Getting a personal loan is a significant financial commitment. Once the loan is paid out, you must be able to repay the loan over the fixed term, and avoid defaulting or missing payments. Of course, it always helps to get the lowest interest rate possible.
Generally, personal loans can be for a wide range of sums, and therefore, interest rates will likely vary from lender to lender, and borrower to borrower. You are more likely to get a lower interest rate if you have a high credit score and good credit history. Lenders will want to assess the risk you may pose to them. And if you have a lower credit score, you will likely be charged a higher interest rate. You will also generally see lower interest rates for secured loans than unsecured loans.
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It is important to take time when considering whether to take out a personal loan. Assess your budget. How much can you realistically afford to repay? Once you are sure this is the right decision for you, you’ll no doubt want to find the cheapest personal loan rates.
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What is the Cheapest Personal Loan?
At the time of publishing this article, we recommend Harmoney Loans as the best financial institution for a personal loan. They are offering the following interest rates:
- Harmoney Loan - Secured: 9.89% - 21.49%
- Harmoney Loan - Unsecured: 9.99% - 24.99%
There are some of our top picks for low interest rates for personal loans in New Zealand. However, they are not representative of all the rates on the market. The market is always changing, and therefore, interest rates are always changing. It is crucial to do your research and compare different rates before you commit to a certain loan, so you can make the most fully informed choice.
Comparing is Important!
As we said, it is so important to do your homework and compare the different interest rates on the market before you commit to a loan. Money Compare makes it easy to compare personal loan interest rates all in one place. It is quick, easy, and will help you make the most informed choice for such a large financial commitment. You are also more likely to find the cheapest loan rate available to you when you compare!
Comparing loan rates is easy with these simple steps:
- Jump onto Money Compare
- Click onto Personal Loans
- Select filters based on your preferences and needs (e.g. loan purpose, payment frequency)
- Compare the personal loan rates side-by-side.
