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What are personal loans?
Personal loans - also known as secured or unsecured loans - are money borrowed from a bank credit union or an online lender that you pay back over a set period of time on a fixed monthly payment. You'll be charged interest on the money that you borrow, as well as a one-off fee, and you will need to repay the amount borrowed as well as the interest rate charged.
Personal loans in NZ are popular as it offers immediate convenience for Kiwis who need access to money fast. Personal loans allow you access to money immediately while spreading the repayments over a period that makes it easier to manage with your budget.
Kiwis from all walks of life apply for small loans in NZ every single day. The most common reasons for taking out a personal loan are for big, one-off expenses such as weddings, holidays, or funerals, as well as for urgent expenses needed like medical bills or car repairs. Some also use it to pay off their credit card debt.
Personal loan comparison in NZ
Whether you’re after the quickest personal loan, short term loans, or cheap loans, you can compare them all right here with glimp. We compare the leading personal loan companies in NZ so that you can find the right loan and the right loan company for you. Find personal loans from ANZ, Westpac, ASB, Avanti Finance, and more in just a few minutes.
How does our personal loans calculator work?
We compare the leading companies and their personal loan interest rates in NZ, allowing you to find the right loan and loan provider for you. Compare personal loans from ANZ, Westpac, ASB, and more in just a few minutes. Here’s why you should use glimp:
Quick and easy to use
Luckily, you don’t have to spend hours online looking at all the different personal loan interest rates - we’ve done the hard work for you! Our personal loans calculator lets you find and compare the best loan rates in NZ, and you can apply for free!
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With so many different companies offering different personal loan interest rates in NZ, it can be hard to know where to begin inquiring about getting a good deal.
Get your tailored results
Just tell us a bit about what you’re looking for - how much you want to borrow, your desired loan term and preferred repayment period - and we’ll bring up all of the best options for personal loans in NZ, as well as the companies best suited to needs. You can find low interest loans in NZ, low fee personal loans, and more, in just a few minutes!
Personal loan FAQ
Personal loans involve taking out and paying back a large sum of money, so it’s understandable for you to have a few questions about it. For a better understanding of how personal loans in NZ work, we’ve listed the most frequently asked questions below.
A secured loan is a loan where the borrower secures an asset, for example, your car, to the lender as collateral for the loan. In this case, the car acts as a guarantee that should the borrower be unable to repay the loan, the lender can take possession of the asset.
An unsecured loan has no such security, usually resulting in a higher risk for the lender. The main difference between these two types of personal loans are the interest rates. Unsecured loans carry more risk for the lender, so they often have higher interest rates compared to a secured loan.
Personal loans allow you to borrow a lump sum of money for a certain purpose or need. Depending on which personal loan company you choose, you are charged a certain amount of interest on the loan. You will then have to repay the loan amount, as well as the interest over the term of the loan. The lender will consider your credit score/credit rating to determine the terms of the loan.
Personal loans are paid back in fixed scheduled repayments from your bank account. This amount will vary depending on your loan term and the frequency of your payments. Some lenders also charge an early repayment fee and establishment fee, so be sure to ask questions before applying for a loan.
Every New Zealand citizen can apply for a personal loan. In fact, many do so every day. You can get a loan as long as you meet the criteria and get approved.
Personal loans are used for many reasons, most of these involving urgent money needs such as medical bills, house, car repairs, etc. Most New Zealanders also use this loan as a debt consolidation loan or for a big one-off expense such as a new car, holidays, weddings, funerals, etc.
Most banks have a minimum borrowing amount of around $2,000. Personal loans are very flexible though, with usually no maximum amount that you can borrow nor a date you need to pay it all back by.
Wondering how you’ll manage and stay on top of your personal loan? Most personal loan companies provide a handy app or website feature where you can easily check your loan balance, change your repayment frequency and amount, top up your personal loan plan, and even pay off your loan early.
If you’re looking into getting a loan, you can use our NZ personal loans calculator to find the best interest rates in NZ from the leading loan companies.
When applying for the loan, lenders will take into account your income, credit history, and savings levels. Lenders do this to assess your ability to repay the loan. In doing so, they also determine a range of suitable repayment terms and options.
Getting a loan is a huge financial step, so it’s important to fully understand what you’re getting into and see what’s involved upfront. Before applying for a personal loan, check the fine print carefully to see what the terms and conditions are. Failing to do so may mean paying more money in the long term.
For a more in-depth look at the loan process, check out 10 Things You Should Consider Before Taking out a Loan.
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Types of personal loans in NZ
Consolidating your existing high interest loans into one debt is an excellent way to provide convenience with your repayments, along with a lower interest rate.
Debt consolidation loans work by providing a lower interest rate on your debt, allowing you to pay off your high interest debts faster, saving more money in the process. It can also be used to pay off your credit cards too, allowing you to improve your credit rating.
Many Kiwis often choose debt consolidation so that they don’t have to manage a number of debts and personal loans separately. With glimp, you can find low interest debt consolidation loans in NZ easily, so you can start managing your debt better.
Regardless of how good you manage your finances, unexpected expenses can easily ruin your plans, especially if they need to be paid right away. You might not always have the money on hand to pay for things like medical bills or sudden car repairs, so having the option of taking out a loan is very convenient.
Payday loans, also known as a payday advance, are a good way to get a quick cash lump sum in order to solve this exact problem. It’s a short-term unsecured loan designed to cover unexpected expenses until you reach payday.
When you take out a payday loan in NZ, your lender expects you to pay the amount owed on your next payday, hence the name. While these short term loans in NZ may not be the safest or the best type of loan to take out - due to their high interest rates and fees - they can really come in handy when you need cash fast.
A secured loan is a personal loan where the borrower secures an asset, like your car, to the lender as collateral for the loan. The item acts as a guarantee that should the borrower be unable to repay the loan, the lender can take possession of the asset, in this example, taking the car. Secured personal loans are associated with lower rates and fees from the lender, as they recognise the lessoned risk with the collateral involved.
Unsecured personal loans, rather than requiring collateral, evaluates your credit score in order to determine the amount you can borrow, as well as the interest rates and fees you’ll pay. It’s a more appealing option for most people, given the lack of collateral involved, but it may result in higher interest fees and the criteria to get the loan may be more strict.
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