Frequently Asked Questions

A personal loan is an unsecured loan that doesn't require collateral. You can use the funds for various purposes like debt consolidation, home improvements, or major purchases. Personal loans typically have fixed interest rates and set repayment terms.

Personal loan rates in New Zealand typically range from 7.95% to 29.95% per annum, depending on factors like your credit score, income, loan amount, and the lender. The best rates are usually offered to borrowers with excellent credit and stable income.

Most New Zealand lenders offer personal loans between $1,000 and $100,000. The exact amount you can borrow depends on your income, existing debts, credit score, and the lender's criteria. Generally, lenders prefer that your total debt payments don't exceed 40% of your income.

Typical documents required include: photo ID (driver's license or passport), recent payslips or proof of income, bank statements from the last 3 months, proof of address, and details of existing debts. Self-employed applicants may need tax returns and financial statements.

Approval times vary by lender. Many online lenders can provide decisions within hours or even minutes, while traditional banks may take 1-3 business days. Once approved, funds are typically available within 1-2 business days.

Yes, applying for a personal loan will result in a hard inquiry on your credit report, which may temporarily lower your credit score by a few points. However, if you make payments on time, the loan can help improve your credit score over time.

Most lenders allow early repayment, but some may charge early repayment fees. Check the loan terms before signing. Paying off your loan early can save you money on interest, even if there's a small fee.

Missing payments can result in late fees and negative marks on your credit report. If you're struggling to make payments, contact your lender immediately to discuss options like payment deferrals or restructuring your loan.

Most personal loans can be used for any legal purpose, including debt consolidation, home improvements, car purchases, holidays, weddings, or medical expenses. Some lenders may restrict certain uses, so check the loan terms.

While good credit helps you qualify for better rates, some lenders offer personal loans to borrowers with fair or poor credit. However, you may face higher interest rates and stricter terms. Building your credit before applying can help you get better offers.

Unsecured personal loans don't require collateral and are based on your creditworthiness. Secured personal loans require an asset (like a car or savings account) as collateral, typically offering lower interest rates but putting your asset at risk if you can't repay.

No, we're not a lender. We're a free comparison service that helps you compare personal loan offers from multiple New Zealand lenders. We may receive commissions from lenders when you successfully apply for a loan through our service, but this doesn't affect the rates offered to you.

We receive commissions from some lenders when customers successfully apply for and receive loans through our service. This allows us to offer our comparison service for free. These commercial arrangements may influence the order in which products are displayed, but we always disclose this and maintain our comparison standards.

The rates shown are based on each lender's current advertised rates and are for comparison purposes. Your actual rate may be different based on your credit score, income, loan amount, and other factors. All applications are subject to the lender's approval process.

To improve approval chances: check and improve your credit score, provide accurate and complete information, have stable employment, keep debt-to-income ratio low, choose an appropriate loan amount, and consider applying with multiple lenders to compare offers.