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Compare personal loans

Find and compare personal loans from $1,000 to $500,000 from a range of lenders.

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Elizabeth Barry
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Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan
6.99% - 19.99%
$2,000
$70,000
3 or 5 years
$0
$150
Eligibility: Be a NZ resident/citizen and have a good credit score.
Apply for an unsecured personal loan up to $70,000 with no early repayment fees.
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The Co-operative Bank Unsecured Personal Loan
FROM 6.99%
The Co-operative Bank Unsecured Personal Loan
6.99% - 19.99%
$3,000
$50,000
6 months to 5 years
$0
$200
Eligibility: Be 18+, an NZ citizen/permanent resident, or have a valid work visa.
Floating-rate, unsecured personal loans from $3,000.
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Lending Crowd Personal Loan
Lending Crowd Personal Loan
5.03% -19.30%
$2,000
$200,000
2, 3 or 5 years
$0
$200 - $1,450 depending on the amount borrowed
Eligibility: Be a 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.
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Nectar Unsecured Personal Loan
Nectar Unsecured Personal Loan
8.95% - 29.95%
$1,000
$25,000
6 months to 4 years
$0
$240
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.
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Save My Bacon Unsecured Flex Loan
Save My Bacon Unsecured Flex Loan
49.95%
$1,000
$5,000
8 - 52 weeks
$4
$50
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 $1,000 to $5,000 with no hidden fees.
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Harmoney Debt Consolidation Loan
Harmoney Debt Consolidation Loan
6.99% - 19.99%
$2,000
$70,000
3 or 5 years
$0
$150
Eligibility: Be a NZ resident/citizen, hold a valid NZ drivers license/passport, have a good credit score.
Consolidate your debt with an unsecured loan from $2,000 to $70,000.
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The Lending People Personal Loan
100% ONLINE
The Lending People Personal Loan
6.95% - 26.95%
$2,000
$75,000
1 to 7 years
$0 - $10 depending on lender
$50 to $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured loans of up to $75,000 from a variety of reputable lenders.
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The Lending People Debt Consolidation Loan
100% ONLINE
The Lending People Debt Consolidation Loan
6.95% - 26.95%
$2,000
$150,000
1 to 7 years
$0 - $10 depending on lender
$50 to $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Debt consolidation loans of up to $150,000 from a variety of reputable lenders.
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Overall Representative Example

If you borrowed $42,000 over a 5-year term at 6.99% p.a., you would make 60 monthly payments of $834.42 and pay $50,065.20 overall, which includes interest of $8,065 and a lender fee of $150. The overall cost for comparison is 8.75% APRC representative.

What is a personal loan and how do they work?

Personal loans are an agreement between you and a lender for you to be given a secured or unsecured line of credit up to $100,000 and pay it back over time. You can use the money for a range of purposes, such as buying a car, consolidating debt, paying for a wedding or even taking a holiday. Here’s how they work:

  • Application and approval. You can apply for a personal loan from a bank, credit union or standalone lender online. It can also be done over the phone or in-branch, depending on what application types the lender offers. The time it takes to be approved depends on the lender, but it can range from anywhere between 60 seconds to a few days.
  • Loan contract. When you are approved for a loan you will need to agree to a loan contract that sets out certain terms. These terms include how long you will have to repay the loan (the loan term), what fees you need to pay, and the rate of interest you will be charged on your loan amount.
  • Loan terms. Your loan terms will be set out in your loan contract. Generally, loan terms range between three months and seven years. You will have to make repayments weekly, fortnightly or monthly – most lenders allow you to choose what is best based on when you receive your income.
  • Loan costs. Lenders agree to lend you money in exchange for interest, which is charged annually. This interest can be fixed or variable. Other loan costs include establishment fees, monthly fees and direct debit fees. You should also check if you will be charged fees for repaying your loan early or making additional repayments. Cheap personal loans have less fees and no early repayment penalty compared to other loans.
  • Loan types. There are a variety of personal loans available in the market, and each one has its own terms and restrictions. For instance, when you apply for a car loan, the lender often requires that the entire loan amount be used for your car purchase. The car is also generally required to be used as security in case you default on the loan. An unsecured personal loan, on the other hand, is less restrictive and you can use the loan amount in almost any way you choose.

