Understanding the exact cost of a personal loan is crucial. Use our easy-to-use calculator that provides you with an accurate estimate, taking into account all fees typically involved. We believe in transparency, so you can make informed decisions about your finances.
Rather than having set fees & interest rates we prefer to work with ranges as not every application is the same. So if it is a short term Bridging loan, Debt consolidation, Personal Loan, Home renovations, Car Loan, Holiday, Funeral or Business loan we have the loan for you.
For further information please, see our rates and fees.
Often consumers have lots of small loans, credit cards, or store cards as the purchases these products were used to buy were made at different times. They all come with varying interest rates and fees and on their own, the repayments seem small but when you add them together you can be paying large amounts of fees and interest. A couple of examples are below:
Matthew has a large loan some Credit cards and Store cards which he has consolidated into one easy loan as follows:
|Loans||Current Balance||Existing Monthly repayments|
|Credit Card 1||$1,994.38||$130.00|
|Credit Card 2||$1,008.86||$130.00|
|Store Card 1||$4,037.25||$130.00|
After consolidating these debts Matthew now has a monthly repayment of $1,193.53 which is a monthly saving of $691.46 and will have his debt paid off in 7 years.
Matthew is smart as he was comfortable paying $1700 a month on his loan rather than the minimum payment which now reduces the term of his loan to 4 years.
Eric and Simone have a few credit cards and store cards that they have been paying the minimum payment for a while now and the balance doesn’t seem to be going anywhere. The debts have been consolidated as below:
|Credit & Store Cards||Interest rate||Balance||Monthly Payment|
|Credit Card 1||25.99%||$5,532.00||$276.60|
|Credit Card 2||20.95%||$1,607.00||$80.35|
|Credit Card 3||19.99%||$6,000.00||$300.00|
|Store Card 1||29.95%||$3,000.00||$150.00|
|Store Card 2||25.99%||$2,000.00||$100.00|
After completing a Debt Consolidation loan at an interest rate of 18.95% with Pioneer they now have a monthly repayment of $577.73 which is a monthly saving of $329.22 and are happy knowing these debts will be paid off in 4 years.
Sometimes you won’t benefit from consolidating all of your debt and you are better off leaving it where it is, like interest-free loans that do not cost you any interest. Other examples are you might have a lower interest rate or you don’t have long to go before the loan is paid or the early repayment fees are expensive.
We can use the following securities:
The loan terms we are able to offer depending on the security offered. Below is a table detailing the terms we can offer:
|Motor Vehicles less than 10 years old||4 Years|
|Motor vehicles older than 10 years, up to 18 years||3 Years|
|Motor vehicles older than 18 years||2 Years|
|Boats & Jetskis||3 Years|
You can apply for a debt consolidation 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 statements, 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.
Debt consolidation loans will have various fees attached, which may include:
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.
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 debt consolidation loan.
We offer loans from $1,000 to $100,000 on a debt consolidation 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.
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.