Apply for a personal loan at Gem and benefit from a personalised interest rate and your choice of loan terms that range from six months to seven years.
You can finance anything from a home renovation through to a car purchase with a loan from Gem. You can even borrow to pay off existing debts or to pay travel expenses. Gem offers loans from $2,000 and up.
Gem loans feature fixed interest rates so you know what your repayments will be for the life of your loan. The company, formerly known as GE Money, also offers a choice of weekly, fortnightly or monthly repayments.
Types of personal loans from Gem
These are the main types of personal loans you can apply for at Gem:
- Unsecured personal loan. Gem offers unsecured loans from as little as $2,000. Gem will set your interest rate according to your credit history, your loan amount and your ability to repay. Most applicants will get a decision the same day.
- Secured personal loan. As an alternative to an unsecured personal loan, you can get a loan secured by a personal asset. A secured loan may offer better lending terms, and Gem may apply less strict criteria when considering your creditworthiness.
- Car loan. You can borrow a lump sum to buy a new car. Just apply for a personal loan from Gem as usual and specify that you are applying for a loan to buy a car. Gem offers loans that you can repay over a term of up to 84 months.
- Debt consolidation. If you are currently repaying a loan or any number of loans at a higher interest rate, Gem may be able to offer you a debt consolidation loan with a lower interest rate, saving you money in the long run.
Features of a Gem personal loan
Keep in mind the following features when you review the Gem personal loan:
- Flexible repayments. Gem offers flexibility both in terms of payment frequency and the length of your loan. Loans can be as short as six months or as long as seven years. You can choose amongst weekly, fortnightly and monthly instalments to suit your budget.
- Choice of secured or unsecured loans. You can borrow from Gem if you have no assets to offer as security, but you may be able to get better loan terms if you can pledge an asset as security for your loan.
- Tailored interest rates. Gem can tailor the interest rate on your loan to your personal circumstances. If you are a low credit risk, you may get a lower rate.
- Fixed repayments. Your loan agreement features a fixed interest rate, so even if interest rates go up, your regular instalment will stay the same.
What other products does Gem offer?
Gem also offers the following personal financial products:
- Credit cards. Enjoy an extended interest-free repayment period on select transactions and many other features and benefits with a Gem Visa credit card.
- Insurance. Gem offers repayment protection insurance that can cover you if you are unable to repay your personal loan due to unexpected events.
How to apply for a personal loan from Gem
Though Gem offers a flexible personal loan that is suited to a range of requirements, you should always compare your other options before you apply. Once you’re ready to apply for the Gem personal loan, click the green “Go to Site” button to complete your application.
- Minimum age. You can apply if you are over 18 years in age.
- Residency. You must be a permanent resident of New Zealand.
- Income requirement. Gem does not require a minimum income level, but you must have a stable income.
- Credit history. A credit record that shows that you reliably repay your debts will increase your chances of successfully applying.
Necessary documents and information
- ID requirement. Applicants who are new to Gem need to supply a passport, driver’s licence or firearms license.
- Evidence of income. You will need to provide a bank statement, a payslip or an individual tax return as evidence of your income.
- Debts and outgoings. The application form will request details of your current debts and your regular expenses.