Canstar announces 2019 five-star personal loan providers

Taking out a personal loan to help you through some extra expenses can be a big commitment, so make sure to do your homework to find a personal loan that best suits your needs. Canstar has researched and rated 11 personal loan providers and 57 products, with four providers coming out on top in the 2019 Canstar star ratings.

The Winners

The Co-Operative Bank, NZCU Baywide, Harmoney NZ and Lending Crowd have been named as the providers offering five-star personal loans. According to Canstar’s research, these providers offer some standout features to make things easier for Kiwi borrowers.

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 the 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/Secured Personal Loan

difference between an unsecured personal loan and a secured personal loan

  • The Co-Operative Bank Personal Loan Unsecured A++ to A Credit
  • NZCU Baywide Secured Personal Loan – Orange
  • Harmoney NZ Unsecured PL A1-A5 Credit Rating
  • Lending Crowd Secured Personal Loan A1 – 5 Year Fixed

Unsecured Personal Loan

difference between an unsecured personal loan and a secured personal loan

  • The Co-Operative Bank Personal Loan Unsecured A++ to A Credit
  • NZCU Baywide Unsecured Personal Loan – Orange
  • Harmoney NZ Unsecured PL A1-A5 Credit Rating

Compare Personal Loans with Canstar

A Closer Look at the Winners

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.

Those able to secure 6.99%, will find themselves 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.

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 10.90% for unsecured and 8.90% for secured, for customers who fit into their highest credit score bracket.

Rates go up to 23.90% for secured and 24.90% for unsecured for customers who fall into NZCU Baywide’s lowest credit score bracket.

Harmoney NZ

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.

Lending Crowd

Lending Crowd is new to Canstar’s ratings this year and is another P2P lender that matches borrowers with lenders. Its Secured A1 Credit product is a market leading 6.69% for 3-year loans and 8.15% for 5-year loans.

Lending Crowd currently has no fees for discharging security or paying out loans early. However, Lending Crowd does charge a platform fee, which is similar to the establishment fee charged by other lenders. This fee varies depending on the loan size but starts from $250.

If you’re 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

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