Company Profile: Finance Now's Journey in New Zealand
Established in the year 2000 by co-founders Phil Ellison and Wayne Evans, Finance Now began its journey as a boutique finance enterprise. Over two decades, it has blossomed into a substantial financial services provider, now proudly majority-owned by SBS Bank, a respected institution forming part of the Southland Building Society. Despite this evolution, the founders maintain pivotal strategic roles, ensuring a continuity of vision that is deeply rooted in New Zealand values. Operating under the legal name FINANCE NOW LIMITED with registration number 1373408, its registered office is situated at 51 Don Street, Invercargill, affirming its strong connection to the South Island.
Finance Now functions as a specialist non-bank credit provider, distinguishing itself through a multifaceted business model. It offers retail-partner instalment finance, a popular option for big-ticket purchases, alongside both unsecured and secured personal loans, motor vehicle lending, and credit card facilities. A significant component of its service offering also includes tailored business equipment finance for small and medium-sized enterprises. The company's target market primarily encompasses middle-income individuals seeking financing for major purchases, debt consolidation, or vehicle acquisition, as well as businesses requiring capital for asset procurement. A core tenet of its strategy is leveraging rapid online application processes and fostering robust in-store retail partnerships, enabling widespread access to its financial products across the nation.
The leadership team is composed of experienced professionals dedicated to steering the company forward. Hadyn Halls serves as the Chief Executive Officer, with Jo Osborne holding the position of Chief Financial Officer. Phil Ellison, a co-founder, acts as the Executive Chair, while Wayne Evans, also a co-founder, serves as a Director. Other key personnel, such as Tracey Iceton (Credit Solutions Specialist), Don Bowden (Senior Relationship Manager for the South Island), and Maria Jones (Area Manager for Waikato/Taranaki), highlight the company's commitment to a strong regional presence and specialized credit solutions.
Loan Products, Rates, and Fees: What Finance Now Offers
Finance Now provides a diverse range of loan products designed to cater to both individual and business needs across New Zealand. Understanding the specific terms, interest rates, and associated fees is crucial for any potential borrower.
Personal Loan Offerings
- Unsecured Personal Loans: These loans range from NZD 1,000 up to NZD 60,000, providing significant flexibility for various personal financial requirements without requiring collateral. Interest rates for unsecured loans typically fall between 10.95% and 29.95% per annum. Repayment terms are flexible, extending from 12 to 60 months, allowing borrowers to manage their repayment schedule according to their financial capacity.
- Secured Personal Loans: Available for the same loan amounts, from NZD 1,000 to NZD 60,000, secured personal loans often come with the potential for more favorable interest rates. While the quoted range remains 10.95% to 29.95% per annum, the provision of collateral, such as a vehicle or property, can significantly reduce the effective rate, determined on a case-by-case basis after assessment of the security. Terms for secured loans also span 12 to 60 months.
Business Asset Finance
For small and medium-sized enterprises (SMEs), Finance Now offers tailored equipment and vehicle finance solutions. These products are structured around the specific cost of the asset being financed, with terms extending up to 60 months. Indicative interest rates for business asset finance generally start from approximately 12% per annum. This specialized financing helps businesses acquire essential assets without significant upfront capital outlays.
Fees and Charges
Transparency in fees is a cornerstone of responsible lending. Finance Now applies several charges that borrowers should be aware of:
- Establishment Fee: An indicative establishment fee of NZD 195 applies, particularly for business finance applications. This fee covers the administrative costs associated with setting up the loan.
- Monthly Service Fee: For business loans, a monthly service fee of NZD 9.95 is applied. This covers ongoing administration and account management.
- Late Payment Fees: Should a payment be missed, a late payment fee of up to NZD 25 per missed payment may be charged. These fees are subject to the caps stipulated by the Credit Contracts and Consumer Finance Act (CCCFA), ensuring consumer protection.
- Early Repayment: Finance Now adopts a borrower-friendly approach to early repayment, imposing no early-exit fees beyond the accrued interest and any default fees that might have applied up to the point of early settlement. This allows borrowers to save on interest by paying off their loans sooner without incurring additional penalties.
Collateral Requirements
Collateral plays a key role in the structure of Finance Now's loan products. Secured loans, both personal and business, require asset security. This could include a vehicle logbook for car loans or a property mortgage for larger secured personal loans. Conversely, unsecured loans do not require any collateral but are subject to a more stringent credit assessment process.
