Loans in New Zealand in 2022

Minimum loan amount


Maximum loan amount


Minimum loan term

6 months

Maximum loan term

7 years

Max. APR

12.9% p.a.

Minimum age

18 years


Representative example: Loan amount: $5,000, Loan term: 2 years, Interest: $699, a one-off application fee: $115, APR: 12.9%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Minimum loan amount


Maximum loan amount


Minimum loan term

6 months

Maximum loan term

5 years


13.90% p.a.

Minimum age

18 years


Representative example: Loan Amount: $10,000, Loan Term: 3 years, Total amount payable: $12,409, APR: 13.90%
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.


Useful information on financial products, debt and consumer rights

Before borrowing ask yourself

  • Whether you can afford to pay back the money you're planning to borrow?
  • Can the purchase wait until I can afford it without taking a loan?
  • If the purchase is urgent is there another way to get money by asking employer, family or friends.
  • If the purchase is not urgent can I save money?

You should never take a loan if

  • You want to take a loan just to pay off you previous loans or debts.
  • You already have one or more loans.
  • You already have other outstanding debts and/or missed payments.
  • If you are not sure of your capability to pay the loan back on time.

If you still need to take a loan

  • Look at your income and outgoings and think if you'll be able to pay all your bills and debts.
  • Calculate how much you can afford to repay each month.
  • If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.

What information I need to provide?

  • Proof of income.
  • Personal details.
  • Details of your financial situation including your debts, expenses, assets and liabilities.

How do I prove my income?

If your salary have been deposited into a bank account in the last three months, the bank will be able to verify your income from your account information. If not, they’ll need to see one of the following

  • A payslip, dated within the last four weeks, showing year-to-date income figures.
  • A payslip, dated within the last four weeks, showing your annual base income.
  • A letter from your employer on their letterhead, dated within the last four weeks, confirming your annual income and employment type (e.g. full or part time).
  • If you're self-employed, copies of your last two years' balance sheets/annual accounts and profit and loss statements and copies of your personal tax return.
  • If you have other income (e.g. rent, dividends) please contact your lender to discuss what their particular requirements will be.

Annual Percentage Rate (APR)

For example:

Lender A offers
3000 NZD for 1 year
with an APR of 11.4 %
Lender B offers
3000 NZD for 1 year
with an APR of 19.9 %

As it shows, in the scenario above, borrowing from Lender A would be a better idea, because you would get the same amount of money for the same term, but each month you would pay less interest.

Borrowing costs and fees

  • Application fee - some lenders may ask you to pay this fees when setting up your loan.
  • Refund Fee - this fee can be charged if you overpay your lender and they have to refund overpaid amount of money back to you.
  • Late payment charges - if you miss a payment you usually have to pay late payment charge, so make sure you never miss a payment to avoid extra charges, also please note that this can also affect your credit score, which can make it harder to borrow money in the future.
  • Monthly loan administration fee - some lenders may ask you to pay monthly loan administration fee.
  • Early loan repayment fee - You may be asked to pay this fee if you decide to pay-out your loan early. This fee is calculated according to how much you still owe to your lender and for how long.
  • Legal fees - if you don't pay back your loan, your lender can go to court to recover the owed money, in such cases you will be asked to cover these expenses.

If you're not able to pay back on time

  • Loan extension - If you realize that you will not be able to repay the loan on time, there is a service of loan repayment period extension, which is offered by many companies for an additional cost. Every credit company sets the fee for the service of extending repayment period itself.
  • Credit holidays - The delay of loan payments for a certain amount of time is called credit holidays. Credit holidays are available in some cases, such as a temporary loss of working ability or loss of job. In most cases credit holidays are granted for a period from one month to one year. This is common for longer-term loans.

Credit refusal

All credit institutions have their own criteria to accept or refuse a credit. Each organization has developed calculation rules to determine in advance if you have a risk of ending up in litigation. They use scoring methods. This calculation takes into account many factors such as age, bank, educational level, number of children, occupation and budget. Your application can be accepted by one bank and denied by another. Your banker may refuse your request because it determines your debt ratio is too high. Every lender has its own budget criteria.

Personal loans

A personal loan can be the perfect way to get what you've always wanted. Personal loans can be used for practically any legal function such as paying for tuition fees, debt consolidation, a holiday, a boat, kitchen renovations and even a car. Personal loans are one of many types of loans you can borrow from a bank. These loans are typically general purpose loans that you can use at your discretion. Personal loans are a relatively basic kind of financial product. Consumers can borrow a specific amount of money which is required to be paid back with interest (in equal repayments) over the term of the loan.

Types of personal loans

  • Secured - tied to an asset (like a car or boat) which is used as collateral if you fail to make your repayments.
  • Unsecured - not tied to an asset and therefore offers no security to the bank if you are unable to make repayments.
  • Overdraft/ line of credit - this is a personal loan with a difference. Similar to a credit card, the borrower can spend up to an agreed limit, and just pays interest on the outstanding balance each month. Unlike normal personal loans, there is no requirement to pay in full by a certain date.

If a loan is secured this means that it will be tied to an asset, which can be repossessed if you fail to make your repayments. Unsecured loans are collateral free and therefore tend to have higher interest rates.

Unlike other forms of finance, such as a credit card, personal loans are generally cheaper as on average they have lower interest rates and have the requirement to pay it back in a set period.

How to choose the best loan for you?

