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GrabaLoan Personal Loan Review

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Get up to $3,000 of revolving credit with interest rates from 9.95%

100% Kiwi-owned and operated, GrabaLoan is a direct lender that provides simple and affordable loans to borrowers with an A, B or C credit score rating.

GrabaLoan works slightly differently to most other mainstream lenders. Your QuickDraw loan can be used as a standard loan with regular repayments over a term of 12 months. Or, you can use the redraw facility so that you have access to funds up to your approved limit when you need them.

This feature takes away the need for further applications and you can either keep repayments the same or increase them to pay off your loan faster.

9.95% - 29.95%

Interest Rate (p.a.)


Max. Loan Amount


Minimum Credit Score


Product NameGrabaLoan Personal Loan
Interest Rate (p.a.)9.95% - 29.95%
Min. Loan Amount$1,000
Max. Loan Amount$3,000
Loan Term1 year
Turnaround TimeNext business day
More Info

Features and benefits of a GrabaLoan loan

  • Interest rate. The interest rate you will be given for your GrabaLoan loan is based on your credit score. A score of 800-1000 has an interest rate of 9.95%, 600-799 is 19.95% and less than 599 is 29.95%.
  • Revolving credit. GrabaLoan’s QuickDraw loan allows you to redraw funds when you need them. If you were approved for $2,000 and pay back $1,000, you can redraw $1,000 without needing to reapply.
  • Secured or unsecured. GrabaLoan offers both secured and unsecured loans.
  • Bad credit loans. If you have bad credit, declare this in your application. You still may be able to borrow from GrabaLoan with a co-borrower or security.
  • Payments to suit. GrabaLoan assesses your situation and structures a loan with weekly, fortnightly or monthly payments that you can afford. You can start with lower repayments and increase these during the term of the loan.
  • No break fees. If you decide to pay your loan back before the end of the term, you won’t be charged a break fee. There will be a $45 administration cost to close your loan.
  • Payment Waiver Agreement. For $2.29 a week you can add Payment Waiver Agreement to your loan. This covers your payments for up to eight weeks during your loan term if you fall into financial hardship due to illness, redundancy or an accident. Your loan will be paid off in full in case you become permanently disabled or die.

How to apply for a loan from GrabaLoan

Before applying for a GrabaLoan loan, make sure that you compare the interest rate and fees against other comparable lenders. You should also check that you meet the eligibility requirements and have the appropriate documentation.

When you are ready to start, complete the 2-minute application form on the GrabaLoan website. If everything is in order, GrabaLoan will contact you by phone to discuss your application.

Eligibility requirements

  • Be a New Zealand citizen or permanent resident
  • Live in New Zealand
  • Hold a New Zealand Driver’s Licence or Passport

Information and documentation

If you meet the lending criteria, GrabaLoan will need to see your banking transactions to verify your income and expenses. A 90-day transaction report from your internet banking is generated through a secure online portal.

Once GrabaLoan has assessed your financial situation, your loan will be approved and a loan offer will be sent to you with payments structured to your affordability. If you are happy with these terms, GrabaLoan will request:

  • Photo ID
  • Proof of address
  • A recent payslip
  • A recent photo

After this step is complete and your documents have been verified, a loan contract will be sent to you to sign digitally. Your funds will be deposited into your account within two business days.

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 Unsecured Personal Loan
8.95% - 27.95%
12 - 60 months
$0 - $10 depending on lender
$195 - $995 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Unsecured personal loans from $3,000.
MTF Finance Secured Personal Loan
8.45% - 20.45%
3 - 60 months
Eligibility: Must be 18+, be an NZ citizen, resident or have a work visa, and have a regular source of income.
Secured personal loans from $2,000.
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 $50,000 with no early repayment fees.
LoanHub Unsecured Personal Loan
9.95% - 27.95%
12 - 60 months
$0 - $10 depending on lender
$195 - $995 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Unsecured personal loans from $3,000.
Pioneer Finance Secured Personal Loan
11.95% - 27.95%
Up to 7 years
$270 - $780 depending on size and security
Eligibility: Be 18+ (may need a guarantor); be a NZ citizen, resident or have a relevant work visa; have a regular source of income
Secured personal loans from $1,000 - $100,000.
Nectar Unsecured Personal Loan
8.95% - 29.95%
6 months to 4 years
Eligibility: Must be 18+, an NZ citizen or permanent resident, and have an income of $350 per week or more (after tax).
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online.

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