Types of personal loans available

There is a wide range of personal loans available in New Zealand to those who have stellar credit, average credit or bad credit. Find out what loan may work for you with the below options.

  • Secured personal loans. This type of loan works by you offering an asset as security in exchange for lower rates and fees. Usually, this loan is used to purchase a car, but other types of assets can be used as well.
  • Car loans. Looking to purchase a new or used car? You can opt for a car loan through a bank, lender or even using dealer finance in order to help you make your purchase.
  • Unsecured personal loans. If you don’t want to put up an asset as security, or want to finance something unsuited to a secured personal loan, you might want to consider a loan that doesn’t require an asset as guarantee.
  • Line of credit. You will receive access to a set credit limit, but only pay interest on the funds you have used. You can consolidate debts or even fund a range of purchases with this type of loan.
  • Debt consolidation loan. Existing debt can be managed by taking out a debt consolidation loan. Consolidate separate loan accounts into one easy-to-manage loan with a potentially lower rate and with fewer fees.
  • Overdrafts. An overdraft is a lot like an unsecured loan but it is generally attached to your everyday bank account. You are given a set amount that you can withdraw from your account, once your own funds have been exhausted.

When should I consider a personal loan?

Personal loans are useful tools when you’re juggling existing debt, facing specific types of bills or looking to leverage improved credit.

If you’re struggling with multiple debts

A top reason borrowers take out a personal loan is to consolidate and pay off debt. Debt consolidation involves taking out a personal loan in the amount that you owe on your existing credit cards or loans and using the funds to pay off your creditors, ideally at a lower rate than the average you’re paying today. You repay your loan with fixed monthly repayments over a set period of time — usually up to 60 months (five years).

Because personal loans typically have lower interest rates than credit cards, you can save on unnecessary interest. If you consolidate two or more bills, you also simplify your life by paying one monthly payment to one lender.

If you have a personal loan and your credit has improved

If your credit score has improved or you’re making more money than you did when you originally took out an existing loan, you might be able to save money by refinancing.

Refinancing involves taking out a new personal loan to pay off a loan you already have in your name. While many borrowers refinance to take advantage of a more favourable rate, you can also refinance to take a cosigner off your loan or lower your monthly repayments.

If you have an expense you can’t put off

You need to buy a plane ticket, but you don’t have the time to save up for it. Or maybe you need to move cities for a new job but you don’t have the savings on hand.

In these cases, a personal loan can help you get funds you need to take advantage of an opportunity. While it’ll cost you more than paying up front, that once-in-a-lifetime adventure or more lucrative job could outweigh what you’ll pay in interest.

If your insurance won’t cover a medical procedure

A personal loan isn’t always the best choice for covering the costs of an upcoming medical procedure. But if your only other option is in-house financing, you might find a better deal with a personal loan provider.

Ask your medical provider about its in-house rates and terms before you shop around to make sure you’re getting the most competitive offer you’re eligible for.

When is it best to avoid one?

A personal loan can offer lower rates than credit cards and other forms of debts. But it might not be the right solution under a few key circumstances.

If you can easily save the money

Have your eye on a luxury item or feeling the itch for an exciting holiday? If your needs aren’t immediate, you might want to work out how much your repayments would be and save that amount each month instead. Otherwise, you could be paying for your splurge many years later.

If it’s a bad investment

Are you thinking of borrowing for home improvements or another investment? Make sure it’s bound to add value in the long run, otherwise you could be left paying interest on an improvement that ultimately lost you money.

If your income and employment aren’t stable

Taking out a personal loan when your finances are unsteady could hurt you in the long run. If you have reason to think your income or employment situation might change for the worse, consider cutting back on expenses or putting money away in a high-yield savings account instead.

