We’re thrilled to have been honoured in Finder’s Personal Loan Awards 2023 for both Unsecured Personal Loans and Secured Personal Loans. These prestigious awards celebrate Australia’s best personal loans as judged by Finder’s experts.
In this post Finder shares what make our loans stand out as the best in the business and why we won these two awards.
NOW Finance has come out on top of its categories in this year’s Finder Awards, taking out not just one, but two awards.
The Finder Personal Loan and Car Loan Awards run each year and recognise the best loans on the market. Our Finder experts review hundreds of loans across lenders of all sizes to make sure the winners truly represent the best in the business.
We assess each loan based upon a weighting of interest rates and fees. Normally, a lender might do better in one category compared to another.
But NOW Finance scored highly for its interest rates, getting it to the top scoring position in both awards.
Competitive loan offerings are important, and this is especially true during a year where the cost of living has become a real concern for many Australian households.
Let’s take a deeper dive into why we at Finder think NOW Finance’s secured and unsecured loans are a great option for borrowers to consider.
No fees – really, none at all
Along with interest rates, we considered fees when scoring personal loans for the awards. This is an area where NOW Finance excels because it doesn’t have any fees!
Regardless of whether you take out a secured loan or an unsecured loan, there are no establishment fees or ongoing fees. There are also no default fees if you miss a repayment and no fees if you repay the loan early.
Personalised interest rates
NOW Finance’s interest rates repeatedly scored well over the 12-month period judging took place. But its interest rates are actually personalised to borrowers.
So, if you’ve got a great credit history because you’ve always paid loans off on time or you haven’t taken out a lot of credit in the past, you’ll be rewarded with a lower interest rate.
If you don’t have a great credit score, there are things you can do to improve that and get a better interest rate down the line.
Wide range of loan purposes
NOW Finance doesn’t have restrictions on what you’re borrowing money for as long as it’s a worthwhile purchase.
Depending on whether you’re taking out a secured loan or unsecured loan, you can borrow from $5,000 to $100,000.
You can borrow money for debt consolidation, a new car, renovations at home or even for your wedding or to travel. You just need to make sure you’re across what loans can be secured and which ones cannot.
Unlike other lenders which may need you to complete paper forms or even go into a branch, NOW Finance is completely digital.
Before you even begin the application you can go online to get a personalised rate in just 2 minutes.
The online application itself will ask you for details like your income, family details and your living situation. You’ll then need to provide information on your finances and spending habits.
You can also upload supporting documents straight to the application, like your ID and bank statements.
Fast approval and funding
Once you’ve completed the application, NOW Finance expects to get back to you with a response in 2 minutes.
After approval, NOW Finance will send over your loan contract. This can be signed digitally, and then you can usually access your funds within 24 to 48 hours of being approved.
Find out more about the methodology we used to make our decision for Finder’s Personal Loan and Car Awards 2023 here: www.finder.com.au/finder-awards/methodology/personal-and-car-loan.
Rebecca Pike is Finder’s senior writer for money. She joined Finder after almost 4 years writing for business publications in the mortgage and finance industry, including 3 years as editor of Mortgage Professional Australia magazine.
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. The information in this article is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may affect the accuracy of the information.