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What are the types of Personal Loans available?
1. Payday Loans
This loan is typically taken as a portion of your paycheck which you can now use for your needs. You simply need your pay stub and you can get a quick cash out even without offering any collateral.
2. Secured Personal Loans
Secured loans typically require an asset for collateral, leaving lenders a lot more flexibility when it comes to granting loans. You can usually use your home, your car, or in some cases, valuables as collateral, granting you a higher chance in getting approved.
3. Unsecured Personal Loans
In contrast unsecured loans don't ask you for any collateral or security however, this type of loan tends to be a lot stricter when it comes to their requirements and a higher interest rate.
4. Debt Consolidation
This is a service that allows you to gather all loans in just one place, letting you pay only the interest and fees on one loan rather than trying to track multiple plans and information.
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Not satisfied with your current provider? By comparing personal loans, we can help you make the switch to a better offer in no time. There are so many options for personal loans, and comparing them takes a lot of time.... so leave the hard work to us and get the best personal loan hassle-free! If it’s your first time making a personal loan application, we can assist you in narrowing down your options.
Personal loans frequently asked questions
Debt consolidation loans: Many Kiwis find this loan convenient as you can pay off all your different debts with just a single account. Instead of paying for them separately, managing your debts becomes easier and faster. Debt consolidation also has a low interest rate, allowing you to quickly pay off debts with higher interest faster. You can also use debt consolidation to pay for credit cards, which can improve your credit rating.
Secured personal loans: This type of loan involves the lender securing collateral to loan money to the borrower. This functions as the guarantee; if the borrower doesn’t meet the agreements, the lender can take the collateral. Because of this guarantee, secured personal loans have lower interest rates.
Payday loans: When you need money fast, payday loans are handy as you can borrow money easily and pay it back on your next payday. Payday loans are short-term unsecured loans that you can borrow in a quick lump sum. You can pay for the amount until payday. The only catch is, this comes with a high interest rate and high fees.
Unsecured personal loans: There’s no collateral involved with an unsecured loan, but the interest rate is higher and the requirements are stricter. Your credit score determines the amount that you are eligible to borrow.
In New Zealand, anyone of legal age with a regular income can qualify for a personal loan. Some lenders may also require other documents like proof of identity and income is required. A credit check is also necessary for other lenders.
The amount you can borrow depends on the bank. However, $2,000 is usually the minimum. Banks determine how much you can borrow based on your capacity to make repayments, your savings, and credit history. It’s only different when you choose an unsecured personal loan because the amount you can borrow is determined by your credit score.
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