Loans can be a very helpful financial tool, but it can be difficult to know where to start. There are a lot of shady providers out there offering unfavourable terms, high interest rates, and poor customer service. The good news is that New Zealand has a number of fantastic loan providers if you know where to look.

Here are five great personal loan providers currently available in New Zealand.


Nectar is a modern and powerful digital loan company specialised in simplifying the process of getting a loan online. Their online application should only take about 7 minutes to complete and it’s possible to find out whether you’ve been approved along with your interest rate instantly after applying. Even better, their goal is to get the loan funds into your account on the very same day as you sign the contract, so there’s minimal wait time. If you’re not happy with the interest rate they’ve provided after completing your application, you simply don’t have to accept the loan. They offer loans between $1,000-$20,000 with interest rates personalised to each applicant, and the establishment fee they charge for new loans is $240.¹


Loanspot is a great and comprehensive loan service offering personal loans, car loans, debt consolidation loans, and even marine loans. They specialise in connecting clients to their network of lenders and making the entire application process easy as possible. It’s possible to borrow between $3,000-$50,000 through their service with interest rates varying from 9.95% to 24.95%. They claim to be able to approve loans in less than 3 hours with the possibility of getting the funds on the same day if the documents are in by 12pm. Their loans do come with an establishment fee with the specific amount varying greatly depending on the loan offered. The company is exceptionally well reviewed online largely thanks to their high quality customer service team, so they’re definitely an option worth investigating further.²

Co-operative Bank

The Co-operative Bank offers personal loans between $3,000-$50,000 with a focus on providing incredibly flexible terms. You can make repayments weekly, fortnightly, or monthly, and if you choose to pay off your loan early or make overpayments, there is no extra charge. They also offer the opportunity to take out loan insurance, which can cover your loan payments in the case of illness or accident. It’s possible to apply for their loans online with a simple application form, but since the company is also a bank, you can also apply in a local branch if preferred. Interest rates range from 6.99% to 19.99% and it is worth noting that they do charge a $200 establishment fee for each new loan taken.³


Harmoney is a large and well-received personal loan provider that has issued over $1 billion in loans. They offer loans between $2,000 and $50,000 with interest rates ranging between 6.99% and 29.99% p.a. It usually only takes 24 hours or less to receive your loan after signing the agreement. Harmoney does charge an establishment fee of $200-$450 depending on the size of the loan, but there are no fees for early repayments and interest rates are fixed for the entire duration of the loan.⁴


Squirrel offers a wide range of loans including personal, debt consolidation, vehicle, and homeowner’s loans. Maximum loan amounts and interest rates vary depending on the type of loan taken, with personal loans maxing out at $20,000 and homeowner’s loans going all the way up to $70,000. Establishment fees vary as well, starting at $0 for a homeowner’s loan, $250 for a personal loan, and $500 for a debt consolidation loan. Squirrel does require an income of at least $25,000 per year and suggests having a good credit file to apply. The platform operates as a P2P lending service, which means that instead of your money coming from a bank, it comes from another individual acting as an investor.⁵

Finding The Best Personal Loan

Finding the right personal loan can be easily accomplished with a bit of research. Although these providers are a great start, you’ll still want to compare things for yourself to see what suits your personal needs best. A great way to get started with finding a personal loan is to perform an online search. This will reveal many of the different available loan providers and allow you to compare the different terms and interest rates so you can find a great loan for your specific scenario.

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