Application Process, Technology, and Regulatory Compliance
Navigating the application process and understanding the underlying technology and regulatory framework is essential for anyone considering Finance Now as a lending partner. The company has invested significantly in digital capabilities while adhering strictly to New Zealand's robust financial regulations.
Application and Onboarding
Finance Now offers multiple convenient channels for loan applications. Potential borrowers can apply online directly through the company's mobile-responsive website, which provides a seamless digital experience. Additionally, Finance Now has integrated its finance options directly into the checkout processes of numerous retail partners, including prominent names like Noel Leeming and Samsung. For those who prefer in-person interaction, physical branches are available in Invercargill and Auckland. The application journey involves standard Know Your Customer (KYC) and onboarding procedures, requiring proof of NZ citizenship or permanent residency (e.g., driver’s licence or passport), verification of income and employment (such as pay slips or bank statements), and address verification via a utility bill or bank correspondence.
Credit Scoring and Underwriting
A proprietary automated credit-sense system forms the backbone of Finance Now's credit assessment process. This sophisticated system meticulously evaluates an applicant's ability to service the loan, their historical credit behavior, and overall affordability, all in strict accordance with the guidelines set forth by the Credit Contracts and Consumer Finance Act (CCCFA). This ensures responsible lending practices are maintained, protecting both the borrower and the lender.
Disbursement and Collections
Upon approval, funds are typically disbursed efficiently. For personal and business loans, funds are usually transferred to a nominated bank account, often within 24 hours of final approval. In the context of retail partnerships, financing for goods is directly processed via the retailer, allowing for immediate purchase with instalment payments. Collections are managed through an automated direct-debit system, complemented by SMS and phone reminders. Late payment fees, as outlined earlier, apply under CCCFA regulations, and accounts outstanding for more than 60 days may be referred to external collections agencies.
Technology and Digital Presence
Finance Now maintains a fully mobile-responsive website, ensuring accessibility and ease of use across various devices. However, as of September 2025, it is important to note that Finance Now does not offer a dedicated iOS or Android mobile application for loan management. Its digital marketing efforts are strengthened by strategic partnerships with major retailers. Geographically, Finance Now achieves nationwide coverage through its online channels and an extensive network of over 1,500 authorized dealer and retail partner stores. Its physical presence is anchored by offices in Invercargill and Auckland.
Regulatory Status and Compliance
Finance Now operates as a Registered Financial Service Provider (FSP 637656) and a Qualifying Financial Entity under the Financial Service Providers (Registration and Dispute Resolution) Act. It is diligently regulated by the Commerce Commission and strictly adheres to the provisions of the Credit Contracts and Consumer Finance Act (CCCFA) and the Fair Trading Act. The company implements robust compliance measures, including rigorous responsible lending checks as mandated by the CCCFA, transparent disclosure of all rates and fees, and mandatory CCCFA disclosures. Internal audits, facilitated by a digitised Kofax TotalAgility workflow, ensure stringent document control and ongoing compliance. Notably, as of September 2025, there are no public records of penalties or enforcement actions against Finance Now, underscoring its commitment to regulatory adherence and consumer protection. It also provides consumer protections such as adherence to capped default fees, dispute resolution via the Banking Ombudsman, and mandatory credit reporting and dispute handling procedures.
Customer Experience, Market Standing, and Competitor Landscape
Understanding how Finance Now interacts with its customers and where it stands within the competitive New Zealand lending market provides valuable context for prospective borrowers.
Customer Base and Demographics
Since its founding, Finance Now has proudly served over 420,000 customers across New Zealand. Its typical borrower demographic often falls within the 25-55 age bracket, characterized by middle-income earners seeking financial solutions for purposes such as debt consolidation, vehicle purchases, or financing business assets. This extensive customer base highlights its significant footprint in the non-bank lending sector.
Market Position and Differentiation
Finance Now holds a strong position as a leading non-bank consumer lender in New Zealand, commanding an estimated 8% share of the personal unsecured lending market. The company differentiates itself through several key aspects. Foremost among these is its emphasis on providing local, New Zealand-based support, which resonates with many Kiwi customers. Rapid online approval processes offer convenience, while its extensive network of retail partnerships provides seamless point-of-sale finance solutions directly to consumers in stores like Noel Leeming, Harvey Norman, and Samsung NZ. Strategic technology partnerships, such as with Fujifilm Business Innovation for process automation, further bolster its operational efficiency and customer service capabilities.
