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How to Apply for an Unsecured Personal Loan in New Zealand

  • Writer: Harmoney
    Harmoney
  • 19 hours ago
  • 3 min read

Applying for an unsecured personal loan can be a straightforward process, especially when you know what to expect. At Harmoney, our goal is to make getting a loan as simple and fast as possible. This guide will walk you through the key steps involved, from understanding the eligibility criteria to getting your money, all from the comfort of your home.


What is an Unsecured Personal Loan?

Before you apply, it’s helpful to understand what an unsecured loan is. Simply put, an unsecured loan is a type of personal loan that does not require you to use an asset (like a car or house) as security. This means the lender relies on your credit history and financial health to assess your application. Unsecured loans are often used for a wide range of purposes, such as debt consolidation, home renovations, weddings, or travel.


Step 1: Check Your Eligibility

The first step is to ensure you meet the basic criteria. While specific requirements can vary between lenders, Harmoney’s criteria for a personal loan are as follows:


  • Age: You must be 18 years or older.

  • Citizenship/Residency: You must be a New Zealand citizen, a New Zealand Permanent Resident, or an Australian citizen.

  • Employment: You must be in paid employment (this may include self-employment).

  • Credit History: Your credit file must not have any defaults, judgments, or bankruptcies.

  • Loan Amount: The minimum amount you can borrow is $2,000.


Step 2: Prepare Your Information

Having your personal and financial details ready will make the application process much faster. To get started with a Harmoney application, you'll need:


  • Identification: A valid New Zealand Driver's Licence or Passport.

  • Banking Information: Details for your online banking. Harmoney uses secure bank-grade technology to view a read-only snapshot of your bank statements. This allows us to get an up-to-date picture of your finances instantly and securely, without any paperwork.


Step 3: Complete Our 100% Online Application

At Harmoney, our application process is designed to be completely online, with no queues or awkward face-to-face meetings. Here’s a quick overview of the steps:


  1. Create an account: You'll start by creating a secure account, which allows us to keep your information safe.

  2. Tell us about you and your loan: You'll provide us with details about the loan you want and some background about your personal and financial situation. We will perform a soft credit check at this stage, which allows us to give you an accurate quote without impacting your credit score.

  3. Share your financial details: You'll provide us some details about your financial situation, and using secure technology, you'll grant us a read-only view of your bank statements to verify your income and expenses.

  4. Receive your personalised quote: Once we have all the information, our AI-driven process will provide you with a personalised quote. This includes your guaranteed interest rate, your borrowing limit, and what your repayments would look like over a 3, 5, or 7-year term.


Step 4: Finalise Your Loan and Get Your Money

If you're happy with your quote and wish to proceed, the final steps are seamless:


  1. Accept the terms: You will review and accept the loan terms online.

  2. Get your money: Once you have accepted the loan terms, the funds are typically in your bank account within 1-3 working days, and in many cases, within 24 hours.


Why Choose Harmoney?

  • 100% Online: Our entire process, from quote to funding, is digital and paper-free.

  • Fast Funding: Most borrowers get their money within 24 hours of accepting their loan terms.

  • Personalised Rates: We use your individual credit assessment to provide a tailored interest rate, not a one-size-fits-all approach.

  • No Early Repayment Fees: You have the flexibility to make extra payments or pay off your loan early without penalty.


Ready to start your application? Get a free, no-obligation quote today.


References:

  • Harmoney New Zealand: https://www.harmoney.co.nz/

  • Reserve Bank of New Zealand (RBNZ): For general information on lending practices in NZ, see the RBNZ website.

  • Sorted.org.nz: A good source for understanding personal loans and financial health in New Zealand.


Please note: The information in this article is for general informational purposes only. All loans are subject to approval and Harmoney's lending criteria and responsible lending requirements. Fees, charges, terms, and conditions apply.

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