GrabaLoan Personal Loan Review

Get up to $5,000 of revolving credit with interest rates from 9.95%

100% Kiwi-owned and operated, GrabaLoan is a direct lender that provides simple and affordable loans to borrowers with an A, B or C credit score rating.

GrabaLoan works slightly differently to most other mainstream lenders. Your QuickDraw loan can be used as a standard loan with regular repayments over a term of 12 months. Or, you can use the redraw facility so that you have access to funds up to your approved limit when you need them.

This feature takes away the need for further applications and you can either keep repayments the same or increase them to pay off your loan faster.

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9.95% - 29.95%

Interest Rate (p.a.)


Max. Loan Amount


Minimum Credit Score


Product NameGrabaLoan Personal Loan
Interest Rate (p.a.)9.95% - 29.95%
Min. Loan Amount$1,000
Max. Loan Amount$5,000
Loan TermUp to 12 months
Turnaround TimeNext business day
More Info

Pros and cons


  • Revolving credit facility
  • Tailored interest rates
  • Flexible repayments
  • Simple application process


  • High loan establishment fee
  • Fee to close the loan
  • Can only borrow up to $5,000

Features and benefits of a GrabaLoan loan

  • Interest rate. The interest rate you will be given for your GrabaLoan loan is based on your credit score. A score of 800-1000 has an interest rate of 9.95%, 600-799 is 19.95% and less than 599 is 29.95%.
  • Revolving credit. GrabaLoan’s QuickDraw loan allows you to redraw funds when you need them. If you were approved for $2,000 and pay back $1,000, you can redraw $1,000 without needing to reapply.
  • Secured or unsecured. GrabaLoan offers both secured and unsecured loans.
  • Bad credit loans. If you have bad credit, declare this in your application. You still may be able to borrow from GrabaLoan with a co-borrower or security.
  • Payments to suit. GrabaLoan assesses your situation and structures a loan with weekly, fortnightly or monthly payments that you can afford. You can start with lower repayments and increase these during the term of the loan.
  • No break fees. If you decide to pay your loan back before the end of the term, you won’t be charged a break fee. There will be a $45 administration cost to close your loan.
  • Payment Waiver Agreement. For $2.29 a week you can add Payment Waiver Agreement to your loan. This covers your payments for up to eight weeks during your loan term if you fall into financial hardship due to illness, redundancy or an accident. Your loan will be paid off in full in case you become permanently disabled or die.

How much does a GrabaLoan cost?

If you apply for an unsecured or secured GrabaLoan, you will pay a fixed interest rate between 9.95% - 29.95% p.a.

Other fees you may incur include:

  • a loan establishment fee of $195
  • a monthly account fee of $10
  • default interest on overdue portion plus 10%

How to apply for a loan from GrabaLoan

Before applying for a GrabaLoan loan, make sure that you compare the interest rate and fees against other comparable lenders. You should also check that you meet the eligibility requirements and have the appropriate documentation.

When you are ready to start, complete the two-minute application form on the GrabaLoan website. If everything is in order, GrabaLoan will contact you by phone to discuss your application.

Eligibility requirements

  • Be a New Zealand citizen or permanent resident
  • Live in New Zealand
  • Hold a New Zealand Driver’s Licence or Passport

Information and documentation

If you meet the lending criteria, GrabaLoan will need to see your banking transactions to verify your income and expenses. A 90-day transaction report from your internet banking is generated through a secure online portal.

Once GrabaLoan has assessed your financial situation, your loan will be approved and a loan offer will be sent to you with payments structured to your affordability. If you are happy with these terms, GrabaLoan will request:

  • Photo ID
  • Proof of address
  • A recent payslip
  • A recent photo

After this step is complete and your documents have been verified, a loan contract will be sent to you to sign digitally. Your funds will be deposited into your account within two business days.

Bottom line

GrabaLoan’s revolving credit facility means you can have cash to hand without the need to apply again. The interest rate you receive is based on your credit score; the better your credit the lower the interest rate. It may approve bad credit borrowers with security or a guarantor. For more options you can compare other lenders in the table below, to decide which loan is right for you.

Compare personal loans

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
Harmoney Unsecured Personal Loan
6.99% - 19.99%
3, 5 or 7 years
Eligibility: Be an NZ resident/citizen and have a good credit score.
Apply for an unsecured personal loan up to $70,000 with no early repayment fees.
FROM 6.99%
The Co-operative Bank Unsecured Personal Loan
6.99% - 17.75%
6 months to 5 years
Eligibility: Be 18+, an NZ citizen/permanent resident, or have a valid work visa.
Floating-rate, unsecured personal loans from $3,000.
Lending Crowd Personal Loan
6.45% - 19.30%
2, 3 or 5 years
$350 - $650 depending on the amount borrowed
Eligibility: Be an NZ resident/citizen and have a good credit score.
Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
Nectar Unsecured Personal Loan
8.95% - 29.95%
6 months to 4 years
Eligibility: Must be 18+, an NZ citizen or permanent resident, have an income of $400 per week or more (after tax) and a stable credit history.
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online.
Save My Bacon Unsecured Flex Loan
12 to 36 months
Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
Medium-term unsecured loans from $2,000 to $5,000 with no hidden fees.

Compare up to 4 providers

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