Frequently Asked Questions
Using our sliders to customise your loan you can set how much cash you need to borrow and the repayments you can afford. Then by completing our online application we will be able to make a decision with our 9 minute processing promise.
Once you’ve digitally signed and returned your loan contract we deposit the funds into your account. If you’re with a major NZ bank you can take advantage of our 9 minute guarantee . If you are with a smaller bank or credit union, call us and we have other methods to get your cash to you Pronto.
Yes you can. At Pronto we will NEVER charge a fee for early repayment of your loan. We actually encourage you to pay more than the minimum payments because by paying more each week, fortnight or month you will save on interest and fees and we’re happy because we’ve got the money back to lend out again.
If you’ve had a loan with us before we can definitely look at your options for more finance. We do need to have a new application form with every new loan (even if you’re a previous customer). But the good news is it’s even faster if you’ve had a loan before. Our record for a new loan to a previous customer is 7 minutes from the time he applied to the time he had the cash in his bank account. If you’ve got four minutes apply now and we’ll see what we can do.
For loans of $500 or less we can offer an unsecured loan to customers with a good credit rating. But for larger loans we require a vehicle to be used as security. You don’t have to give us the vehicle in order to get a loan, we just register our interest on the Government’s Personal Property Securities Register. The specific details of how our security interest works and the risks involved are explained in your loan contract which you receive before you sign. If you don’t have a car yourself you could look to take the loan out with a joint borrower. Give us a call on 0800 543 718 to discuss your options.
We can use any vehicle registered with NZTA as security on your loan. When using a vehicle, it must have a current WOF and registration and we can’t use it if there is money owing on it. However if you’re looking for a debt consolidation loan, give us a call and we may be able to release the security interest.
Unfortunately we don’t accept household items for security.
We can do loans of $500 or less with no car as security. But if you want to borrow more and you don’t own a vehicle yourself you can look to add a joint applicant to your loan. We will need them to submit their details in the same online application as the main borrower (just select ‘this is a joint application’ in the application form), then provide the details of the security being offered and confirm they understand the terms and conditions.
Yes all of our loans require a credit check. We use the credit check as one of the pieces of data to create your Client rating.
We consider a range of information before making a decision and base our decision on your Client rating and the affordability of the application. This does use a credit report and whilst we don't offer bad credit loans, it all depends on how bad your credit profile is. Our Client rating is created using hundreds of pieces of data to assess you as a borrower, alongside our affordability algorithm. By using all of this information we ensure we always make a responsible lending decision.
Annual interest rate (AIR): this is set between 9.97% and 33.97% depending on your Client Rating. This is our own unique system that looks at hundreds of pieces of data to reward safer borrowers and give them a lower annual interest rate. The interest is always fixed for the life of the loan so you know how much you have to repay before you sign the loan contract.
No early repayment fees: we promise to NEVER charge a fee for early repayment. When you customise your loan using our sliders, you can choose how much you want to repay each week, fortnight or month. Unlike a lot of lenders we encourage you to pay as much as you can reasonably afford, because you will save on interest and get the loan paid off sooner.
Establishment fee: This is the fee for receiving, processing and advancing your loan. It’s a one off fee that applies to all personal loans (both new loans and refinances). It is included in your repayments.
Loans of $200-$499: $136.
Loans of $500-$999 : $236.
Loans of $1,000-$20,000: $336.
Administration fee: This is the fee charged to cover the costs of administering your loan. It includes the processing of payments, all customer enquiries and updates, provision of balances and six monthly statements. It is $4.03 per week, but only charged while your loan is active.
Default fee: This is only payable if your loan is in default. It is payable daily, but charged weekly. The default fee covers the costs to the company for loans that are a higher risk, due to being in arrears and is $0.96 per day while the loan is in arrears.
Default interest: This is the default interest rate for the portion of your loan that is in default. The Annual Interest Rate for the default interest is 8.95%, however this is not charged on the total balance of the loan, only the balance in arrears.
When you get a loan with Pronto we offer you the option to include Payment Protection Insurance for your peace of mind. This is not compulsory however the you can read about Payment Protection Insurance here.
