William SmithPersonal loans can be a bumpy road lined with fine print and hidden fees. Take it from me: I thought I was making a smart financial move years ago when I took out a personal loan to consolidate my debts.
With dreams of a stress-free life, I signed on the dotted line. However, I soon found myself trapped in a web of unexpected charges and sky-high interest rates.
My financial freedom felt more like a chain around my ankle.
If my younger self fell into such a trap, what are the odds others are doing the same?
That’s what led me to enlist the rest of the Auckland Magazine team and interview people who used various personal loan companies. So, here are all the best options out there that will actually help ease your debts.
What is the average interest rate for personal loans in Auckland?
The average interest rate for personal loans in Auckland is 9.99%.
This is just an estimate. The actual interest rate will vary depending on your credit score, the amount of the loan, and the loan term.
1. Grabaloan (New Zealand Finance Ltd)
Address: 43 High Street, Auckland CBD
Contact details:+64 800 855 555
Operating hours: Monday to Friday – 9 AM to 5 PM
Grabaloan stands out as a top choice for many because of their no monthly account fees, no withdrawal fees, and absolutely no missed payment fees.
Additionally, you don’t have to sweat about your credit score taking a hit when applying for a loan.
Grabaloan also provides a detailed payment schedule right off the bat.
People we interviewed appreciated seeing their opening balance and planned payments. They said it made budgeting much easier.
Another perk is that you’ll have a dedicated account manager. This means you won’t be explaining your situation over and over again every time you call.
On top of that, there is an optional payment waiver for $9.90 a month. It covers your payments for up to 40 working days if you need it. It acts as a nice safety net for those unexpected bumps in the road!
As for the terms, repayments are based on a 12-month plan with an interest rate of 34.95% fixed for that period. If you prefer a longer term, they offer an 18-month option too.
However, we did notice a downside: funds aren’t deposited the same day you apply. Instead, you’ll see them by the next business day.
Very organised with my application
“Definitely the fastest process I’ve seen so far, very grateful as I had an emergency and thanks to Ken to being very organised with my application.. will 100% be coming back to this trusted company.”
–Shavorn Cavanagh, Google Reviews
Quick with his responses
“Ken was great help. He was supportive and understanding and was quick with his responses to make my application possible. Thankyou Ken, we are looking forward to enjoying some family time in Queenstown.”
–Alannah, Google Reviews
2. Loansmart
Contact details: +64 800255155
Operating hours: Monday to Friday – 8 AM to 5 PM
Loansmart makes applying for a loan pretty easy. If all goes well during their 3-minute application, you can see approval in about an hour, with same-day payment options.
In addition to the application process, we tried out their online loan repayment calculator. It was straightforward—no hidden fees or complex jargon.
Just input your numbers, and voila! You get a clear picture of what you’re looking at.
When we spoke with their reps, they were friendly and eager to help.
They highlighted that their annual interest rates range from 9.95% to 35.50%. They said it ultimately depends on your creditworthiness.
Loan terms can span from 6 to 84 months, which gives you a nice range to choose from. It’s clear they aim to tailor a loan package that suits your needs.
However, a few customers we interviewed mentioned that while the initial response was quick, following up wasn’t as efficient. Some had to send multiple emails to get a reply.3
Made my loan application process so easy and fast response
“Loan Smart is 100% Legit fine Dine Customer service!! I never thought I would get approved due to my credit history and Julian Sheridan made my loan application process so easy and fast response and only took couple days from applying receiving the funds, Thanks Julian Appreciate your support & your customer service.”
–Ike Faifua, Google Reviews
Just amazing service
“The most amazing helpful team we had Melvyn, and we couldn’t have asked for anyone better he is the most helpful and amazing person he helped us and kept in contact with us the whole way through the process just amazing service I would highly recommend LoanSmart to anyone wanting a loan.
Thank you again”
–Shantee Palmer, Google Reviews
3. Credit One New Zealand
Address: 692 Great South Road, Penrose
Contact details: +64 800 300 500
Operating hours: Monday to Sunday – 8:30 AM to 5 PM
CreditOne is partnered with 15 of New Zealand’s most trusted lenders. It means you can really compare your financial needs across the board.
During our conversations, the reps emphasised how they strive to find the best fit for each individual’s situation.
Moreover, they keep things simple with upfront establishment fees and no ongoing fees, alongside some seriously competitive rates.
