Non Bank Personal Loans

You have more options than the banks if you're looking for a personal loan


Non-bank lenders can offer an alternative solution when you’re in need of personal finance. If a bank doesn’t offer the product you need or your application is denied, loans from a non-bank lender are worth considering. Non-banks include independent lenders, credit unions and building societies, and they can provide a more personalised service to help with your personal loan, thanks to their small size.

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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Here are some Non Bank Personal Loans you could apply for

Data indicated here is updated regularly
Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Application 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 $350 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 $20,000 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 $20,000 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 does a non-bank personal loan work?

You may take out a personal loan for a number of reasons, including buying a car, taking a holiday or undertaking home renovations. This type of finance is typically provided in one lump sum, with the expectation that it is paid back to the lender over a predetermined amount of time. Lenders apply interest in the same way as for a home loan, although normally at a higher rate.

Personal loans from non-banks offer the same features as a bank, including flexible repayment schedules and competitive variable or fixed interest rates. You may find different personal loans on offer from non-bank lenders, such as secured personal loans that let you use a term deposit or jewellery as a guarantee; or car loans for a used car. It’s important to note that credit unions and building societies are authorised deposit-taking institutions, and are subject to the Building Societies Act 1965 (NZ) AND are registered with the Registrar of Building Societies.

You’ll find that you can borrow the same loan amount as the big banks, along with the same loan terms.

Some of the benefits non-bank lenders can offer

When you opt for an alternative lending solution you open yourself up to a new world of features and benefits, which can include:

  • Innovative lending solutions. Smaller lenders may offer innovations that larger lenders can take longer to implement, eg loan applications using social media; loans secured with jewellery or term deposits, or funds that are transferred to you within an hour of approval.
  • Savings. Some lenders, such as credit unions, are not run for profit, and their customers are all shareholders. Any profit is put back into the products which then translate into savings.
  • Personal customer service. Many credit unions and building societies have histories rooted in local communities and organisations, and with them continuing to operate in local communities, they can offer a level of personal customer service which may not be possible for larger financial institutions.

Sorting through your non-bank lender options

You have a few options available to you if you look outside of the banks:

  • Credit unions and building societies. These financial institutions are member-owned and not run for profit, meaning profit is put directly back into products and services. Standard financial products are usually on offer from these institutions, including personal loans.
  • Standalone lenders. Smaller lenders may specialise in personal loans of all sizes. These include Credit Contracts, also referred to as payday loans, and larger loans of up to $10,000 (more in some cases).
  • Dealerships. If you’re purchasing a car, you may consider financing direct from the dealership, which is referred to as dealership financing, and involves you taking out a specific loan product.

Want to compare lenders? Here’s how

There are a number of different institutions to consider when you need the security of a personal loan. Carefully compare their features to find the one that gives you the most benefit. Bear the following in mind as you make the comparison:

  • The financial institution.
    It’s important to note if you intend to apply for a loan from a credit union or building society, you will usually need to be a member or a shareholder.
  • Interest rates.
    Look at the different interest rates carefully and make sure they are in line with what other lenders are offering. You may find some that can offer you a fixed rate personal loan. Although the interest rate might be a bit higher, this is something to consider if you need the security of a fixed repayment schedule.
  • Fees.
    Fees weigh heavily in the overall cost of a personal loan. There are application, monthly and annual fees to consider, plus other less obvious ones, such as settlement or exit fees. Use a personal loan calculator to help you analyse the fees.

Are there any risks?

A non-bank lender may not have the same amount of funding or capital adequacy as a big bank. Also, they may not have the same technology and facilities, which may mean a lack of branches and ATMs across New Zealand.

Please note, that to be a customer of a credit union, you also need to be a shareholder of that particular credit union. So, when the credit union returns its profits to its shareholders you receive the returns in the form of cheaper products.

How you can apply for a personal loan with a non-bank lender

Once you have made your choice, follow the link on this page to be redirected to the application page. Keep in mind that most require the following information as you proceed with the application:

  • Identification documents
    As with a bank, you will need to provide a valid photo identification document as part of your personal loan application. This could be a passport or New Zealand driver’s licence.
  • Financial information
    In addition to your credit history, a non-bank lender will ask about your current debt before they approve an application for a personal loan. This includes any other loans you might have in addition to credit and charge card accounts.

Picture: Shutterstock

Read more on this topic

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  • 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 Loans Find out how you can get instant approval and funds in your account the same day with an unsecured Nectar personal loan.
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  • Personal loan fees explained We break down exactly what a lender could charge you for, how much you could expect to pay and which fees you can avoid altogether.
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