  • Loan simulation - Loan simulation on lenders websites show the differences between offers, in terms of monthly payments and also the total cost to pay. In any case we recommend you to make a credit simulation on 2 or 3 websites that suit you and only then make your online application. If you hesitate between several offers, make several credit applications to receive offers. This will allow you to compare the contracts.
  • APR - Annual Percentage Rate represents an annual cost (in %) of borrowing. The APR include factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement.
  • The application fee - The records of expenses are very different from one institution to another. High records charges may hide behind a low APR. Up to 1% of the credit amount, expenses records are reasonable.
  • The total cost of credit - The total cost is the first item to check for comparing credit offers. This is the amount you will pay in the end. This amount includes interest, possible administrative costs or insurance.


  • Get to know us - MoneyGuru24 is here to help out every internet user who is searching for the right service and/or product in a specific niche. Our services are available for anyone free of charge. Our team’s main goal is to provide the best opinion about the product and/or service, by comparing specific features. We want our website visitors to get as much information as possible, to help them make the smartest decision.

  • Process description - Before displaying and listing services and products on our website, our team members from the research, marketing, and data departments come together and very carefully look into each of the company and its offers. Because of the team member experience, we can see red flags before anyone else. We spend many hours looking into all details, consumer reviews, specifics and brand provided information on every product even if it comes from the same brand. Only after collecting all the information we can find, we decide whether to display this brand with its product on our list or not.

  • Our Partners - We have high standards for ourselves and also for our partners. We work together only with companies with a good reputation, without any legal or ethical issues. Some partnerships are paid, which means that it can make an impact on the listing positions, but it's not always like that. Most of the time, the content department team decides the listing positions. If our page visitor has chosen a product and/or service from our provided list, he may be guided to partner’s websites to continue the process and we may get a commission from his purchase. Even if we sometimes get commissions from our partners, we don`t change our basic structure and overstep our principles about listed partner companies.

  • Useful feature description - We always think of ways to make our website more user-friendly. To save visitors time we have implemented a useful tool called “pop up window”. By moving a mouse cursor to the button “Apply now” you can access this window, which will show up giving you the additional information that could help you to get more important details about product/service and may also include product/service requirements. If you as our consumer or page visitor wish to know more about some specific product/service you can visit our "full description" page where our team has collected and published all information that can be useful for you.

  • Star rating system explained - We have also added a great tool to all of our listed merchants - stars. Every visitor after using a service or getting a product can rate how satisfied they've been with this brand and/or product on a scale from one to five, five stars being the highest level of satisfaction and one - the lowest. On the right side of stars, you can see the number of our customers that have rated this listed brand previously. To ensure a more objective rating, we let one consumer vote only one time per 24-hour window. The star feature also can impact position at the list. If you see products that have a small rating number or don't have a rating at all don`t be suspicious or hesitate to try them out. Empty star features may just show that this is the brand new partner or newly listed product provider.

  • Updates - With the help of the world wide web, information changes very rapidly in this century. Every few days our content team goes through all displayed information and compares it with the information from the source. If there are any changes, then we get approval from the source and the content team updates the newest information on our website. We do this because for us it is important to provide up-to-date information to our website visitors and potential consumers. Just keep in mind that we are only humans and we are doing our best!

  • Reach out to us - We understand very well that each consumer's experience can be very different. For us, it is important to hear not only great reviews but also complaints, suggestions and comments. For this reason, we have a section called “Contacts” where you can find the information on how to reach us. We suggest using an email as in that way we can investigate your described situation and send you an answer or give a call as fast as possible. Usually, our team answers in less than 2 working days.

MoneyGuru24 is not a bank, lender, broker or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. All information provided on MoneyGuru24 has general and informative nature. Although MoneyGuru24 covers wide range of loan products and providers, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your personal circumstances and financial situation and we are not recommending any particular products. If you choose to apply for a loan product through MoneyGuru24 website you will be dealing directly with the loan provider not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the loan provider before accepting any financial product offer.


  • What is a loan?

    Loan is a good choice if you are in need of a certain amount of money for a certain cause – for example, home or garden improvement, travelling or study expense coverage (student loans). Personal loan comparison on helps you choose the best personal loan that best suits your need.

  • Should I consider getting a loan?

    If you find yourself in a sudden need of money, for example, you receive an unexpectedly big bill for a service, first – talk over with whomever you got your bill from and explain the situation you’re in. You may plan an extended term to your bill or suggest a partial payment during a longer term. If that is not possible, you should consider getting a loan. But you should get a loan only if you are able to pay it back.

  • How do I get a loan?

    You can apply for a loan using an online application form. To get the loan you have to be over 18, employed, with a regular monthly income and have a bank account. Even though the application is really easy, you shouldn’t rush into getting a loan. Be careful and read all the information, small print, terms and conditions on the politics of financial enterprise which you find most efficient after comparing all the options in

  • How do I pay back my loan?

    Most of financial enterprises, that offers loans, debit the payment directly from your bank account. But there are still some credit companies that haven’t established this service yet, so you must remember to pay back your debt as soon as you get your monthly paycheck. If you are thinking about extending the term of your loan, be sure to inform the lender before the current due date expires.

  • What happens if I can’t pay back my loan?

    If you miss payments or fail to repay your loan and cannot reach an agreement on the extension of credit term, then it is quite possible that the lender will leave a bad mark in your credit reference file. This can cause difficulties to obtain credit, leasing or other financial services in the future. Serious cases of missed payments (non-payment) can be brought to court. In this case, the court costs will be added to the amount of your debt. For more information about loan extension policy, description of the company's policy in cases of missing payments and non-payment actions, visit your lender’s website.

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