Small loans are a convenient way of coming into money within a day or even mere hours. Offered by banks, finance institutions, peer-to-peer lenders, unions, and other institutions and entities, these loans come in many shapes and sizes and are to be repaid weekly, fortnightly, or monthly.
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A typical small loan comes with a 1% to 1.7% daily interest rate. Qualifying for the loan is fast and convenient - you can apply online or simply call the institution of your choice. The decision is faster still: usually within hours and sometimes even faster.
Before pinpointing that one loan that sounds great, make sure to study the disclosure statement and the fine print. Disclosure statement outlines all the bits and pieces of information you need to know beforehand: interest rates info and charges and fees, e.g. Changing the repayment terms is often sanctioned and charged additionally, so ask about it before signing the agreement.
Institutions offering small loans include banks, unions, and other entities. Banks offering personal loans include ASB, BankDirect, BNZ, Co-operative Bank, Kiwibank, SBS Bank, TSB Bank, and Westpac. Finance institutions offering small loans include Advaro Finance, Aotea Finance, Consumer Finance, Diners Club, Dorchester Group, FAI Money, Finance Direct, Finance Now, Financepoint, Financial Holdings, Future Finance, Gem, Gilrose Finance, Instant Finance, Mutual Credit Finance, Nova Medical Finance, NZ Loan, NZCU Employees, Paraloan (for people with physical disabilities), Pronto Finance, and Toyota Financial Services.
There are many types of small personal loans, so best make your decision depending on the actual amount you need. Some lenders offer small loans starting at $100, while others have higher limits. Compare all options first and make sure to ask the lender for clarification, and particularly if you have any inquiries as regards the disclosure statement.
As for the actual upper limit, it depends on your specific circumstances and your credit score. Familiarizing yourself with the latter is an absolute must, as it may come in handy later on, too. You can check your credit score within minutes online or you can order a copy of your credit report from Veda Advantage, Dun & Bradstreet, or Centrix - the only three credit reporting companies in New Zealand. The service is free in both cases.
A higher credit score gives you additional benefits, in terms of lower interest rates and higher loan amounts. However, when it comes to small loans, the requirements are not that severe, especially compared to unsecured installment loans. A good salary and the length of employment are also taken into account when deciding on the maximum loan amount.
A typical small cash loans is approved the same day and made available to you within 24 hours at the latest. The decision is to be expected shortly upon application and is swiftly followed by money inflow. Calculating the repayment is quite simple to. An example: a $200 loan will cost you ca. $250 - establishment fees and interest rates factored in.
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If you need more money fast, you might wish to consider overdrafts and debt consolidation options first. These come with lower interest rates and are to be repaid in 6 months to 7 years, on average. An overdraft might prove a good option, as the interest rates are calculated on the money you use, not on the maximum amount. It goes without saying that they are higher than other loan types', but still make for a sustainable option.
A debt consolidation loan makes for another viable solution. If you need money fast to pay your outstanding debts, you may choose to combine them into a single loan. As opposed to most other loan types, a debt consolidation requires one regular payment. Granted, less worries on a weekly basis.
Further out, a no interest loan might be granted through a family member, so make sure to check this option too. Extending your mortgage (if you have one) is another good solution, as it allows for repayments at the mortgage interest rate. Need we say that these rates are the lowest out there?
Let us not forget low-interest credit cards either. If you need money fast (and if you are looking for a small loan, you most certainly do!), your credit card might render another solution. If you transfer the balance, you may get a new introductory rate - considerably lower than those of short term loans. Later on, you can even opt for transferring the remaining balance to a new bank as to repay the outstanding debt at fairly low rates.
As you can see, even small loans have alternatives, so make sure to compare all options before making the final decision. Compare loans and interest rates here at Glimp - fast, convenient, and spot on! Secure your small loan today with confidence and ease!
To be sure, small loans are a fast way out of urgent financial issues, so make sure to compare them thoroughly. The market is expanding rapidly, which spells more options for the borrower. If you are 18 years or over and a permanent New Zealand resident, you qualify! It's that simple, which only goes to prove that you could (and should!) take your time selecting the best solution for your specific circumstances. And where better to do it than here, with our easy-to-use loan comparison tool?
Compare small loans and interest rates at Glimp today!
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