How To Apply For A Personal Loan

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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.

Here’s what you need to know about applying for a loan in New Zealand.

How to get a personal loan

You can qualify for a secured personal loan in New Zealand if you are:

  • 18 years or over
  • A permanent NZ resident or hold a work permit or visa allowing you to reside in New Zealand
  • Currently employed with a sufficiently stable income to repay the loan amount

To apply for a personal loan:

  • Submit a personal loan application to a lender
  • Meet the lender’s approval criteria for the personal loan
  • Accept the loan offer and sign a loan contract with the lender

The documents and information you’ll need to provide to a lender will vary between lenders and loan applications. The most common application requirements are covered below.

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What you need to apply for a personal loan

Before you make a personal loan application, you should take the time to compare personal loan options to make sure you’re choosing the loan best suited to your needs for finance.

After you’ve decided on the amount you wish to borrow, the type of loan you want to apply for, and calculate the loan repayments you can afford on a regular basis, you can choose the lender you want to apply with and submit an application.

You will need to provide personal identification and financial documents so lenders can assess your financial stability and determine if you can repay the loan amount you require:

  • Proof of identity - e.g. passport or driver's licence
  • Proof of income - e.g. payslips, bank statements, IRD tax returns if self-employed
  • Personal details - e.g. contact information, employment contact details
  • Assets and Liabilities - e.g. existing savings or tangible assets, and existing debts.

If you are applying for a secured personal loan, the lender will require proof of ownership and details of any assets you wish to use as collateral so they can assess their value as security on the loan.

If you aren’t employed, there are still options you can consider:

Depending on the personal loan lender you choose to apply with, approving your application can take anywhere from a few minutes to a couple of weeks. To help speed up the process, you can make sure your application includes the required (and correct) documentation.

How to apply if you’re self-employed

If you are self-employed, you’ll need to provide different documentation to lenders when applying for a personal loan. 

You may need to speak to each lender individually to understand what each of them will require as part of your application, or you can speak with a finance broker in New Zealand to help assist you with your application instead. 

If you are using a personal loan broker, they will be able to advise on the specific documentation you will need to meet lender approval. Usually, a lender will ask you to provide official income records from Inland Revenue to verify your income and earnings.

Learn more about self-employed personal loans in New Zealand and how to get finance approval if you don’t meet traditional lending criteria. 

Where to apply

There are many places to apply for a personal loan in New Zealand, although you’ll likely apply for a personal loan through one of the following:

  • Banks
  • Non-bank lenders
  • Specialist finance lenders
  • A personal finance broker

You can apply for a personal loan over the phone, online, or in person. Generally, non-bank lenders provide faster approval speed than banks, although this is only relevant if you need the money in less than a week. The majority of lenders can approve a loan application within 1 and 14 days.

You can learn more about where to get a personal loan and the individual lenders in New Zealand

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