Are you looking for the best personal loan in NZ? Whether it's for mortgage, education, home renovation, or future travel plans, we set your expectations on how much you can borrow for this type of loan.
Borrowing money from a friend is the same as applying for a loan. The only difference is that you cannot negotiate the amount of interest on a loan with a lender. Lenders might be a bank or a corporation that specialises in lending.
If you borrow money from a friend, you may not have to pay interest if you fail to pay on time. A bank, on the other hand, will charge you for every delay, modification, and, in some cases, top-up payment charges on your loan.
A personal loan is intended to give additional funds in instances where you do not have enough money in your account. This could be due to an emergency, or when you need to pay multiple bills that are due ASAP.
A personal loan can also be used in the following situations:
There are two types of personal loans: secured and unsecured. A secured personal loan requires a collateral, usually an item or possession of good value and condition, in case you defaulted in your payment.
While an unsecured personal loan doesn't require any collateral, it tends to have a higher minimum loan amount and stricter requirements than a secured loan.
Borrowers with low credit scores may be approved for low-interest personal loans if they meet specific requirements set by the lending company.
Use a personal loan calculator to find out how much you'll need to repay monthly. This can assess the amount of money you can borrow, the repayment period, and the loan term.
|Lender||Secured Personal Loan Amount||Unsecured Personal Loan Amount|
|ANZ||-||$3,000 to $40,000|
|ASB||minimum of $2,000||minimum of $20,000|
|BNZ||-||$1,000 to $30,000|
|The Co-Operative Bank||-||$3,000 to $50,000|
|Gem Finance||-||minimum of $2,000|
|Harmoney||-||$2,000 to $70,000|
|Lending Crowd||$5,050 to $200,000||$2,000 to $50,000|
|Max Loans||$1,000 to $50,000||$1,000 to $50,000|
|Unity||$2,000 to $60,000||$2,000 to $60,000|
|Westpac||-||up to $50,000 or higher|
|Nectar||-||$1,000 to $30,000|
Before applying for a personal loan, make sure you carefully evaluate your needs. When you do get approved, make sure you read the fine print before signing the contract.
To be sure, always compare personal loan rates and providers with the help of glimp.
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