Below you can find relevant and useful information on unsecured (or personal) loans.


Unsecured Loans

What is an Unsecured Loan?

Unsecured loans are the most common types of loan in New Zealand also known as personal loans. They are less risky than secured loans, because the borrower is not required to pledge a security or collateral in order to secure the loan hence the name 'unsecured'.

Unsecured loans can be used for all kinds of purposes, including:

  • Family holiday
  • A wedding or other major event
  • Home improvements
  • Buying a car or other vehicle
  • Any personal need

Who Offers Unsecured Loans?

Unsecured loans are widely available in New Zealand and most banks will offer them, as well as independent lenders and loan brokers. Generally, they will assess your credit rating to check if you are suitable for the loan but they will not require a large asset in order to secure the loan.

This does mean you may be turned down on your application, based on your credit history. However, there are plenty of personal loans available that do not require an excellent credit record. These include payday loans and bad credit loans which are types of personal / unsecured loans.

What is the Loan Amount?

Unsecured loans are usually very varied and flexible. You can find those which allow you to borrow several hundreds of thousands of dollars, while others may not extend more than one or two thousand.

The most standard personal loan will be between around $1,000 and $25,000 but make sure you take your time and look around the offers carefully, to see which one suits you and your needs the most.


Please note that Which Way To Pay New Zealand (www.whichwaytopay.co.nz) 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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