The Co-operative Bank offers a range of flexible borrowing options, with personal loans of up to $30,000 repayable over up to 60 months. Loans are suitable for debt consolidation, vehicle purchases and more, and the bank also offers an overdraft facility to help you manage unexpected expenses.
Established in 1928 to provide loans to public servants, the Co-operative Bank has grown to provide personal financial products to customers all over the country, including personal loans with easy and straightforward application processes.
Types of personal loans from the Co-operative Bank
The bank covers a wide range of borrowing requirements, with loan amounts starting from $3,000. Here are the types of personal loans you can apply for at the Co-operative Bank:
- Unsecured personal loan. You can apply for a Co-operative Bank unsecured personal loan to suit any personal borrowing needs, whether it’s to pay for education, travelling or a renovation project.
- Debt consolidation loan. Combine your existing debt into a single loan with a single monthly repayment when you refinance and consolidate your debt with the Co-operative Bank. You won’t be charged extra if you repay your loan early.
- Vehicle loan. Borrow up to $80,000 to finance the purchase of a vehicle. These loans include a pre-approval option, which lets you shop for the car of your choice as if you are a cash buyer.
- Personal overdraft facility. Get access to additional cash when you need it with a personal overdraft linked to your bank account, allowing you to cover unexpected expenses and emergencies.
Features of a Co-operative Bank personal loan
Loans from the Co-operative Bank are flexible in nature and quick and easy to apply for. They include the following features:
- Tailored interest rates. The Co-operative Bank offers a range of rates based on your credit eligibility and the size and period of your loan. Rates are floating and will adjust as interest rates fluctuate over time.
- No-fee early repayment. Completely repay your Co-operative Bank personal loan early without worrying about early repayment fees, or penalties for paying off a large part of your loan at once.
- Quick online application. You need only 5-10 minutes to complete the online application form, specifying the amount that you want to borrow and other personal details. Approval is fast, though some applications may require further checking.
- Special discounts. Enjoy a reduced interest rate if you currently bank with the Co-operative Bank. A larger discount is available if your primary income is paid into an everyday bank account with the Co-operative Bank, while a lesser discount is on offer if you hold two or more of a select group of insurance policies with the bank.
- Flexible repayment period. Personal loans from the Co-operative Bank can be repaid across a period of between 6 months and 60 months. You can also repay your loan early if you so wish.
- Large or small loans. Whether you need a large loan or a small loan, there is a wide range on offer at the Co-operative Bank. The minimum loan amount is $3,000 and you can borrow up to $30,000, while vehicle loans of up to $80,000 are also available.
What other products does the Co-operative Bank offer?
The Co-operative Bank also offers the standard personal banking products, including:
- Home loans. Get your pre-approved home loan from the Co-operative Bank, including both floating rate home loans with low rates and home loans with rates fixed for up to five years. Loans are available to investors, buyers and builders alike.
- Current accounts. You can take out a range of different bank accounts, including everyday accounts with a debit card and savings and youth accounts aimed at young people. The bank also offers accounts for tertiary students and small businesses.
- Credit cards. The Co-operative Bank offers a single credit card with a permanently low rate, plus a balance transfer offer with a rate that is even lower.
- Savings and investment accounts. Whether you’re looking for a KiwiSaver account, a term deposit or a standard savings account, you will find a suitable product at the Co-operative Bank.
- Insurance products. The Co-operative bank also offers a range of insurance products including life insurance, home insurance and vehicle insurance. You can buy loan protection policies too, which protect you in the event that an unexpected issue makes it difficult for you to meet the terms of your loan.
- Forex and currency. You can send and receive international payments with the Co-operative Bank. Money can be sent overseas with the bank’s quick and secure online service, and you’ll be quoted the most up-to-date foreign exchange rates available before you complete a transaction.
How to apply for a personal loan from the Co-operative Bank
If you’ve compared the Co-operative Bank’s personal loans to other providers in New Zealand and you think that it offers the best deal for you, click on the green “Go to Site” button on this page to be taken to the Co-operative Bank’s website to start the online application process.
- Age requirement. Minimum age when applying is 18.
- New Zealand residency. You can only apply if you are a New Zealand citizen or permanent resident.
- Credit record. You stand a better chance of being approved if your credit record is in good shape.
- ID. Your driver’s license or passport will be required as proof of identification.
- Regular income. To help the bank assess your ability to repay, you will need to include your full income details, including both your main source of income and other sources.
- Savings and investments. Any information about your savings and investments that you can supply will also aid a successful application.