Canstar announces 2018 five-star personal loan providers

Harmoney, NZCU Baywide and The Co-Operative Bank have been named as the providers offering five-star personal loans. According to Canstar research, these providers have some standout features, to make things simpler for borrowers.

Compare personal loan providers

These providers offer some product features that you would expect from the bigger lenders, according to Canstar researchers.

These personal loan features include:

• Pre-approvals
• Online application and approvals
• Availability to those who are self-employed
• Online repayments and management of the loan facility
• Ability to make lump sum repayments.

The individual five-star personal loan products are as follows:

Car Loan/Unsecured Loan

• The Co-operative Bank Unsecured A Credit
• Harmoney NZ Unsecured A Credit
• NZCU Baywide Secured – Orange

Secured personal loan

• The Co-operative Bank Unsecured A Credit
• Harmoney NZ Unsecured A Credit
• NZCU Baywide Unsecured – Orange

Let’s take a closer look at each of the three:

Compare personal loans with Canstar

A closer look at Harmoney

Harmoney is New Zealand’s largest P2P lender, matching people who want to borrow money with those who want to lend their money. Harmoney’s “A” grade bands have rates ranging from 6.99% for A1, to 11.99% for those who fall into its A5 rating bracket. Canstar’s Star Ratings only include products through to their D credit rating with E and F credit rating products also available for smaller loan amounts.

A closer look at NZCU Baywide

NZCU Baywide is a 100% NZ owned financial co-operative. The lender has 16 branches throughout the central and lower North Island.  NZCU Baywide’s personal loan interest rates start at 11.90% for unsecured and 8.90% for secured, for customer’s who fit into their highest credit score bracket. Rates go up to 21.90% for unsecured and 23.90% for customers who fall into NZCU Baywide’s lowest credit score bracket.

A closer look at The Co-Operative Bank

The Co-operative Bank has rates ranging from 6.99% up to 19.99%. With tailored interest rates based on your individual circumstances, the Co-operative is another institution rewarding borrowers with good credit history with competitive interest rates. For those able to secure 6.99%, you will find yourself with a market leading rate while those who may not be eligible for their top rate may find what they are offered remains competitive, with their rate range smallest amongst those using risk-based pricing for personal loans.

If you are in the market for a personal loan, make sure you check back on Canstar’s website, so you can easily scan the market!

Compare personal loan providers