Applying for a personal loan is not a decision to take lightly. In this article we will teach you how to avoid high interest and big fees with our simple personal loan comparison tables. We will also talk about the risks associated with taking out a personal loan, the type of personal loans you want to avoid and we will highlight a personal loan provider that we believe offers some of the best personal loan options in New Zealand.
What is a Personal Loan? Do I need a Personal Loan?
A personal loan is a financial arrangement where you borrow a specific amount of money from a lender and agree to repay it over a predetermined period, usually through regular installments. For example, if you borrow $5,000, you might repay it in monthly installments over a span of two years. In addition to the borrowed amount, the lender typically charges interest and may also impose a one-time fee. Despite these costs, personal loans remain popular among many New Zealanders due to their accessibility and convenience.
The key benefit of a personal loan lies in its immediate access to funds, coupled with the flexibility to repay the borrowed amount over a timeframe that aligns with your financial capabilities. Whether you opt for a shorter repayment period spanning weeks or a longer term extending over months or years, personal loans offer borrowers the convenience of managing their repayment schedule according to their budgetary needs and preferences.
Personal Loan Repayment Calculator
Our loan calculator is a simple online tool that can help you plan how much you need to borrow and what it will cost in loan repayments. If you need a personal loan then give it a go to calculate an idea of monthly repayments and the amount of interest you will pay on any borrowing.
If you are then looking to take a loan, our preferred loan provider is Harmoney and we have outlined their offering and company below.
Advertising Disclosure: We may earn a commission from some loan providers listed on Money Compare – however, any recommendations are always based on helping Kiwis make a fully informed choice.
Recommended Personal Loans for Kiwis
Harmoney Loans
Harmoney Loans operate a leading online lending platform in New Zealand which we recommend at Money Compare. The Harmoney Loans service offers a range of innovative financial solutions designed to meet the different borrowing needs of Kiwis. Harmoney Loans has a user-friendly online application process which makes it easy for individuals to access personal loans quickly and conveniently.
Whether you are looking for a Harmoney Loan for debt consolidation, home improvements, car purchases, or unexpected expenses, Harmoney provides flexible loan options tailored to each borrower's unique financial circumstances.
What are the different types of Harmoney Loan?
Debt Consolidation Loan – Compare Debt Consolidation Loans
One of Harmoney's standout features is its debt consolidation loans, which allow borrowers to consolidate multiple debts into a single, manageable loan with a competitive interest rate. This can simplify the repayment process and potentially save borrowers money on interest payments over time. Additionally, Harmoney offers competitive interest rates and transparent terms, empowering borrowers to make informed financial decisions, which here at Money Compare we just LOVE!
The process of applying for a debt consolidation loan with Harmoney is simple and once approved they make managing your debt easier and fairer. You can consolidate debt, 100% online in minutes. The process is like any other Harmoney loan application except that when a debt consolidation loan is approved & paid, Harmoney will pay off your debts directly to your nominated creditors, rather than into your bank account. This will then allow you to consolidate high-cost debts into a single one-interest-rate loan which can help you get back in control of your finances, lower overall repayments, reduce interest paid and improve your cashflow.
So what are you waiting for? If your current interest rate is too high then a Harmoney Loan fixed-rate, personalised interest rate, calculated based on your financial profile could be lower than what you’re currently paying… saving you money!
Apply for a Harmoney Loan Debt Consolidation Loan now.
Car Loan – Compare Car Loans
Harmoney Loans let you purchase your new or used car in one of two simple ways - Unsecured or secured? The choice is yours and you can buy your new car on your terms!
The two car loan options available with Harmoney Loans are pretty much the same core offering but with a reduction in interest rate if you take a secured loan with your car used as collateral. An unsecured Harmoney loan requires no collateral, it can allow you to borrow between $2K - $70k and you can make repayments on a weekly, fortnightly or monthly basis. Loan terms are usually 3, 5 or 7 years and that is pretty much it! With a Harmoney Loan you know exactly what you’re paying for. No hidden costs. No balloon payments. No surprises.
The secured loan from Harmoney works in a slightly different manner. You go through the application process as normal and once you complete your application, get approved and get your cash you then go buy your car within 60 days of securing the loan. This gives you the ability to negotiate as a cash buyer and purchase your dream vehicle, which then becomes the asset securing your loan.
In order to secure the loan against the vehicle and to benefit for lower interest rates offered for a secured Harmoney loan (16% lower than an unsecured option), you must immediately, upon purchasing the vehicle, send some documents in to your account manager. These are quick and easy, just a completed vehicle details form and a certificate of insurance. If you do not meet these conditions, the loan will be unsecured and the interest rate will change to a higher unsecured interest rate, 60 days after the date of the loan advance.
Some of the biggest benefits of using Harmoney for your car loan include the ability to negotiate with cash buyer confidence. When you have the money ready to go and your car loan finance is already sorted, you’re ready to search for that new car. Unlike using dealership finance, Harmoney Loans keep things simple and transparent. There’s no paperwork or awkward meetings. Help is at your fingertips whenever you need it and their 100% online process makes it easy to get a quote anytime, anywhere. Importantly, they have no hidden fees, no monthly fees and no early termination fees.
