Teensy

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Teensy loans review

From $400 to $5,000 loans, Teensy provides a fast online process when you need access to extra funds.

Whether you need a few hundred dollars to get you through until your next payday, or funds to pay for home renovations or a vehicle purchase, Teensy has different loan options to suit.

Cash and payday loans are available for amounts under $1,500 or you can apply for a personal loan with a maximum limit of $5,000.

Teensy’s loan process is managed completely online without the need to go into an office or speak to someone on the phone.

Once you fill in an application form, upload your ID and verify your income, you could have money in your account on the same day if approved.

Features and benefits of a Teensy loan

  • No early repayment penalty. If you pay off your Teensy loan before the end of the loan term, you won’t be penalised with early repayment fees.
  • Fast processing. New applications are reviewed within 60 minutes or less during operating hours.
  • 100% online process. Teensy loans are managed 100% online so you don’t need to leave home to apply or sign your contract. The latest software is used to make the process as seamless as possible.
  • Same day payouts. If you sign your loan documents before 4pm, you could have funds in your account on the same day.
  • Flexible repayments. Choose the loan term that suits you based on the conditions of your loan type and set your payment schedule according to when you receive your salary or wages.

Types of loans Teensy offers

  • Small cash loans. A Teensy Little Loan comes in handy when you need a cash boost for a one-off bill or unexpected expense. You can borrow between $400 and $900 at an interest rate of 49.95%. This type of loan is repayable over a short term, from six to 26 weeks.
  • Larger cash loans. If you are looking to borrow between $1,000 and $1,400, a Teensy Cash Loan may be suitable. This type of loan can be used for unexpected large bills or expenses with up to 52 weeks to pay it back. Interest is calculated at 39.95% p.a.
  • Personal loans. A Teensy Personal Loan can be used when you need to borrow between $1,500 and $5,000. Repayment terms are from 12 months to 2 years and interest rates range between 22.95% - 29.95% per annum. Loans can be unsecured or secured with a home or vehicle. If you do have security, you may be able to borrow more at a lower interest rate.

How much does the loan cost?

When looking at the total cost of a Teensy loan, both interest rate and fees need to be taken into consideration.

Some of the fees you may incur include:

  • Loan setup fee of $95
  • Monthly administration fee of $10
  • Various default fees

    How to apply for a loan from Teensy

    Before applying for a Teensy loan, carefully consider the amount you want to borrow and the associated interest rate and loan term. You should also make sure that you meet the eligibility requirements and have the appropriate documentation.

    Teensy will use your income, weekly expenses and credit history to calculate how much you can borrow, and if you are applying for a personal loan, your interest rate.

    Eligibility requirements

    • Be at least 22 years of age
    • Be a New Zealand citizen or be a permanent resident
    • Be in full-time employment or receive a full time benefit
    • Have a minimum income of $500 per week, after tax
    • You can comfortably afford repayments after deducting your living costs from your income.

    Anyone that is self-employed or who has their main income coming from IRD or Student Allowance is not eligible for a payday or personal loan.

    Information and documentation

    When you apply, you will need to provide your personal information and how much you want to borrow. You can upload a copy of your valid photo ID such as a New Zealand Driver’s Licence or passport to verify your identity.

    You will also need to verify your income so that Teensy can confirm that you have the ability to pay back your loan. This is done by securely sharing your internet banking so that Teensy can view your accounts.

    Compare alternative personal loans

    Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
    Harmoney Unsecured Personal Loan
    6.99% - 19.99%
    $2,000
    $70,000
    3 or 5 years
    $0
    $150
    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.
    FROM 6.99%
    The Co-operative Bank Unsecured Personal Loan
    6.99% - 10.99%
    $3,000
    $50,000
    6 months to 5 years
    $0
    $155
    Limited time offer: Pay a special rate of between 6.99% – 10.99% p.a when you borrow $3,000 or more. Offer ends 21 February 2022. Ts&Cs apply.
    Floating-rate, unsecured personal loans
    Lending Crowd Personal Loan
    5.03% -19.30%
    $2,000
    $200,000
    2, 3 or 5 years
    $0
    $200 - $500 depending on the amount borrowed
    Eligibility: Be a NZ resident/citizen and have a good credit score.
    Secured and unsecured personal loans from $2,000 to $200,000. 100% online with no paperwork or early repayment fees.
    Nectar Unsecured Personal Loan
    8.95% - 29.95%
    $1,000
    $30,000
    6 months to 4 years
    $0
    $240
    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.
    Save My Bacon Unsecured Flex Loan
    49.95%
    $2,000
    $5,000
    12 to 36 months
    $4
    $50
    Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
    Medium-term unsecured loans from $2,000 to $5,000 with no hidden fees.
    Kiwibank Unsecured Personal Loan
    13.95% - 18.95%
    $2,000
    $70,000
    6 months to 7 years
    $0
    $240
    Eligibility: Be 18+, an NZ citizen/permanent resident, and have a stable income. Ts&Cs apply.
    Unsecured personal loans from $2,000
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