Best* personal loans

We'll help you choose the best New Zealand personal loan to meet your financial needs.


When searching for the best personal loan, the most important factor is you. Your individual situation will determine which loans you’re eligible for and what type of loan you need. We’ll walk you through the steps to choose the right loan for you.

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan


6.99 % p.a.


  • Borrow from $2,000
  • 100% online
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100% confidential application

Harmoney Unsecured Personal Loan

Apply today to get approved within minutes for up to $50,000.

  • Max. loan amount: $50,000
  • Loan term: 36 to 60 months
  • Turnaround time: 99% of approved online applications funded in 24 hours
  • Fees: Establishment fee of $200 for loans from $2,000-$5,000 and $450 for loans from $5,000-$50,000
  • No early repayment fees
  • Personalised interest rates based on your circumstances
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Compare personal loans

Data indicated here is updated regularly
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% - 29.99%
36 to 60 months
$200-$450 depending on loan size
Apply for an unsecured personal loan up to $50,000 with no early repayment fees. Eligibility: Be a NZ resident/citizen and have a good credit score.
Nectar Personal Loan
8.95% - 29.95%
6 months to 4 years
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online. Eligibility: Must be 18+, an NZ citizen or permanent resident, and have an income of $400 per week or more (after tax).
Lending Crowd Personal Loan
3 or 5 years
$250-$1,450 depending on the amount borrowed
A secured personal loan from $2,000 to $200,000 with repayment instalment options. Eligibility: Be an 18+ NZ permanent resident, earn $30,000 or more, have a good credit history and collateral/security.
QuickLoans Personal Loan
9.95% - 23.95%
6 to 60 months
$95-$595 depending on loan size
Borrow up to $20,000 and apply online within 5 minutes. Eligibility: Be over 18, hold permanent NZ residency, have collateral/security, earn at least $450 per week.
Admiral Finance Secured Personal Loan
13.95% - 23.95%
6 to 60 months
$125-$595 depending on loan size
A secured loan from $1,000 to $50,000 with a quick online application process. Eligibility: Be an 18+ permanent NZ resident, have collateral/security, earn at least $450 per week.
NZCU South Personal Loan (Unsecured)
10.90% – 28.90%
Up to 7 years
An unsecured personal loan up to $50,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.
NZCU South Personal Loan (Secured)
9.90% - 28.90%
Up to 7 years
A secured personal loan up to $50,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.

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How to choose the best personal loan for you

The best personal loan for you depends on your own needs and circumstances. You should think about why you need the loan and over what term. Remember, the best loan for you is one you can afford, is flexible enough to adapt to any change in your circumstances, and doesn’t have any hidden terms or conditions.

Fees, charges and the interest rate are also important aspects for you to consider. Make your own decision, but if you need help, seek professional advice rather than committing to a loan that is not suitable for your needs.

When applying for a personal loan, compare multiple loans and consider the following factors:

  • Secured vs unsecured loans
    If you get a secured personal loan, you stand to lose the asset you have used as a guarantee, in the event you have a problem making repayments. An unsecured personal loan, on the other hand, offers no such risk but attracts a higher interest rate.
  • Interest rate
    Not all personal loans offer the same interest rate, so compare the personal loan interest rates of multiple loans before signing on the dotted line.
  • Fees and charges
    Some personal loans attract prepayment penalties, late charges and application fees. Comparing these extra costs is important when you are trying to determine the true cost of the loan.
  • Loan term
    While a lower interest rate might seem promising at first, you should also compare loan terms. This is because the shorter the loan’s duration, the less you pay in the form of interest over the life of the loan.

3 steps to finding the right personal loan

If you’re still not sure how to choose the right loan to meet your needs, ask yourself the following three questions:best personal loan

  • What do you need?

Think about why you are taking out the loan and what you need from it. For example, you might need the loan to buy furniture as well as a car; and you may also want to be able to make additional repayments.

  • What is available?

Compare the types of loan you want to apply for. Personal loans can be secured or unsecured, can be taken out in the form of a line of credit or an overdraft facility, and you can get loans with fixed or variable rates. Compare different loan types according to their features and find one that offers you everything you need. Then, check the eligibility criteria to make sure you can apply for it.

  • What does the loan cost?

