Personal Loans Star Ratings
A personal loan can allow you to pay for something now, long before you could save up your pennies for it … as long you can afford to pay that debt off in monthly instalments. Kiwis commonly use a personal loan to buy their first car – or their next car – or pay to go on an overseas holiday.
Another type of personal loan used in New Zealand is the student loan. According to Statistics New Zealand, the average student borrows $8,440 every year under the Student Loan Scheme, and graduates with $16,900 to repay. Phew!
If we’ve spent our way into debt, or need to buy something (such as a car) before we have the cash handy to pay for it, one answer can be a personal loan. A personal loan gives you a set amount of debt and a set timeframe in which to pay it off – which can be a great exercise in discipline. The Reserve Bank of New Zealand says that as of September 2015, Kiwis owe $15.25 billion in consumer credit debt from personal loans and credit cards. Money is easy to spend, but we need to learn the age-old wisdom of only spending what can afford.
With the cash rate back down to a low of 2.75%, we hope to see the interest rates on consumer credit getting lower as well. When it comes to finding a competitive interest rate, P2P lending is quickly becoming a valid option for borrowers as more lenders enter the market.
In this Personal Loans Star Ratings report, you will see that the favourable interest rate landscape at the moment translates to some well-priced loans on the market. We’ve separated these into secured and unsecured personal loans so it will be that much easier for you to find what you’re after.