Finance Bloom secured personal loan review
This non-bank lender offers flexible loan amounts and terms, as well as personalised interest rates.
Finance Bloom offers secured personal loans to eligible applicants that can be used for big-ticket items, unexpected expenses or debt consolidation. You can take out a loan anywhere between $2,000 to $75,000 and receive a tailored interest rate depending on your circumstances.
Read on to find out what you need to know about Finance Bloom personal loans.
Main points to consider with a Finance Bloom secured loan
A secured personal loan with Finance Bloom can be taken out between 6 months and 7 years. The minimum loan amount is $2,000, while the maximum amount is $75,000. Loans are secured and the interest rates vary between 6.35% - 28%.
Features of a secured personal loan from Finance Bloom
- Interest rates between 6.35% - 28%. Interest rates are determined by your credit score, your financial situation and how much you want to borrow.
- Flexible loan size. You can apply for a secured loan for an amount between $2,000 and $75,000 depending on what you need the money for.
- Loan terms. Flexible loan terms mean you have the option of repaying smaller loans over 6 months and larger loans over 7 years.
- Employment status. Loan applicants can be working either full time or part time.
- Flexible loan approval. Finance bloom can approve loans if you have bad credit, are on temporary visa or are a pensioner.
How much does the loan cost?
The total cost of the loan, including interest, will depend on how much you borrow, the length of the loan term and the interest rate you’re quoted.
Some of the standard costs you can expect to pay with a Finance Bloom secured personal loan include:
- An establishment fee between $395 - $500 to set up the loan.
- A service fee between $3-$5 per month.
Pros and cons
- Flexible loan amounts
- Flexible loan terms
- High establishment fee
- May get a high interest rate, depending on circumstances
- Beneficiaries can’t apply
How to apply for a Finance Bloom personal loan
You can apply for a Finance Bloom personal loan by visiting their site. Before doing so it’s important that you read and understand all of the fees and charges which are included with a loan before you make an application.
- Be over 18 years of age
- Be a NZ citizen, resident or have a valid visa
- Be in employment and earning at least $450 per week
- Driver’s licence
- Copy of your passport
- Copy of your work visa (if applicable)
- Recent bank statements
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.