You need to find a loan you can afford. Check whether the loan charges a fixed or variable rate, look for upfront and ongoing fees and see how flexible the repayments are. Make sure the ongoing repayments are affordable for your budget.

Pros and cons to consider before applying for a personal loan

  • Online applications can offer quick turnaround
    The application process is quick and the majority of lenders allow you to complete the whole process online. Some lenders, including some major banks, offer same-day turnaround for personal loans.
  • Wide range of personal loans available
    You can choose from secured and unsecured personal loans; as well as lines of credit, car loans and even peer-to-peer loans.
  • You may not be approved
    As some personal loans do not require any form of security, you can expect strict eligibility criteria. If you don’t have a good credit rating, your chances of approval are slim.
  • The loan purpose might be restrictive
    Depending on the type of personal loan you choose you may be restricted as to how you can use it.

Finding the best personal loan

Many personal loans claim to be “the best”, and that is just what Sam found when she set out trying to find one.

Sam needs to purchase some furniture for her house and also finance a holiday she is planning to take, so she wants to borrow $7,000. Sam has good credit and a full-time job and based on her salary of $50,000 p.a. (and taking into account her other expenses), she works out she can comfortably afford repayments of $250 per month. Sam decides that an unsecured loan best meets her needs, as she isn’t purchasing an asset she can attach the loan to, nor does she own her own home.

As unsecured loans tend to have higher rates, Sam finds one with minimal upfront and ongoing fees to help keep her costs down. She compares her options and finds a loan with a comparison rate of 14.26% that she can repay in three years, which makes her repayments $241 a month. There is also no penalty for early repayment if she finds herself able to repay it early.

Mistakes to avoid

While personal loans are helpful in many scenarios, it is in your best interest to avoid certain traps and pitfalls.

  • Read the fine print.
    Scrutinise all your options carefully right from the start and remember to look for ongoing account-keeping fees, early repayment fees and late payment fees. Read the terms and conditions document from start to finish.
  • Check the lender is licensed.
    There are credit brokers and providers in New Zealand who operate illegally. If you want to safeguard your interests it is best that you do your research to avoid these lenders.
  • Don’t take on a loan you can’t afford.
    When borrowing money, it is always important to use a calculator to find out what your repayments will be. If you can comfortably afford a certain amount on a loan, don’t feel tempted to borrow more, just in case circumstances change and you are unable to meet repayments.

Bottom line

Before you apply for a personal loan, establish how much you want to borrow and your monthly repayment ability. You should find out how long it might take for you to pay the loan off completely, remembering you can usually choose between making weekly, fortnightly or monthly payments.

If you are buying an asset such as a car you can apply for a secured loan, where the car acts as collateral, and you then have the choice between a fixed or variable rate.

Remember, lenders will want to ensure your ability to repay a loan before they lend you any money. As a result, they might want to take a look at your credit file and may also ask for copies of your payslips; details of other loans you have; credit card bills and bank account statements.

Read more on this topic

  • Loan Spot Personal Loans Find out how you can get the best loan agreement for your circumstances with a Loan Spot personal loan.
  • Teensy Loans Review Teensy personal loans allow you to borrow up to $5,000. Cash and payday loans are also available.
  • Oxford Finance: Vehicle, Personal and Business Loans If you’re looking for a personal, vehicle or business loan, Oxford Finance provides simple and affordable finance solutions.
  • ANZ personal loans With the ability to borrow up to $40,000 for a loan term of up to 7 years, ANZ personal loans are worth considering for debt consolidation, vehicle finance or a dream holiday.
  • BNZ Personal Loans If you’re an existing BNZ customer, a BNZ personal loan gives you flexibility when it comes to managing your finances.
  • Kiwibank Personal Loans When you take out a Kiwibank personal loan, all profits stay in New Zealand. Find out more about interest rates, loan terms and features.
  • Nectar Personal Loan Review Find out how you can get instant approval and funds in your account the same day with an unsecured Nectar personal loan.
  • Pronto Finance Personal Loan Review If you're approved for a loan, you could be paid in as little as nine minutes.
  • Loans for people on a pension Receiving a pension shouldn't stop you from getting a loan. Find out what loan options you have whether you're using Kiwisaver or getting NZ Super.
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