How to compare personal loans

When comparing your personal loan options, it is helpful to keep in mind the range of features available with these loans. When you are comparing the options, here are some of the questions you need to ask.

  • What are you taking the loan out for? The purpose of your loan should help narrow down your options. Some loans, such as car loan, are designed with a particular purpose, while others are more open.
  • How much do you need to borrow? Depending on the amount you need to borrow, you may find your options more restricted. Check the individual loan products and take a look at what the minimum and maximum loan amounts are.
  • Does the loan have a competitive interest rate? Compare rates different lenders to ensure you are getting the best deal. Keep in mind that interest rates are often given as a range, and the actually rate you’ll receive will depend on your financial situation and credit rating.
  • What repayments can you afford? When comparing your options, you should ensure you can make your repayments. Put together a budget with all your essential outgoings and living costs like rent payments, utility bills, groceries and insurance, so that you can see how much of your salary or wages you have leftover.
  • What are the fees and charges? If you’re looking for a cheap personal loan, you need to consider both ongoing fees and fees charged at the onset of the loan. Common fees include an application fee or loan set-up fee, while monthly fees and annual fees are common ongoing fees. You may also be charged to use additional features of the loan.
  • Is there repayment flexibility? How often are you able to make repayments? Are you able to make additional repayments or pay off the loan early without penalty?
  • Do the loan terms match your needs? Personal loans are usually offered for terms of between three months and seven years. Some lenders are more restrictive than others when it comes to how long you have to repay your loan, for example, only offering terms of one, three or five years. Make sure the loan terms on offer are what you need. Long term loans over seven years often see lower repayments, but you will pay a greater amount of interest.

Did you know that every time you apply for a personal loan, it is recorded on your credit file? So when you find a personal loan, and you want to apply, make sure you do so correctly, as multiple applications can look irresponsible to lenders.

What fees are involved?

The fees you are charged depend on the loan you apply for (you can compare these on the table above), but each loan type typically comes with similar costs.

There are three types of fees you should expect: Upfront fees, ongoing fees and fees that are charged if you default on the loan or miss a repayment. Some lenders also charge fees if you repay your loan back early or make a lump sum payment.

  • Establishment fee. Most lenders charge an establishment fee to cover the cost of setting up the loan. The fee varies depending on the provider and the amount of your loan, but can be as high as $500.
  • Ongoing fees. Some loans have ongoing account fees charged weekly or monthly for account maintenance. These usually start from $2 a week. You may also be charged a direct debit fee on top of this.
  • Payment default. If you miss a payment or do not have funds in your account when your direct debit is due to go out, you could be charged a payment default or insufficient funds fee. If you don’t get your payments back on track, there could be further charges added to your account.
  • Early repayment. While some lenders encourage you to pay back your loan early without penalty, others will charge you for doing so. This is because they lose out on the interest payments so try to recoup costs in another way.
  • Loan variation. If you want to change the terms of your loan or extend the loan amount, a loan variation fee may be charged. This is not usually more than the original establishment fee but can still be hundreds of dollars in some cases.

Other fees that may apply to your loan include:

  • Debt collection recovery fees
  • Paper statement fees
  • Broker fees

It’s important to understand exactly what fees you may be charged before you sign your loan agreement. Some lenders are more transparent with their fee structure than others – you can find out likely charges before you apply by looking on their website. If you are applying through a broker, fees can vary depending on the lender that the broker arranges a loan contract through and you won’t find these out until you apply.

Am I eligible

Eligibility criteria for personal loans are set by each lender and are different for each type of personal loan. Some criteria are more strict than others. Generally, for any type of personal loan, you need to be over the age of 18 years, a New Zealand citizen or permanent resident and receive a regular income into your bank account.

