The Cooperative Bank Personal Loans

The Cooperative Bank is a New Zealand bank that is 100% owned by its customers. Founded in 1928, it has operated as The Cooperative Bank since 2011. It offers everything you’d expect from a bank, including accounts, lending, credit cards, insurance, plus great customer satisfaction. The Cooperative Bank is the 2021 winner of Canstar’s Most Satisfied Customers | Banking Award.

What personal loan options does The Cooperative Bank offer?

Here’s an overview of the loans offered by The Cooperative Bank:

• The Cooperative Bank offers unsecured personal loans from $3000 to $50,000. Loan terms can be from six months to five years
• Loans over $50,000 available, although no online application
• Repayments either weekly, fortnightly or monthly
• Interest rates for unsecured loans range from 6.99% p.a. to 19.99% p.a. depending on the borrower’s individual credit rating – the better your credit rating, the lower your interest rate
• $155 application fee applies

How do I apply for a The Cooperative Bank personal loan?

To apply for a loan, simply visit the The Cooperative Bank website and apply online to begin the application process.

Typical pieces of information you will need to include in your application are:

• Valid proof of identification, such as your passport or drivers licence
• Proof of income
• Your typical expenses such as rent/mortgage payments, household costs, insurance etc.
• Any current outstanding debts and credit history

You’ll also need to meet the following requirements:

• You must be a natural person (i.e. not a company or other legal entity)
• You must be an New Zealand citizen or permanent resident
• You must be over 18 years of age when applying

Before taking out a personal loan, make sure you read up on what to think about before you apply. To find out how much you could afford to borrow, check out Canstar’s personal loan repayment calculator.

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