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The Co-operative Bank Personal Loan

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Benefit from attractive interest rates and no early repayment fees with personal loans of up to $50,000.

Established in 1928 to provide loans to public servants, The Co-operative Bank offers financial products to customers all over the country, including personal loans with a straightforward application process. A The Co-operative Bank personal loan is suitable for travel, renovations, a car purchase and more, and you can combine your debts into one easy to manage debt consolidation loan. Flexible borrowing options allow you to take out a loan from $3,000 to $50,000, repayable over up to 60 months.

6.99% - 19.99%

Interest Rate (p.a.)


Max. Loan Amount


Minimum Credit Score


Product NameThe Co-operative Bank Personal Loan
Interest Rate (p.a.)6.99% - 19.99%
Min. Loan Amount$3,000
Max. Loan Amount$50,000
Loan TermUp to 5 years
More Info

Types of personal loans from The Co-operative Bank

The Co-operative Bank caters for a 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 of up to $50,000 to suit any personal borrowing needs, whether it’s to pay for education, travelling or a renovation project. Interest rates range from 6.99% - 19.99% p.a.
  • Debt consolidation loan. Combine your existing debt into one 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 and may be able to save on interest charges.
  • Personal overdraft facility. Get access to additional cash when you need it with a personal overdraft linked to your bank account. Rather than taking out a loan, you can use your overdraft as a back-up to cover unexpected expenses and emergencies. There are no minimum repayments but an interest rate of 17.50% p.a. is charged on the debit balance.

Features of a The Co-operative Bank personal loan

Loans from The Co-operative Bank are flexible in nature and 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. The minimum loan amount is $3,000 and you can borrow up to $50,000.

What other products does The Co-operative Bank offer?

The Co-operative Bank also offers personal banking products such as:

  • 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 an even lower rate.
  • Savings and investment accounts. Invest in your future with a KiwiSaver account, or grow your savings with a term deposit or standard savings account.
  • Insurance products. The Co-operative Bank has a range of insurance products including life insurance, home insurance and vehicle insurance. You can also buy loan protection policies to protect you if 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

To apply for a The Co-operative Bank personal loan, you can complete an application form on the website. This will take about 5-10 minutes but first make sure that you meet the eligibility requirements and have the required documentation.

Eligibility requirements

  • Age requirement. The 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.

Required documents and information

  • ID. Your driver’s license or passport will be required as proof of identification.
  • Proof of income. To help the bank assess your ability to repay, you will need to provide payslips and bank statements for the last three months.
  • Debts and expenses. The Co-operative Bank will need to know if you have any debts and what expenses you have each month. If you are taking out a debt consolidation loan, you will need to provide statements for the outstanding debts.

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
The Lending People Personal Loan
6.99% - 26.99%
1 to 7 years
$0 - $10 depending on lender
$50 - $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.
LoanSpot Secured Personal Loan
8.95% - 27.95%
12 - 60 months
$0 - $10 depending on lender
$195 - $695 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Secured personal loans from $3,000.
Lending Crowd Personal Loan
5.03% -19.30%
2, 3 or 5 years
$200-$1,450 depending on the amount borrowed
Eligibility: Be an 18+ NZ permanent resident, have a good credit history and collateral/security.
Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
Better® Secured Personal Loan
6.95% - 23.95%
12-60 months
$0 - $10 depending on lender
$195 - $695, depending on the lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Secured personal loans from $3,000.
Harmoney Unsecured Personal Loan
6.99% - 24.69%
36 to 60 months
$200-$450 depending on loan size
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.
Max Loans Secured Personal Loan
8.35% - 27.90%
1 - 7 years
$0 to $10 depending on lender
$195 to $1,500 depending on lender
Eligibility: Be 18+, an NZ citizen/permanent resident, and have an income of least $400 per week.
Take out a loan before 24 December 2020 and be entered into a draw to win a trip to Queenstown for 2. Ts&Cs apply.
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.

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