If you are looking for a car loan then Harmoney Car loans can help.
Home Improvement Loan - Compare Home Improvement Loans
A home improvement loan could help you achieve the home, garage or living spaces that you have dreamed of having. Harmoney Loans let you finance your home renovation with less worry, you can get a renovation loan up to $70K and bring your vision to life.
Different to some other Home Improvement Loans, a Harmoney Loan does not need quotes from tradies, they can approve your home improvement loan quickly, meaning you can get your renovation started sooner. A Harmoney Home Improvement loan is unsecured so you don’t put your assets at risk but you are able to get the work done that you need.
With a renovation loan from Harmoney you are one step closer to achieving your home improvement goals. Apply online now with unsecured fixed loan rates from 9.99% p.a. to 24.99% p.a.
Holiday Loan – Compare Travel and Holiday loans
Do you want to start booking your dream holiday? Harmoney loans can help with a loan for your vacation. Holidays should be about fun, so let Harmoney make things easier with a travel expenses loan.
Getting a loan for your holiday allows you to have your holiday loan money in the bank before you start to book. Having the cash ready to go lets you get in on all the best promotions and discounts because you can buy then and there! Make a holiday loan the first step in planning your next holiday... then wait for the mega holiday deals! Get your holiday loan here.
…while you are planning your trip, another option that helps with the holiday planning is American Express. Amex have the highest earning Airpoints Credit Card for Air New Zealand and they currently have an awesome promo for new card holders worth up to 300 bonus Airmiles! Apply online here.
Wedding loan – Compare Wedding Loans, get married to a great rate!
We know wedding costs can add up but being prepared, setting a strict budget and getting a wedding expenses loan can help you prepare and reduce stress on your big day, as well as reducing overall interest costs if the alternative is buying or paying for things on a credit card.
With a wedding loan in place you can secure your vendors with confidence by getting your wedding expenses loan approved well in advance of your wedding date. This makes paying for all those wedding expenses a breeze! Weddings are actually pretty stressful so a wedding loan can help you to plan your perfect day without financial stress.
There are no surprises with a Harmoney Wedding loan. What you see is what you get. Harmoney loans have no ongoing fees, no early repayment fees and no extra charges for borrowers who keep up with loan repayments meaning you will always know what to expect… unlike in your marriage 😉
Apply for a loan for your wedding here.
Can I get a loan for medical expenses? Compare medical and dental loans.
Keeping on top of your health isn’t always cheap. Between medical bills and time off work, medical expenses can really take their toll on your finances. With a loan that is tailored for medical expenses you can take back control on your medical and dental bills.
Harmoney appreciate the urgency of knowing how you are set up financially if bad health strikes. That is where their online processes make things quicker. Once you have approved the terms of your medical expenses loan, the money should be approved within 24 hours.
There is no need to provide security with a Harmoney Medical Loan. At Harmoney, their medical expenses loans are unsecured, so your assets are safe.
Apply online now and get a free quote – it won’t affect your credit score.
How does a Harmoney Loan compare to other loans in NZ?
Here at Money Compare we always scour the market for the best financial products. Harmoney is, in our opinion, one of the very best loan providers in New Zealand. Unlike the big banks, like ASB, ANZ and BNZ, who have their fingers in all sorts of financial pies, Harmoney concentrate solely on personal loans.
Their entire business model is focused on both secured and unsecured personal loans for Kiwis.
So if you are tired of overpaying for your borrowing with high interest rates and expensive fees then our experts would point you in the direction of Harmoney. They are an outstanding lender who are known for their fair rates and reliable service.
One of the big differences in a Harmoney Loan is that you get personalised rates tailored to your financial needs and based off your own credit rating and borrowing history.
Checking what interest rate you are likely to be offered get is quick and easy on the Harmoney website and consolidating debt or comparing loans by shopping around for just a couple of minutes can save you hundreds or thousands of dollars by getting a lower personal loan interest rate.
The interest rate you agree to when you sign up for a personal loan will make a major difference when you repay your loan each week. After studying and comparing personal loan interest rates we believe that signing up for a personal loan with Harmoney rather than direct with a car finance salesperson or via one of the major banks will be a cheaper loan option and save you money on interest fees.
What is the easiest loan to get in NZ?
The easiest personal loan to get in New Zealand typically depends on various factors, including your credit history, income, and the type of loan you're applying for (secured or unsecured).
Generally, personal loans and payday loans are considered relatively easier to obtain compared to other types of loans like mortgages or business loans. Personal loans are often unsecured, meaning they don't require collateral, and they can be used for various purposes such as debt consolidation, home improvements, or unexpected expenses. Payday loans, on the other hand, are short-term loans designed to cover emergency expenses until your next payday – these are high risk and high interest – steer clear if you possibly can!
