Loans in New Zealand

Making Sure You’re Ready for a Loan

You might be about to apply for a loan and if you are, you need your finances to be in good shape. This might seem a bit of a contradiction, because if your finances were already alright, you wouldn’t be applying for a loan, right? Well, no. A loan is an amount of money that you don’t have to hand right now, even if you’re earning a decent amount and you’re a careful spender.

You have to be ready to take on a loan

These days it’s staggeringly easy to apply for personal finance, with online loan providers all over the world now. If you’re in Christchurch or in Auckland loans can be arranged in person in your nearest bank, but if you’re a bit more remote then a 100% online option like Moola is much more convenient.

Just because you applying loan online doesn’t mean you’re guaranteed to be approved and it certainly doesn’t mean you can default, either. Online finance is just as real as if you’d sat sweating through a grilling by your bank manager. So, here’s how to get ready to pay off your loan.

Make sure you can afford it before you apply

Use a loan calculator to work out how much you’ll be paying each month according to your amount, the duration of the loan and your APR (which will vary according to your credit rating). If you can’t afford a particular amount, then reduce it and see if you can make up the amount you need by overtime or saving up harder.

Cut back on non-essentials

You should do this as soon as you know you’ll be applying for a loan. This will help you to make the payment each month and it may create a buffer just in case you have difficulty one month. Unless you’re near the end of the loan, don’t be tempted to spend this buffer on an overpayment because you’ll still need to make next month’s payment as usual.

You can make small monthly overpayments

If the creditor allows it, you should make a few small overpayments if you can. Don’t dip into your buffer, though. Just a few dollars each month could mean your final payment is tiny, so effectively you’ve paid the loan off a month or so early without incurring early repayment charges.

Choose the shortest term you can afford

It might be tempting to choose a longer term so that your monthly payments are lower, but you’ll be paying more interest in the long run. Don’t choose a term that’s too short, though, as you may end up struggling to make the payments and, even worse, end up defaulting, which will really hit your credit rating.

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* WARNING: This loan breakdown and repayment estimate is true only for the example selected. Different terms, fees or loan amounts will create different results. There are no penalties for early repayments.

Why Choose Moola?

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Apply in under 5 mins and you could get cash within 60 mins.
We tell you all the costs and don’t hide fees.

What You Need

Be connected
You must have a cell phone, email address and computer access as we’re a 100% online loan provider.
Be employed
You must be in ongoing employment and not bankrupt. We don’t lend to self-employed or beneficiaries.
Have a bank account
You must have an active bank account where your pay gets credited into on regular paydays.
You must also be over 18 and pass our employment checks along with other standard criteria here.

What people say

"It happens as quickly as they say - 1hr and plenty of communication ensure I know what's happening. Polite and friendly staff."
Clare Wade
"Urgently needed cash on the day. Couldn't get a loan anywhere else because of credit rating. Applied and got the money the same day!"
Trusted Customer
"Always had a great experience, from returning for loans to them being very flexible with my repayments."
Ngareta Taviliniu
"All problems and queries were sorted out in a timely fashion."
Rex Wilson
"Very prompt service. Awesome :) would definitely tell others."
Nikki Williams
Fast and quality service
"Fast and quality Service. No dodgy business."
Trusted customer
Great experience
"Excellent and quick service."
Deborah Pitout
Very helpful
"Very helpful, Moola staff went above and beyond to make my loan happen. Thanks so much:)"
Dean Straker
"Fantastic and very fast service, very happy."
Kurt Weber
Hassle free
"Couldn't off been easier excellent service answered all my questions."
Ross Swensson
Super service from a super team
"The team were very helpful and fast as always. I’m very grateful to everyone who’s helped me at Moola. They always give a top effort."
Ross Swensson