Lending Crowd Personal Loan

Lending Crowd Personal Loan
Lending Crowd Personal Loan
  • Large range of loan sizes
  • No early payment fees
  • Repayment instalment options
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Find a secured personal loan for any purpose through Lending Crowd.

Lending Crowd is a service provider offering a peer-to-peer platform that connects lenders and borrowers. As a borrower, you’ll be able to source financing for a secured personal loan of up to $200,000. If you find yourself facing a surprise expense or just needing a family trip away, you may want to consider a personal loan from Lending Crowd.

Product NameLending Crowd Personal Loan
Benefit DescriptionBorrow a secured personal loan from $2,000 up to $200,000.
Interest Rate (p.a.)6.89%-18.65%
Min. Loan Amount$2,000
Max. Loan Amount$200,000
Loan Term3 or 5 years
Turnaround Time24 hours
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Application Fee$250-$1,450 depending on the amount borrowed
Platform Fee$250-$1,450 depending on your borrowed loan amount
Monthly Service Fee$0
Account Administration FeeN/A
Early Prepayment FeeN/A
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Requirements*Be 18+ years old
*Must hold NZ permanent residency
*Must prove affordability
*Must earn at least $30,000
*Not be bankrupt
*Good credit history required
*Should have vehicle or property as collateral
Minimum Credit ScoreN/A
Minimum Age18
Minimum Income$30,000
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Pros and cons

Pros

  • No early payment fees
  • Large range of loan sizes

Cons

  • Platform fee
  • No unsecured loans

Main points to consider with a Lending Crowd secured personal loan

You can apply for a secured personal loan from Lending Crowd for an amount between $2,000 and $200,000 . Loan terms can be set at either 3 years or 5 years, with fixed interest rates ranging between 6.89%-18.65%. Rates are determined according to your financial situation and the security you provide.

Features of a secured personal loan from Lending Crowd

  • Interest rates between 6.89%-18.65%. When you apply for a loan, you will be classified with a loan grade, which is determined by assessing the loan size, length and the security provided. The loan grade will dictate the interest rate attached to your loan. Interest rates for each loan grade are readily available on the Lending Crowd website.
  • Flexible loan size. You can borrow anywhere from $2,000 to $200,000, with all amounts being rounded to the nearest $50. You will need to provide the appropriate security for larger loans, and your application will need to be financed by a lender on the platform.
  • Loan security. You will need to provide security for a loan. Security must be either a motor vehicle or a property.
  • Fast access to funds. You will need to list the loan amount you desire and wait to be funded. Loans are generally listed for seven days; however, there is a one-day listing option if you need funds fast. Once your loan is funded, you can select a day to receive the fees as long as that date is within five days of successful funding.
  • Loan terms. You can select to pay your loan over a period of three or five years. This allows you the flexibility of choosing a repayment size that suits you.
  • Repayment instalment options. Repayments are calculated monthly. You can make additional payments at any time for no extra fee. Additional payments will not bring down the size of your monthly repayment, as this will be fixed, but it will shorten the length of your loan.
  • Free quote. You can go to the Lending Crowd website to get a quote for a personal loan. Getting a quote should only take a couple of minutes and is a completely anonymous process.
  • Fast online application. You can apply for a Lending Crowd personal loan online. The application process can be completed in eight minutes as long as you have the required documents at hand.

How much does the loan cost?

The total cost of your loan will depend on how much you wish to borrow, the term of your loan, the grade your loan receives and the security you provide.

Extra fees attached to a loan from Lending Crowd can include the following:

  • Platform fees: $250-$1,450 depending on your borrowed loan amount
  • Late fees and penalties: Up to $40 per week
  • Overdue and dishonour fees: A 20% default interest rate will be charged plus the prevailing interest rate. The default interest is charged on the amount in arrears only.

How to apply for a Lending Crowd secured personal loan

You can apply for a Lending Crowd secured personal loan by clicking the green Go to site button on this page. To be eligible, you must meet the following criteria:

  • Be a resident of New Zealand or have a valid work permit
  • Be 18 years of age or older
  • Have a credit record in good standing

When applying for a loan, you generally need to provide the following:

  • Identification. You will need to provide a copy of your driver’s licence or passport.
  • Verification of income. You will need to demonstrate your ability to make repayments by providing bank statements.
  • Documentation for your security. You will need to prove that you own the collateral you have placed against the loan, that the collateral is in good standing and that it is appropriately insured.
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