Lowest Personal Loan Rates In NZ For January 2022

Jan 11, 2022
Personal Loan
By Staff writer


Lowest Personal Loan Lenders:


A personal loan can help you in a lot of ways, including getting out of debt faster, paying for unexpected bills, and making large purchases for your home, office, or other needs. It offers low-interest rates for applicants with good credit score. This is usually given in a much smaller amount than home loans, but the typical loan amounts set by the leading banks in NZ just about cover most needs.

Before you apply for a personal loan, you should first assess if this loan would actually improve your life, or incur more financial problems. 

Things to consider when applying for a personal loan

  • Evaluate your needs - More than the amount you need at the moment, ask yourself if you have what it takes to repay the loan amount within the set period you applied for.
  • Having a good credit score - One of the important requirements when getting a loan is to show good credit history. A higher credit score also means you're able to get better offers such as lower interest rates, higher mortgage, and longer repayment periods.
  • Look out for additional costs - Some personal loans charge fees for the processing of your application, documentation, replacement or additional cards, modifying your repayment terms, and late payments.
  • Check eligibility criteria - Before an application is approved, certain conditions must be met such as age, citizenship, and one’s ability to repay the loan. Personal loan eligibility calculators are also used by lenders to provide users with a general idea of their eligibility for a loan.
  • Double-check repayment plan - Aside from considering all existing financial commitments, it would be good to have a flexible repayment schedule when taking out another loan. Personal loans have flexible repayment terms of up to 60 months.

Who can apply for a personal loan?

One can avail of a personal loan if he or she has the following qualifications:

  • Must be at least 18 years old
  • Has a regular income
  • Is capable of repaying loans and other expenses, or has enough money left over at the end of month 
  • A New Zealand citizen, permanent resident, or has more than one year left on work visa
  • Proof of identity and earnings or employment 


Types of personal loans

Unsecured personal loan

Unsecured personal loans make it easier for borrowers to apply for and obtain the funds they need. You can borrow without placing any collateral. Your lender would only require your ID, and would charge you an interest rate ranging from 6% to 12%.

Harmoney NZ has the lowest unsecured personal interest rate in the country, at only 6.99%.

Read: Balance Transfer Credit Card Vs. Personal Loan

Secured personal loan 

A secured personal loan is one in which your lender requires collateral, often in the form of a vehicle, home, or any valuable item you own. These properties will be used as security if you fail to repay your loan.

Lender Current APR range Loan term  Loan amount 
ANZ 12.90% 6 months to 7 years $3,000 to $40,000
ASB 12.90% 6 months to 7 years $2,000 to 
Unity  7.90% to 25.90% 6 months to 7years $2,000 to $60,000
Gem Finance 6.99% to 22.99% 6 months to 7 years $2,000
The Co-operative Bank 6.99% to 19.99% 1 year to 5 years $3,000 to $50,000
Harmoney  6.99% to 19.99% 3 years to 5 years $2,000 to $70,000
Westpac 13.90% 6 months to 5 years up to $50,000
BNZ 12.65% to 17.85% 3 months to 5 years $1,000 to $30,000
Max Loans 6.99% to 17.95% 1 year to 7 years $1,000 up to $150,000
Lending Crowd 5.66% to 16.21%  3 years to 5 years $2,000 to $200,000

Read: Car Finance vs. Personal Loans 



  • No establishment fee (currently waived as of 2021) 
  • No change repayment amount fee
  • No lump sum payment fee
  • No pay off loan fee

Application requirements:

  • Your personal tax details, including your Foreign Tax Identification Number (TIN) if you are a tax resident of another country.
  • Details of your income, expenses, assets and existing debts.
  • Your ANZ account number or customer number (if any). 

Read: Need Cash? Discover These Personal Loans Options In NZ



  • No extra repayment fees
  • Make extra repayments online 
  • Borrow over $2,000 if you’re 18 years old or above or a NZ citizen 

Additional fees:

  • Establishment fee: $99
  • Personal property security registration fee (secured loans): $25 

Application requirements:

  • Apply online if you’re an ASB customer 
  • Photo ID or passport or any of the following:
    • NZ driver’s license (if any)
    • Birth certificate (NZ or overseas)
    • Citizenship certificate (NZ or overseas)
  • Proof of current physical address (utility bill) 

Read: How Much Can I Borrow For A Personal Loan In NZ?

The Co-operative Bank 


  • Floating interest rates 
  • Top up your loan through internet banking or the Co-operative mobile app 
  • Insurance cover up to a maximum loan repayment of $1,500 per month to your personal loan in case of death. Injuries or illnesses. 

Additional fees:

  • Establishment fee: $155 

Application requirements:

  • Proof of income 
  • 3 months bank statements from your main account 
  • Statements for any debts you are consolidating



  • 100% online application
  • Low interest rates based on the category you fall into (ranging from 7.90% to 25.90% p.a.)
  • Canstar winner as one of the best lenders in NZ 

Additional fees:

  • Establishment fee: $200

Harmoney NZ 


  • Canstar winner 
  • Loans are funded within 24 hours 
  • All loans are unsecured 
  • No monthly account fee
  • No early repayment fee 

Additional fees:

  • Establishment fee: $150 
  • Dishounor fee: $15 
  • Overdue fee: $20 on each of 6, 36, 66, 96, 120 days after payment date

Lending Crowd


  • Interest rate is based on one’s assessment or borrower creditworthiness and security offered 
  • Get an anonymous quote before applying for a loan
  • No bank or finance company involved
  • No early repayment fee 
  • Death and terminal illness cover of $100 

Additional fees:

  • Default fee: 20% on overdue loans 
  • Dishounour fee: 20% on loans

Gem Finance


  • No early repayment fees 
  • Save on interest with Pay it Faster option 
  • Interest rate depends on assessment upon application 

Additional fees:

  • Establishment fee: $240

Max Loans


  • Has access to different personal loan providers for competitive personal loans in NZ 
  • Can approve borrowers with poor credit rating 
  • Interest rate is based on the type of borrower whether for the following:
    • Bad credit loans
    • Car finance
    • Classic car 
    • Debt consolidation
    • Emergency
    • Holiday
    • Home improvement 
    • Mortgages and Home
    • Secured personal
    • Unsecured Personal
    • Wedding
    • Business 



  • No additional or lump sum repayment fees 
  • Apply for additional funds any time

Additional fees:

  • Establishment fee: $100 



  • No monthly fees 
  • Check loan balance or make repayments via internet banking
  • Cancel loan within 8 working days 

Additional fees:

  • Establishment fee: $50
  • Default fee: $2
  • Statement copy fee: $5 

Can I have many personal loans at the same time?

You can apply for another personal loan from a different lender or bank for as long as you're eligible under their criteria. 

How do I calculate personal loan eligibility? 

Each lender requires eligibility criteria that borrowers must meet. You can contact your chosen lender to know if you are qualified for a personal loan. 

You can also check using a personal loan calculator to see how much your repayments will be depending on your select repayment term and period. 

Can I get a small personal loan with bad credit?

You can still apply for a personal loan despite a bad credit score. Max Loans are open to borrowers with poor credit scores provided that the applicant meets specific criteria. 

Need a personal loan?

Compare personal loan rates and providers according to your individual needs. Find the right choice using glimp and #MakeASwitch today!

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