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Personal loans in New Zealand

For debt consolidation, renovations and major purchases. Apply online and we aim to give you an initial decision quickly, often within the hour during business hours.

Apply now Or call 0800 995 014

The short answer

How do personal loans work in New Zealand?

Personal loans in New Zealand let you borrow a set amount for something other than a vehicle, such as combining debts, a renovation or a major purchase, then repay it in regular instalments over an agreed term. With Finance Made Easy you apply online and we aim to give you an initial decision quickly, often within an hour during business hours. Funding usually follows within 24 to 48 hours of approval.

Last updated

Common uses

Personal loans by purpose

Debt consolidation and home renovations each have their own guide. Major purchases, from furniture to a wedding, are covered on this page.

Why apply with us

A personal loan without the runaround.

Every loan is subject to lender criteria. What we promise is a clear process and a straight answer.

Apply online, in your own time

Fill in the application online whenever it suits you. Prefer to talk it through? Call us and a real person can help.

A quick decision

We aim to give you an initial decision quickly, often within an hour of applying during business hours, so you know where you stand.

Funds in 24 to 48 hours

Once your loan is approved, funding usually follows within 24 to 48 hours.

What they are for

What can you use a personal loan for?

A personal loan is generally used for one of three things: bringing existing debts together, improving your home, or paying for a major purchase without emptying your savings.

  • Debt consolidation. Roll credit cards, store cards and other personal debts into one loan with a single repayment. Read more about debt consolidation loans.
  • Home improvements. A new kitchen or bathroom, insulation, a heat pump or a deck. See our guide to renovation loans.
  • Major purchases. Furniture and appliances, a wedding, travel, medical or dental costs, or a large bill that cannot wait.
  • Buying a vehicle? That is a separate product built around the car, ute or other vehicle. See vehicle loans.

Before you apply

What do you need to get a personal loan in New Zealand?

You need a regular income from work. We are not able to help if your main income is a benefit or you are not currently working, and we say so up front rather than keep you waiting.

If you are working, have these ready when you apply. The lender uses them to confirm who you are and that the repayments are affordable.

  • Photo ID, such as a New Zealand driver licence
  • Proof of your current address
  • Proof of income, such as recent payslips
  • The amount you want to borrow and what it is for
  • Details of your existing debts and regular outgoings

Approval

What do lenders look at for a personal loan?

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Every lender checks that you can afford the repayments, and approval always depends on its own criteria.

Be wary of anyone who promises approval before they have looked at your situation. We tell you plainly where you stand, including when we cannot help.

In general, a lender looks at:

  • How much you earn and how steady that income is
  • Your existing debts, living costs and dependants
  • Your credit history, including how past accounts have been repaid
  • How much you want to borrow, what for, and over what term

Repayments

How much would a $20,000 loan cost per month?

At an example rate of 12% p.a. over 5 years (60 monthly payments), a $20,000 personal loan works out to about $444.89 a month, excluding fees. Your actual rate is set by the lender.

Three things move the number. A higher rate raises every repayment. A longer term lowers each repayment but usually means paying more interest overall. Fees may be added to the loan or paid separately.

For an estimate, use the personal loan calculator with an amount, a rate and a term to see weekly, fortnightly or monthly repayments. Calculator results are estimates only; your actual rate, fees and repayments are set out in your loan documents.

Still have questions? Browse more personal loan questions, or call us on 0800 995 014.

How to apply

How to get a personal loan with us

Four steps, starting with the online application. Applications are not an offer of finance.

  1. 01

    Apply online

    Apply for a personal loan online. Prefer to talk? Call 0800 995 014 and we can take your application over the phone.

  2. 02

    Get an initial decision

    We aim to come back to you with an initial decision within the hour during business hours, and tell you plainly what happens next.

  3. 03

    Verify your details

    Provide your ID, proof of address and proof of income so the lender can confirm the details. We tell you exactly what is needed.

  4. 04

    Sign and receive the funds

    Read your loan documents, ask anything you are unsure about, and sign. Once your loan is approved, funding usually follows within 24 to 48 hours.

Secured or unsecured

Secured vs unsecured personal loans

An unsecured personal loan is approved on your income and credit history alone. A secured personal loan is also backed by an asset the lender can claim if the loan is not repaid.

Unsecured personal loanSecured personal loan
What backs itYour promise to repay, assessed on your income and credit history.An asset you own, such as a vehicle, registered as security for the loan.
If repayments stopThe lender pursues the debt, and missed payments affect your credit history.The same, and the lender may also repossess the asset to recover what is owed.
What the lender assessesIncome, existing debts, living costs and credit history.All of those, plus the value and condition of the asset.
Worth askingHow the rate, fees and term compare with a secured option.What happens to the asset if your circumstances change.

General information only, not financial advice. Whether a secured or unsecured loan is available depends on the lender and your circumstances, and every application is subject to lender criteria.

Questions

Personal loans, answered.

Straight answers to what people ask most. For anything else, call 0800 995 014.

None is easy by default. Every bank and lender sets its own criteria and checks that the repayments are affordable for you. Finance Made Easy is a broker, not a bank: we take your application, work with lenders on your behalf, and tell you plainly if we cannot help.

We are not able to help if your main income is a benefit, or if you are not currently working. If your situation changes, we are happy to talk.

We aim to give you an initial decision quickly, often within an hour of applying during business hours. Once your loan is approved, funding usually follows within 24 to 48 hours. Start your application online, or call 0800 995 014 if you would rather apply by phone.

Talking to us about your options is not a loan application. Lenders usually run a credit check, with your consent, once your application goes to them, and that enquiry may appear on your credit file. Ask us before you go ahead if you are unsure.

Applications are not an offer of finance. All lending is subject to lender criteria, affordability, verification and responsible lending checks. Calculator results are estimates only. This page is general information, not financial advice.

Finance Made Easy is a trading name of TrueNorth Financial Services Limited, FSP1011270, and a member of Financial Services Complaints Ltd (FSCL), membership 9517.

Request a call back

Rather we call you?

Answer a few quick questions and we aim to call you within 15 minutes during business hours. It is an enquiry with no obligation, and it is not an offer of finance. Ready to go? Apply online now.

  • Vehicle loans, personal loans and mechanical warranties
  • Plain English, no jargon
  • We aim to call you within 15 minutes during business hours
Prefer to talk? 0800 995 014 info@fmefinance.co.nz

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