Below you can find relevant and useful information on Personal loans.


Personal Loans

What is a personal loan?

A personal loan is a loan that one has borrowed for personal use. The money can be used for almost anything, such as a vacation, home improvements or children’s education. The borrower will make monthly repayments, repaying the sum borrowed plus interest. A personal loan allows the individual the financial ability to make purchase without saving the funds first.

What are Personal Loans used for?

Personal Loans can be used for any purchases but are most commonly used for vacations, home improvements or for larger assets such as cars.

Benefits at a glance

Personal loans are personalised to your needs so you are usually able to find a suitable personal loan for your individual needs. There are usually flexible repayment options, competitive interest rates and the option of personal loan insurance cover. You can normally take up to five years to repay your personal loan and it is possible to find a company where you will not be penalised for paying off your loan early.

Who is eligible?

If you are over the age of 18 years old and live in New Zealand you could be eligible for a personal loan. You should also be an NZ Citizen or permanent resident.

What are the risks?

If you fail to meet your repayments on the loan, the lender can claim your collateral to settle the debt. It is essential to remember that you risk losing your home if you do not meet your loan repayments. Also be aware that you might need to pay an establishment fee on some personal loan applications.


Please note that Which Way To Pay New Zealand ( is not authorized to give personal financial advice under New Zealand's financial services regulations, including the Financial Advisers Act (Securities Commission New Zealand).

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