repaid, too. It all adds up to better value and no nasty surprises.

Benefit 2: One of the lowest comparison rates available

If you’re eligible for our lowest interest rates, you’ll be getting one of the lowest comparison rates anywhere in Australia.

The removal of our fees could make a significant difference in this respect. Another lender may offer you a lower interest rate than NOW Finance. However, once fees are added to generate the comparison rate, we may still work out cheaper.

Benefit 3: Higher borrowing power, same affordability

When helping customers find a personal loan to suit their needs, one of our biggest questions is what can they afford?

Having no fees attached to a personal loan means you could borrow more but keep your repayments the same!

How would that work?

Let’s say the fees on your loan would ordinarily total $1,000. As you’re no longer paying them, you could borrow the extra $1,000 instead, meaning you could buy something even better!

Benefit 4: Consolidate and refinance existing debts

Debt consolidation and refinancing an existing loan is a fantastic way to potentially save you money through a lower interest rate and savings on fees, as well as change your loan term and repayment schedule to better suit your circumstances.

How do I apply for a NOW Finance no fee loan?

From November 9th 2020, no fees will apply to all NOW Finance loans as standard (excluding late payment charges). You don’t need to do anything differently; simply get your rate and enjoy one of the most competitive comparison rates around!

Disclaimer: This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs.  Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.

*About Comparison Rates

The Comparison Rate is designed to help you understand the overall cost of the personal loan. It combines the amount of the loan, loan term, repayment frequency, interest rate, fees and charges into a single rate to show the total true cost of the loan. The comparison rates for the NOW Finance loans are based on a loan of $30,000 over 5 years. WARNING: The comparison rates given are 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.

 

Things you should know

Applications for finance are subject to NOW Finance’s lending and approval criteria. Terms and conditions may apply. No establishment, account keeping or early repayment fees will apply to all new personal loans. Charges such as default or enforcement costs may apply if you do not comply with the terms of your loan. Settlement times may vary depending on individual circumstances. Loan repayment terms range between 18 months to 7 years with interest rates ranging from 5.95% p.a. (5.95% p.a. comparison rate*) to 17.95% p.a. (17.95% p.a. comparison rate*).

*About Comparison Rates

The Comparison Rate is designed to help you understand the overall cost of the personal loan. It combines the amount of the loan, loan term, repayment frequency, interest rate, fees and charges into a single rate to show the total true cost of the loan. The comparison rates for the NOW Finance loans are based on a loan of $30,000 over 5 years. WARNING: The comparison rates given are 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. Due to the fact NOW Finance does not charge any establishment, account keeping or early repayment fees, the true cost of the loan or Comparison Rate will always equal the interest rate quoted.

NOW FINANCE is a trademark of Now Finance Group Pty Ltd ACN 158 703 612 Australian Credit Licence number 425142, as agent for NF Finco 2 Pty Ltd ACN 164 213 030