Personal loans in New Zealand come from banks, finance companies, peer-to-peer lenders and credit unions. This page sets out the rates, fees, loan amounts and terms the lenders publish, and what the rate means for the total cost of a loan.
Published personal loan rates range from 7.99% p.a. (the bottom of Harmoney's range) to 29.95% p.a. (the top of Finance Now's). ANZ charges a single 13.90% p.a. rate on all its personal loans and BNZ advertises 12.90% p.a. Finance companies and peer-to-peer lenders set a rate within their range from your credit assessment. Establishment fees range from nothing at ANZ to $380 at MTF Finance.
Lenders Compared
Providers are listed alphabetically. Figures are from each lender’s own page, checked 14 October 2026.
| Lender | Interest rate | Loan amount | Term | Establishment fee |
|---|---|---|---|---|
| ANZ | 13.90% p.a. (all personal loans) | $3,000 to $50,000 | 6 months to 7 years | No application fee |
| BNZ (Advanced Personal Loan) | 12.90% p.a. | $1,000 to $60,000 | 3 months to 5 years | $50 loan facility fee |
| Finance Now | 8.25% to 29.95% p.a. | Up to $60,000 | 6 to 60 months | $215, plus $2.50 a month |
| Harmoney (unsecured) | 7.99% to 24.99% p.a. | $2,000 to $100,000 | 3, 5 or 7 years | $150 |
| Lending Crowd (secured) | 8.95% to 23.78% p.a. | $5,050 to $200,000 | 2 to 5 years | $200 platform fee |
| Lending Crowd (unsecured) | 14.95% to 25.95% p.a. | $2,000 to $50,000 | 2 to 5 years | $200 platform fee |
| MTF Finance (secured) | 10.55% to 22.55% p.a. | See lender | See lender | Up to $380 |
| MTF Finance (unsecured) | 14.00% to 24.00% p.a. | See lender | See lender | Up to $380 |
Finance Now’s minimum rate changes to 8.45% p.a. for applications received after 14 January 2027. MTF Finance also charges a monthly admin fee.
ASB, Avanti Finance, Kiwibank, Westpac and the credit unions (such as NZCU Baywide) also lend for personal purposes. Their rates weren’t published in a form that could be checked on 14 October 2026, so they aren’t in the table; each lender’s site gives a quote.
Types of Lender
Banks
ANZ, ASB, BNZ, Kiwibank and Westpac lend to their own customers and to new customers. ANZ and BNZ publish a single rate rather than a range. Banks apply the responsible lending rules of the Credit Contracts and Consumer Finance Act (CCCFA) and usually require stable, verifiable income.
Finance companies and peer-to-peer lenders
Finance Now (part of Heartland Bank), Harmoney, Lending Crowd, MTF Finance and Avanti Finance price each loan from a credit assessment, so the rate can be below or well above a bank’s. Applications are mostly online. Some of these lenders also lend to borrowers with some adverse credit history, at the higher end of their ranges; see bad credit loans NZ.
Credit unions
Credit unions such as NZCU Baywide, NZCU South and Police Credit Union are member-owned cooperatives: profits go back to members rather than to shareholders. Membership is required, and some are limited to people in an occupation, employer or region. They tend to be smaller lenders, with fewer branches and digital tools than the banks.
Secured and Unsecured Rates
A secured loan uses an asset, usually a vehicle, as security. Lenders that publish both ranges charge less for secured loans: Lending Crowd’s secured range starts at 8.95% p.a. against 14.95% p.a. unsecured, and MTF Finance’s at 10.55% p.a. against 14.00% p.a. If the loan isn’t repaid, the lender can repossess the asset. More: secured vs unsecured loans NZ.
What a Loan Costs in Total
The rate decides most of the cost. Repayments are monthly, before fees:
| Rate | $10,000 over 5 years: monthly | Total interest | $20,000 over 5 years: monthly | Total interest |
|---|---|---|---|---|
| 7% p.a. | $198 | $1,881 | $396 | $3,761 |
| 10% p.a. | $212 | $2,748 | $425 | $5,496 |
| 15% p.a. | $238 | $4,274 | $476 | $8,548 |
| 20% p.a. | $265 | $5,896 | $530 | $11,793 |
| 25% p.a. | $294 | $7,611 | $587 | $15,222 |
Fees matter too, so the total amount repayable is the figure to compare. Example: $15,000 over 4 years:
| Rate | Establishment fee | Total repaid, including the fee |
|---|---|---|
| 8.99% | $350 | $18,264 |
| 10% | $100 | $18,361 |
| 15% | $150 | $20,188 |
| 20% | $300 | $22,210 |
| 28% | $400 | $25,494 |
On this loan, 20% instead of 10% adds about $3,650 of interest. A lower rate with a higher fee can still cost less overall, as the first two rows show.
Interest Rate and Comparison Rate
Some lenders also quote a comparison rate, which folds fees into a single annual rate; Harmoney’s quote shows both (for example, “Interest rate 7.99% (comparison rate 7.99%)”). Under the CCCFA, the lender must disclose the total amount repayable before the contract is signed. When comparing loans, the figures to check are:
- The interest rate on the outstanding balance
- The establishment fee (deducted from the loan or added to the balance)
- Any monthly or annual fees
- Any early repayment fee: ANZ, BNZ, Harmoney and Lending Crowd say they charge none; MTF Finance charges a one-off early repayment fee
High-Cost Loan Cap
Loans with very high interest rates (high-cost consumer credit, such as payday loans) are capped by law. The Commerce Commission summarises the rules: lenders must “cap interest and fees at 100% of the total loan amount; the interest rate charged per day is capped at 0.8%”. A rate of 0.8% a day is 292% a year at simple interest.
What Affects the Rate You’re Offered
- Credit history: your credit report (held by Equifax, Centrix and illion) shows defaults, arrears and recent applications. Lenders that use a range price the loan from it. You can get your credit reports free; see free credit reports in NZ
- Income and expenses: under the CCCFA, lenders check income and expenses from bank statements; stable, verifiable income gives lenders more to go on
- Security: secured loans are priced lower than unsecured loans at the lenders that offer both
- Term: a shorter term means higher repayments but less total interest
- Several applications at once: each full application is recorded as a credit enquiry; many lenders give a quote first without a full credit check
How an application works, step by step: how to get a personal loan in NZ.
Where to check the latest data
Rates, fees and returns change often. Before deciding, check current figures yourself:
- interest.co.nz personal loan rates: tables of current personal loan rates.
- The provider's own website: has its current rates, fees and full terms; these change more often than any comparison page.
- Financial Service Providers Register: shows whether a provider is registered to offer financial services in New Zealand.