This commitment to transparency was echoed by the customers we spoke to. They mentioned that the clarity of CreditOne’s fee structure was a breath of fresh air.
Speed is another big selling point for this personal loan company. They promise online quotes in 60 seconds and same-day approvals.
From our experience, they really deliver because we received a quick quote within the promised time frame. It’s definitely a bonus for anyone who needs cash fast.
In addition to their efficiency, their customer service also shines. The reps are available seven days a week.
Plus, customers appreciated the personal touch from their finance consultant. It made the whole experience feel less robotic.
However, a few customers pointed out that while the service is great, the loan amounts offered can be on the lower side.
It’s finance made easy to be honest
“Hi team… I’m grateful, always am when the service is great. Thank you very much to Graeham for looking after my application and all the paper work that had to be done. I believe the process is long and difficult at times but Graeham has made things easy for me to walk things through. No I’m not getting paid to say this lol but I do appreciate the work done for me. It’s finance made easy to be honest. So thanks again team.”
–Jerry Mamea, Google Reviews
Awesome, easy and punctual services
“Awesome, easy and punctual services. Such a worry free process and great to deal with. I would recommend this to anyone”
–Harry Crowe, Google Reviews
4. Loanspot Personal Loans NZ
Contact details:+64 800 666 022
Operating hours:
- Monday to Saturday – 8:30 AM to 5:30 PM
- Sunday – 9 AM to 5 PM
Loanspot is a solid choice for personal loans, especially if you’re in a pinch and need quick access to funds. Their personal loans cover everything from holidays to weddings and debt consolidation.
Their interest rates start at 9.95%, and loan terms range from 1 to 5 years.
What’s more, the decision process is impressively speedy—typically within just 3 hours. Many loved the fast decision-making process, especially those looking to fund last-minute holidays.
Furthermore, you can expect your funds to land in your account within 48 hours. Several people mentioned how they secured a loan just in time to cover emergency bills, which was a huge relief.
On the flip side, we heard some grumbling about delayed follow-up calls and emails.
A few customers expressed frustration about having to chase down updates. This can be annoying when you’re eager to finalise your loan.
From start to finish was a breeze
“From start to finish was a breeze they understood what I wanted an was helpful in organising my loan I would happily use this company again. Georgia made the process easy as kept me informed with every step. I would have no trouble recommending these guys to anyone needing a helping hand getting a loan, thanks again.
Matt”
–Matthew Rapana, Google Reviews
Amazing, Professional, Too quick
“Amazing, Professional, Too quick. I am really thankful to the Emma and Loan spot. Process went so smooth and quick which saved my valuable time and efforts. I have had many quotations from various but there offer and services is the best which I couldn’t refuse. I really appreciate their efforts and services. Just one word outstanding. Thanks”
–Harnam Mann, Google Reviews
5. Max Loans NZ – Personal Loans
Address: Unit D1, 27/29 William Pickering Drive, Rosedale
Contact details: +64 800 275 629
Operating hours: Monday to Friday – 8:30 AM to 5 PM
If you’re looking to consolidate debt or even finance a classic car, MaxLoans has you covered.
At first, we were a bit sceptical of their online loan calculator, but it turned out to be super user-friendly. After plugging in various amounts, the calculator gave us a solid estimate of how much we could borrow and what our repayments would look like.
It took about 10 minutes, which we thought was pretty quick. Plus, it helped us visualise loan options before we even spoke with a rep.
Speaking of their reps, we found them to be quite approachable. They were eager to explain the ins and outs of their various loan products, with interest rates starting at 8.99%.
Customers we interviewed echoed this sentiment, praising the staff for being friendly and straightforward.
Others said the process was fast and simple. It’s exactly what you want when you’re in a pinch.
That said, several people complained about the payment schedules being inflexible. For example, people are unable to change the repayment date from the 1st to the 15th or even to the end of the month.
Smooth and stress-free
“I had a fantastic experience with MaxLoan in securing my loan. Special thanks to Rachael and Ifrana for their exceptional support. They made the process smooth and stress-free with their prompt responses and professionalism. Highly recommend MaxLoan for anyone needing financial assistance!”
–Navo Balasooriya, Google Reviews
The turn around time was quick
“Smooth and simple process with a great Outcome… Thanks to Ifrana Ali from Max loans. She explained the process so simple and also guided through the steps on what will be required and also the turn around time was quick tooo…. I would recommend Max loans”
–Lovelesh Nunes, Google Reviews