If you don’t fall in to the typical lending criteria for a personal loan, it may still be possible to get the finance you need depending on your situation:

  • If you have a low income. Applicants with low incomes can still be approved for loans. However, it is always a good idea to check the borrowing requirements and check your repayments with our calculator.
  • If you have bad credit. You are still able to apply for certain personal loans if you have negative marks on your credit file. You might end up paying a higher interest rate on these loans, so it is important to compare a range of offers before applying.
  • If you have existing credit card or personal loan debt. You may still be approved for a new personal loan, but you should calculate your repayments and your debt levels before continuing.
  • If you don’t meet the minimum requirements. You still might be able to apply with a guarantor. This is where someone, usually a family member such as a parent, agrees to ”guarantee” your personal loan should you fail to meet your obligations.
  • If you are a temporary resident with a work visa. While many lenders require applicants to be a New Zealand citizen or permanent resident, you may still be able to get a personal loan if you hold a temporary visa. Find out which banks might offer you a loan, what the criteria are and how you can maximise your chance of being approved.

How can I improve my chances of the loan being approved?

There is no way to guarantee approval for a personal loan, but giving yourself the strongest chance at being approved starts with meeting the eligibility criteria set by the lender. To further your chances of being approved, keep the following in mind:

  • Establish your borrowing capacity. What repayments can you afford? Lenders will use a variety of criteria to decide how much you are eligible to borrow, but you need to know how much you can afford to repay.
  • Build a good banking history. Keep your account in good standing to build a positive relationship with your bank, even if you don’t plan on borrowing from them.
  • Keep your credit rating in good status. Make sure you keep track of all your payments, from credit cards to utility bills, because any arrears, debts, or missed payments will affect your ability to access credit.
  • Keep track of your saving goals. If you manage to contribute to your savings regularly, it shows lenders you are likely to manage ongoing loan repayments.
  • Open a transaction account with the lender you’re applying with. If you’re applying with a bank that has transaction accounts and the personal loan isn’t time-sensitive, establishing a banking history with the lender can help get your application across the line. It can also speed up the application process.
  • Reduce the limit of your credit card/s. Not using your entire credit card limit? Consider lowering it if you’re not planning to use it soon. You’ll need to list the total limits of your credit cards on your personal loan application and any credit limit will be seen as a potential debt by the lender.
  • Pay off some of your credit card debt before applying. If you take a look at your loan application (before submitting it) and the lender asks what is owing on your credit cards, see if you can pay down the cards before sending in the application. They are able to check the limit of your card on your credit report but not the amount owing – this is up to you to tell them.
  • Make sure you’re out of your 90-day probationary period before you apply. Lenders don’t want to take the chance of giving you a loan during your probationary period. They will not approve a loan if you haven’t been employed at least three months, no matter how secure you tell them the role is. If you have only been employed for six months, your employer may receive a call to confirm you’re out of your probation period.

How to apply for a personal loan

  1. Confirm how much you need and why. Make sure you know how much you want to borrow and have worked out that you can meet the repayments.
  2. Choose a secured or unsecured loan. If you already own an asset or are looking to buy one, then a secured loan may be an option. If not, you will need to consider an unsecured personal loan.
  3. Choose your terms. Our loan calculator above can help you work out what your repayments will be based on different loan terms.
  4. Start your personal loan research and comparison. This is an important step to finding the right loan option for you. You can compare loans from different lenders in the table at the top of this page.
  5. Click through and apply. Most lenders allow you to complete an application form online at a time convenient to you. You can also upload documents and have everything approved and signed without leaving home.

What information do I need to provide?

The amount of information that you are required to give can depend on the lender and type of personal loan. You can expect to be asked for some or all of the following when completing an application form:

  • Personal details. You need to provide your name, contact information and proof of your identity.
  • Employment information. This includes where you work, your income, and the name and contact information of your employer.
  • Details of your assets. You should include properties or vehicles you own as well as any savings or investments.
  • Details of your liabilities. Liabilities refer to any open credit accounts, existing credit and store cards and any debt you owe on your mortgage or other loans.

Required documentation

Each bank and lending institution has its own criteria you have to meet to finalise your loan application.

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