The easiest way to make payments is to set up an automatic payment, going out the same day as your income.
We will email you our account details once your loan is advanced and you can use your loan number as the reference. If you’ve lost the account number, call us on 0800 543 718 and we’ll text or email it to you.
All of our loans require a bank statement showing your last 90 days of income and expenses. We don’t have a specific minimum income required, as each persons surplus is different depending on their expenses. Using our affordability algorithm we will assess your income and expenses to ensure you can comfortably afford the repayments. Unfortunately if you’re paid in cash we can’t recognise this as income when assessing your loan.
We can only lend to New Zealand residents over the age of 18. You will also need a current New Zealand Drivers Licence or New Zealand Passport to be eligible for one of our loans (no 18+ cards sorry).
At Pronto we offer secured loans between $200 and $20,000. You can use your car as security to support your loan and get a competitive interest rate.
We also offer unsecured loans from $200 to $500. These smaller loans are available to customers with a perfect credit history and strong affordability.
Our fast personal loans are available on any device. By completing our easy application form, we can assess your loan with our 9 minute processing promise (during business hours). And you can sign your loan contract anywhere in New Zealand on your mobile, tablet or PC, with the funds advanced straight to your bank account. We believe it is the fastest personal loan in NZ, and we pride ourselves on our fair interest rates to ensure you get both faster and fairer finance!
At Pronto we offer debt consolidation loans. This is where you take multiple debts you currently have and bundle them into one new loan with us. It can save you money and means you only have a single repayment to make each week, fortnight or month. Debt consolidation can be popular when you have a lot of different high interest loans, and you’re struggling to keep on top of them all. Give us a call and see if a debt consolidation loan will work for you.
You can use a number of independent services to check your credit score in NZ. By looking online you will find different companies that offer a free service for you to access your credit profile. This allows you to know exactly where you stand before applying for a loan. We use a number of different data sources when assessing a new loan application, and a credit check is one of those.
Short term loans have traditionally been associated with payday loans. However these have extremely high interest rates and often aren’t in the borrower’s best interests. However at Pronto, we offer loans from $200 to $20,000 with fair annual interest rates and no early repayment fees. Whilst we don’t set loans up to be paid back over a matter of weeks or a few months, if at any stage during your loan you want to pay it off early and get it sorted in the short term, you can do so with no penalty fees. We want our customers to pay their loans back faster, so they save on interest and we’ve got the money back to lend out again. Pronto Finance has a minimum loan term of 26 weeks (182 days) and a maximum loan term of 5 years (1825 days), but with no early repayment fees you can pay your loan off early if you want to save on interest.
A debt consolidation loan is the process of taking your existing debts and bundling them into a single, more affordable loan. If you’re looking to consolidate your debt with an unsecured loan, it’s very important that you look at the interest rates of your current debt and compare them to the rate of the consolidation loan, alongside any additional fees. Whilst the regular repayments should be less than multiple loans, you don’t want to be paying significantly more back than you would by keeping them separated. If it does work out to be cheaper, then a debt consolidation loan can be a great way to get on top of your debts. Our loans aren’t just faster, our annual interest rates are also fairer. So we hope that an unsecured debt consolidation loan from us will be cheaper for you in the long run and help you get back on your feet. Read about our costs of borrowing here.
Our debt consolidation loans are designed to save you money in the long run. We’ll look at your current debt obligations and bundle them into a single loan with affordable repayments. These consolidation loans can be used for things like existing personal loans, expensive payday loans, credit card debts and a range of other regular debt obligations. Give us a call if you’d like to discuss the possibility of a debt consolidation loan and we can run through your individual circumstances to see if we can help you get ahead.
Our Pronto Client Rating is used to assess each application. If your main source of income is from WINZ and you’re looking for a beneficiary loan in NZ, and you have a good credit history with strong affordability, it’s likely you’ll have a high Client Rating. If this is the case then we should be able to approve an unsecured beneficiary loan or a low interest secured loan if you’ve got a car as collateral.