To choose the right personal loan for your unique circumstances, you’ll first want to compare your options. You can start by deciding what you need a loan for, how much you want to borrow, and how comfortably you can repay the loan amount. Read this guide to learn more about what to look out for when comparing loan offers in New Zealand.
Considering applying for a personal loan? There are many ways to get a loan in New Zealand, and making sure your application is complete and accurate is the easiest way to avoid any disappointments during the process.
You can read this guide to learn the essentials of applying for a loan in New Zealand.
Once you’ve submitted an application, waiting for approval is one of the final steps in getting finance. Before you submit an application, make sure you’ve done everything you can to improve your application and make it as simple as possible for a lender to approve.
To avoid having your loan application declined, you can read this guide to learn about a few things you can do to improve your chances of approval.
Credit scores are one of the main personal factors used by lenders when assessing your loan application for approval.
Your credit score is also used to determine the loan limits available and the rate applied to your loan. You can read this guide to understand where you sit on the credit score ladder and use this information when assessing the strength of your application before applying.
Before comparing interest rates you should decide what type of loan you want - secured or unsecured, fixed or variable interest rate. Then when comparing loans from lenders, make sure you’re only comparing the rates of the type of loan you’re after.
If a lender finds you a high-risk borrower, they may offer you a higher interest rate. If you have a bad credit history, have been bankrupt, or have an irregular income, you may want to consider improving your application in other ways before applying.
You can read this guide to better understand how interest rates and fees work when comparing loan offers in New Zealand.
If you're experiencing financial hardship and struggling with debt, you may find speaking to a financial expert can help determine your next steps.
You can speak to an expert for free by calling the MoneyTalks helpline operated by FinCap on 0800 345 123.
MoneyTalks Helpline operates between 8 a.m. and 5 p.m. Monday to Friday, and between 10 a.m. and 2 p.m. on Saturdays.