A personal loan is a fixed term, fixed interest rate, Secured or Unsecured loan used for home renovations, holiday, funeral, purchase a new car or just help cover unexpected living expenses.
What you will learn in this Personal Loan Guide:
Once you have decided what you need the personal loan for you can apply and receive the funds in your bank account to pay for the home renovations, holiday, funeral, new car or cover those unexpected living expenses. You then repay the loan amount – plus interest and fees over a fixed term. Repayments can be calculated weekly, fortnightly or monthly to suit your regular income.
When it comes to deciding on a personal loan you need to look at the benefits as opposed to the alternatives:
As you can see taking a personal loan gives you the certainty of when you will pay the loan off, what rate, what repayments and the flexibility to increase the loan or repay the loan early.
We can use the following securities:
For some applicants we may be able to help you with an unsecured loan.
The loan terms we are able to offer depends on the security offered. Below is a table detailing the terms we can offer:
|Security||Minimum Term||Maximum term|
|Property||1 Month||7 Years|
|Motor Vehicles less than 10 years old||1 Year||4 Years|
|Motor vehicles older than 10 years||1 Year||3 Years|
|Motor vehicles older than 18 years||1 Year||2 Years|
|Boats & Jetskis||1 Year||3 Years|
|Chattels||1 Year||2 Years|
You can apply for a personal loan with Pioneer Finance if you are:
You do need to show that you have the affordability for the loan and that you are who you say you are. You can do this by providing the following:
Depending on the security offered for the loan we may require further information such as rates notice, mortgage statement’s or proof of purchase.
Depending on the security offered we will do checks with the following registers:
Don’t worry if your credit check has a couple of bumps and bruises we may still be able to help you.
Personal loans will have various fees attached, which may include:
|An establishment fee once you loan is approved and you have accepted the terms||$165-$550|
|Ongoing monthly account fees||$9|
|Motor Vehicle Security registration fees||$8.05|
|Caveat registration fee||$160|
|Early settlement fee||$75|
|Caveat removal fee||$155|
Some of these fees will be charged to the loan upfront or are calculated in your weekly, fortnightly or monthly installments. Other fees can be charged at the end of the loan term such as early settlement fees or if you used your property as security a caveat removal fee can be charged.
For more details on our fees and charges go to our Interest rates and fees page in the important information section.
When getting a personal loan it is important to look at all of the costs and fees and often using security for your loan can reduce the interest rate offered. Secured loans may take a little longer to process but are of lower risk to the lender and can reduce your overall cost.
No Security? Don’t worry you can still get an Unsecured Loan. The interest rates might be a little bit higher, but getting an unsecured personal loan can be a great alternative to a credit card. Here are some great reasons why you should look at getting an unsecured personal loan rather than a credit card:
Amount Borrowed $10,000.00
Establishment Fee $395.00
Payment Protection Insurance $824.48
PPSR Fee $8.05
Total including fees and insurances $11,227.53
Interest Rate 16.95%pa
Monthly Account Fee $12.00
Loan Term 36 Months
35 Monthly repayments of $411.85 plus 1 final repayment of $411.41
The above is an example of a common loan request and gives you an indication of what the monthly loan repayments will be. Your establishment fee may be different depending on the security used and the time taken to process your application. We would also like to point out that the Payment Protection Insurance used in this quote is not compulsory.
In summary, personal loans with Pioneer Finance:
If you are over the age of 18 (up to the age of 21 you may require a guarantor), a permanent resident of New Zealand, earn a regular income, and can demonstrate the ability to repay the loan, you may qualify for a personal loan.
We offer loans from $1,000 to $100,000 on a personal loan in New Zealand. The amount we lend does depend on the security offered for the loan. The more security offered the better chance we will be able to lend the amount you require. We will also need to check your affordability and credit profile.
Yes. Your credit history may not be as bad as you think. Let us do the background work and we’ll take it from there. You do need to show us that you can afford to pay the debt consolidation loan, and you will need security, and may need a guarantor.
Approval time depends on some variables:
In saying that we do endeavour to give a same day answer on all applications received.
Yes, you can make extra repayments; or you can increase your minimum repayment to help pay your loan off earlier. We do charge a small early settlement fee of $75.
Applying at multiple finance companies will no longer affect your credit rating in New Zealand. Since October 1st 2019 every credit check done by a finance company is listed as a quote with Equifax, Centrix or Illion and will only affect your credit rating should you accept the loan offer.