How To Apply For A Personal Loan

Considering applying for a personal loan? There are many ways to get a loan in New Zealand, and making sure your application is complete and accurate is the easiest way to avoid any disappointments during the process.

Here’s what you need to know about applying for a loan in New Zealand.

You will need to provide personal identification and financial documents so lenders can assess your financial stability and determine if you can repay the loan amount you require:

• Proof of identity - e.g. passport or driver's licence
• Proof of income - e.g. payslips, bank statements, IRD tax returns if self-employed
• Personal details - e.g. contact information, employment contact details
• Assets and Liabilities - e.g. existing savings or tangible assets, and existing debts.

If you are applying for a secured personal loan, the lender will require proof of ownership and details of any assets you wish to use as collateral so they can assess their value as security on the loan.

If you aren’t employed, there are still options you can consider:

• Beneficiary Loans
• Low-Income Personal Loans

Depending on the personal loan lender you choose to apply with, approving your application can take anywhere from a few minutes to a couple of weeks. To help speed up the process, you can make sure your application includes the required (and correct) documentation.

You can apply for a personal loan over the phone, online, or in person. Generally, non-bank lenders provide faster approval speed than banks, although this is only relevant if you need the money in less than a week. The majority of lenders can approve a loan application within 1 and 14 days.

You can learn more about where to get a personal loan and the individual lenders in New Zealand