What is a personal loan?
A personal loan is a fixed amount of money borrowed from a lender that you repay in regular instalments over an agreed term, typically between 6 months and 7 years. Unlike a mortgage, personal loans are usually unsecured, meaning you do not need to put up your house or car as security. In New Zealand, personal loan amounts typically range from $1,000 to $250,000 depending on your income, credit history and chosen lender.
How do personal loan interest rates work in NZ?
New Zealand lenders advertise rates as an Annual Interest Rate (AIR). The rate you are offered depends on your credit score, income, employment type and the loan amount requested. Rates through NeedCashToday start from 8.99% p.a. (AIR), though your actual rate will depend on your individual circumstances and the lender you are matched with.
Why use a loan matching service?
Applying directly to multiple lenders can damage your credit score because each hard credit enquiry leaves a mark on your credit file. NeedCashToday runs a soft credit check only, which does not affect your score. We then present your application to the lender on our panel who is the best fit for your situation, reducing the risk of rejection and protecting your credit profile.
- One application reaches 20+ NZ lenders
- Soft credit check protects your credit score
- NZ-based team reviews every application personally
- Transparent broker fee disclosed before you commit
- No obligation to proceed after receiving your match
What can I use a personal loan for in NZ?
New Zealand lenders generally allow personal loans for most legal purposes. Common uses include debt consolidation, home renovations, medical and dental costs, vehicles, travel, weddings and emergency expenses. Some lenders place restrictions on business use or certain investment purposes, which is why working with a broker who understands each lender's criteria is beneficial.
What fees apply?
A broker and introducer fee of up to $1,500 applies when your loan is successfully funded. This fee is added to your loan amount and is GST inclusive. It is always disclosed clearly before you commit to anything and you are never under any obligation to proceed. Lender establishment fees may also apply depending on the lender you are matched with.