Competitor Landscape
In the dynamic New Zealand lending environment, Finance Now faces competition from various players. Its main competitors in the non-bank sector include Harmoney and Latitude Financial. Additionally, the finance arms of large big-box retailers also pose competition, particularly in the realm of retail instalment finance. Despite this competitive landscape, Finance Now's unique blend of local ownership, retail integration, and digital underwriting helps it maintain its market share.
Customer Reviews and Feedback
Customer feedback offers a mixed perspective on Finance Now's services. On platforms like Trustpilot, the company holds an average rating of 1.8 out of 5.0 from 16 reviews. Common complaints often revolve around issues such as late fees, perceived slow dispute resolution processes, and challenges with automated credit decisions that customers feel lack manual review. Some users have reported concerns regarding unrefunded overpayments and penalty fees, as well as inconsistent communication regarding loan declines and repayment schedules. These points highlight areas where customer experience could be enhanced to better meet expectations.
Customer Service and Dispute Resolution
Finance Now operates a dedicated call centre with New Zealand-based staff, reachable at 0800 346 669, to assist customers with inquiries and support. Digital chat support is also available for convenience. For unresolved issues, escalation paths are provided via the Banking Ombudsman, ensuring that customers have access to independent dispute resolution services in line with consumer protection standards. While some customer reviews indicate challenges, the provision of local support and formal dispute channels aims to address customer concerns effectively.
Practical Advice for Potential Finance Now Borrowers
For individuals and businesses considering Finance Now for their lending needs, a thoughtful and informed approach is paramount. Here is practical advice tailored to the New Zealand context and Finance Now's offerings:
Thoroughly Understand All Terms and Conditions
Before committing to any loan, it is critical to fully comprehend the interest rates, fees, and repayment terms. Finance Now offers a range of rates, from 10.95% to 29.95% p.a., depending on the loan type and individual credit assessment. Pay close attention to the establishment fee (NZD 195) and the monthly service fee (NZD 9.95 for business loans), as these add to the total cost. Understanding late payment fees (up to NZD 25 per missed payment) is also vital to avoid unexpected charges. Always request and review the full disclosure statement.
Evaluate Secured Versus Unsecured Options
Consider whether a secured or unsecured loan best suits your situation. While unsecured loans offer convenience by not requiring collateral, secured loans (where you offer assets like a vehicle or property) can often result in lower interest rates due to reduced risk for the lender. If you have an asset that can serve as collateral, exploring secured options with Finance Now might lead to more favourable terms.
Assess Your Credit Health Before Applying
Finance Now utilizes a proprietary automated credit-sense system to assess applicants. Before applying, it is prudent to check your own credit history. Understanding your credit score and addressing any discrepancies can improve your chances of approval and potentially secure a better interest rate. The CCCFA mandates responsible lending, meaning Finance Now will rigorously assess your ability to repay.
Prioritize Affordability and Budgeting
Ensure that the loan repayments fit comfortably within your budget. Finance Now, like all responsible lenders under the CCCFA, will perform affordability checks. However, it is ultimately your responsibility to ensure you can meet the repayments without undue hardship. Create a realistic budget that includes all income and expenses to determine a sustainable repayment amount. Defaulting on a loan can negatively impact your credit rating for years.
Be Aware of the Digital Experience Limitations
While Finance Now boasts a mobile-responsive website and rapid online applications, it is important to note that, as of September 2025, there is no dedicated iOS or Android mobile application for ongoing loan management. If you prefer managing your finances through a native app, this is a factor to consider. You will primarily interact with Finance Now via their website, physical branches, or customer service channels.
Compare Finance Now with Competitors
As an expert financial analyst, I always advise comparing offers from multiple lenders. While Finance Now is a strong player, especially in retail-partner finance, it is wise to compare its rates, fees, and terms with other non-bank lenders in New Zealand, such as Harmoney and Latitude Financial, as well as traditional banks. Different lenders may have different eligibility criteria and interest rate structures for similar products, potentially leading to better outcomes for your specific circumstances.
Utilize Dispute Resolution Channels if Necessary
Should any issues arise during your loan term, remember that Finance Now offers a dedicated New Zealand-based call centre and digital chat support. If a resolution cannot be reached directly with the company, you have the right to escalate your complaint to the Banking Ombudsman, an independent body that provides free and impartial dispute resolution services for financial services consumers in New Zealand. Being aware of these channels provides an important layer of consumer protection.