It's important to note that while some loans may be easier to qualify for, they often come with higher interest rates and fees. Additionally, lenders may have specific eligibility criteria, and your credit history and income will still play a significant role in determining whether you're approved for a loan and what interest rate you'll be offered. Therefore, it's essential to shop around, compare loan rates and options, and carefully consider the terms and conditions before applying for any loan.
How long does it take to get a Harmoney loan?
As a modern, streamlines, online company Harmoney have some great processes. The online process takes about 15-30 minutes to complete, and if you are able to provide them with all the required information, you should get a speedy loan decision. Once you accept any loan offer, your loan will be submitted for funding.
Most loans are funded within 24hrs and you will be advised by text message and email once your Harmoney loan is fully funded and available in your bank account. You can always view the status of the funding process on your account dashboard. You will then receive the funds within 1-3 business days after it is fully funded. This process is slightly different for debt consolidation when Harmoney pay directly to the creditor to clear your credit card balance or similar debt.
What credit score do I need for a personal loan?
Credit ratings and credit score requirements vary with different lenders. As a genral rule, a low credit score will result in a higher interest rate. In the case of Harmoney loans your credit rating needs to be good or better.
Because Harmoney loan rates are so competitive you do need relatively good credit to be successful in a loan application. In New Zealand if you have a credit score below 500 and negative data on your credit report, you may not be eligible for a loan at this time. If your credit score improves over time, we suggest you try again by getting a quote for the loan amount and interest rate you may be eligible for from Harmoney.
A quote enquiry with Harmoney allows them to assess your credit history without it negatively impacting your credit score. Your credit score may be impacted by the credit check that is performed if you progress from a quote to a loan.
What are the Harmoney Loan interest rates?
Harmoney loan rates at the time of writing vary from 9.99% p.a. to 24.99% p.a. for an unsecured personal loan. With personal loans generally available for amounts up to $70,000 the interest rates charged vary a lot. The better your credit score and credit history the better deal you'll get on your personal loan interest rate.
Compare personal loan interest rates and find the best rate personal loan here.
Compare Harmoney Loan Interest Rates
At Money Compare we compare interest rates of a wide range of loan providers across all manner of borrowing types, from mortgages to personal loans, short term loans to American Express cards. You can compare personal loan rates on our loan tables here.
Are Harmoney Loans any good?
Yes. We recommend Harmoney Loans. Harmoney Loans in New Zealand are a popular option for many borrowers due to their competitive interest rates, flexible loan terms, and convenient online application process.
They have a Google review rating of 4.7 out of 5 from over 2000 reviews. They are Canstar's most awarded Personal Loan provider ever.
We think they are a great personal loan option.
Can I get a Harmoney Loan?
Yes, you can potentially get a Harmoney loan if you meet their eligibility criteria.
Harmoney offers personal loans to individuals in New Zealand, and their eligibility requirements typically include factors such as your credit history, income, employment status, and financial stability.
To apply for a Harmoney loan, you will need to meet certain criteria, which may vary depending on the specific loan product and your individual circumstances. Generally, you'll need to be at least 18 years old, a New Zealand citizen or resident, have a regular source of income, and meet the minimum credit score requirements set by Harmoney.
Additionally, you'll need to provide documentation to verify your identity, income, and financial situation, such as recent pay stubs, bank statements, and proof of address. Once you've submitted your application and supporting documents, Harmoney will assess your eligibility and determine the loan terms, including the loan amount, interest rate, and repayment schedule.
You can get a quote for a Harmoney Loan and compare interest rates by clicking here.
Harmoney Loan Reviews
You can read Harmoney loan reviews on Money Compare here. Additionally, as of writing, Harmoney Loans have a Google review rating of 4.7 out of 5 from over 2000 reviews. They are also Canstar's most awarded Personal Loan provider ever.
Harmoney Loan Calculator
Why use the Harmoney loan calculator when you can use our personal loan calculator and play with all sorts of settings! Click here to use our personal loan calculator for free.
Are Harmoney Loans Secured or Unsecured?
Typically a Harmoney Loan is offered as an unsecured personal loan. This means that you don't need to provide collateral, such as a house or car, to secure the loan. Instead, your eligibility for the loan and the terms offered are typically based on factors such as your credit history, income, employment status, and financial stability. Unsecured personal loans from Harmoney provide borrowers with flexibility and convenience, as they can access funds without risking their assets. However, it's essential to note that unsecured loans may have higher interest rates compared to secured loans, as lenders take on more risk by not having collateral to secure the loan.
Harmoney does offer a secured loan option for buying a car. In this case the loan will be secured as collateral against the car and you will receive a reduction in the interest rate you are charged.
Does applying for a loan hurt my credit score?
As a general rule, yes. You will be flagged each time your credit file is requested, so be sure to limit credit applications. If you do the research before applying for a loan then you should have one loan application, one credit check and one approval. Limit the number of loans you apply for. Every time you apply for credit, the lender will do a credit check and as a general rule, each check negatively impacts your score.
You can get a quote from Harmoney loans for a personal loan WITHOUT affecting your credit score. Check here.
