Whether you’re looking to buy a car, go on holiday, consolidate debt or make almost any kind of major purchase, a personal loan could be the right option for you. If you’d like professional advice on what personal lending options would best meet your financial goals, why not talk to the friendly team at Personalised Mortgages today?
A personal loan is when you borrow a lump sum of money, usually for a specific purpose or need. Personal loans can be used to pay for almost anything, from consolidating existing debts, paying for home renovations or planning a trip abroad. Interest is charged on the amount of the loan, and you repay both the original loan amount plus the interest over the loan term in a series of scheduled repayments. These repayments consist of both principle, which is the amount you initially borrowed, and interest. The frequency and amount of each repayment depends on how the loan was set up. If you have any questions about personal loans, and whether it might be a good option for you, give one of our professional advisors a call today on 09 838 9994.
Personal loans are often used for larger purchases, and usually come with lower interest rates than credit cards. Some of the most common reasons to get a personal loan are:
A secured personal loan is a loan that is secured against as asset as security. Common assets used as security include homes or vehicles. If a borrower defaults on the loan, the asset that the loan has been secured against can be seized by the lender.
In comparison, an unsecured loan doesn’t require any asset to be used as security. This means that if a borrower fails to make loan repayments, they do not run the risk of having their property seized by the lender. Lenders can add charges and fees to a loan if scheduled payments are missed.
Getting a personal loan in New Zealand is usually a quick and straightforward process that takes no longer than a couple of days. During the personal loan application process, lenders will be seeking to assess whether you will be able to make repayments on the loan, and will look at things like your credit history, how much you’d like to borrow, and what you’re taking out the loan to purchase. If you’re having difficulty getting a personal loan approved or would like to get a better understanding of the lending options available to you, you can talk to one of our Auckland based team on 09 838 9994.
At Personalised Mortgages, our team understands that everyone’s financial goals are different, so we take the time to properly understand your financial situation and what will work best for you. Whether you’re renovating your kitchen, need a new set of wheels, want to pay back existing debt faster, or just need a holiday, we’ve got your back.
With our long-standing relationships with some of New Zealand’s top lenders we’ll help you find the right personal lending option at a competitive interest rate, so get in touch with one our professional advisors today to discuss your next personal loan.
Personalised Mortgage’s fully independent advisors have built lasting relationships with over 20 of New Zealand’s leading lenders. This allows us to access personal loan products at competitive rates and on terms that best suit your financial needs.
Personal loans are offered by all New Zealand’s major backs as well as specialised personal lenders. Applying for a personal loan is usually a quick and straightforward process that can be done online and usually takes no longer than a couple of days to get approval.
The amount you’ll need to earn to secure a personal loan depends on a range of factors including how much you’re looking to borrow, what you’re borrowing for and your financial history. Personal loan eligibility requirements also differ between New Zealand lenders.
All of New Zealand’s banks and personal lenders have different personal loan eligibility criteria. Lenders will look at how much you’re trying to borrow, your credit history, and what you’re looking to accomplish with your loan.