Compare Finance Companies in NZ
When you compare finance companies in NZ, the headline rate is only one number. The establishment fee, the ongoing fees and the loan amounts a lender offers matter just as much, especially on a smaller loan. We’re Alternate Finance, a finance company ourselves, so this isn’t an independent comparison. Below are five lenders’ own figures side by side, checked on 22 October 2026, including where we come out ahead and where we don’t.
The short answer
- Lowest establishment fee of the five on loans of $800 to $1,999. For a new loan, Alternate Finance charges $135 on loans of $800 to $1,000 and $195 on loans of $1,001 to $1,999. On a $1,000 loan applied for directly, the other four lenders in this comparison charge $215 to $300, as at 22 October 2026.
- Lowest maximum rate of the five on loans under $2,000. Alternate Finance’s highest rate is 26.98% p.a. The other four lenders in this comparison publish highest rates of 29.95% p.a. (Finance Now, Instant Finance and MoneyShop) and 49.95% p.a. (SMB, on loans up to $5,000). The rate you’re offered can be anywhere in a lender’s range.
- Where others come out ahead. Finance Now’s rates start lower than ours. Finance Now, SMB and Instant Finance (on monthly or fortnightly repayments) charge lower ongoing fees, and Instant Finance, MoneyShop, Harmoney and Nectar charge less to repay early.
- Borrowing $2,000 or more with a strong credit history? Harmoney and Nectar advertise lower starting rates than ours and are worth comparing.
Alternate Finance rates and fees. Our interest rates range from 9.95% to 26.98% p.a., depending on your circumstances, credit history, security and loan amount, and once set your rate is fixed for the term of your loan. An establishment fee applies to every approved loan, from $135 to $995 depending on the loan amount. A monthly administration fee of $10, plus $5 for each additional borrower, is included in your instalments. Other fees may apply. Full details, including early repayment and default charges, are on our rates and fees page.
How five lenders compare on loans under $2,000
| Lender | Interest rate | Establishment fee on a $1,000 loan | Ongoing fee | Loan amounts |
|---|---|---|---|---|
| Alternate Finance | 9.95% to 26.98% p.a. | $135 | $10 a month, plus $5 per extra borrower | From $800 |
| Finance Now | 8.25% to 29.95% p.a. (8.25% for applications until 14 January 2027) | $215 | $2.50 a month | $1,000 to $60,000 |
| Instant Finance | 9.95% to 29.95% p.a. | $220 | $3 per repayment | $500 to $50,000 |
| SMB (formerly Save My Bacon) | 11.95% to 49.95% p.a. (loans up to $5,000) | $240, or $350 through a broker | $1 to $4 per payment | $500 to $40,000 |
| MoneyShop | 29.95% p.a. (fixed) | $300 | $0.55 a day | $200 to $20,000 |
Accurate at the time of publishing. We rewrote and republished this page on 22 October 2026. Every figure on it was taken from each lender’s own website that day. Lenders change their rates and fees, so check the lender’s own page before you apply.
What the table covers. The interest rate, the establishment fee and the ongoing fee, which are the costs every borrower pays. Lenders also charge other fees, such as early repayment, default, ID check and security registration fees, and these vary. Check each lender’s full schedule of fees before you sign.
Which lenders are included. New Zealand finance companies whose own websites say they lend under $2,000 and publish their rates and fees, checked on 22 October 2026. We left out banks, credit unions, brokers, high-cost lenders (annual interest of 50% or more), lenders whose minimum loan we couldn’t confirm, and other lenders in our own group of companies, which charge similar rates and fees. Alternate Finance is one of the five.
What a $1,000 loan costs in fees
These are the fees alone on a $1,000 loan repaid monthly over 12 months, before interest. The interest depends on the rate each lender offers you.
| Lender | Establishment fee | Ongoing fees over 12 months | Total fees |
|---|---|---|---|
| Alternate Finance | $135 | $120 ($10 a month) | $255 |
| Finance Now | $215 | $30 ($2.50 a month) | $245 |
| Instant Finance | $220 | $36 ($3 a repayment), or $156 if repaid weekly | $256, or $376 if repaid weekly |
| SMB | $240 | $48 ($4 a month) | $288 |
| MoneyShop | $300 | about $201 ($0.55 a day) | about $501 |
Our upfront fee is the lowest of the five. Our $10 monthly fee is higher than Finance Now’s and SMB’s ongoing fees, and higher than Instant Finance’s on monthly or fortnightly repayments, so against those lenders the advantage shrinks as the loan runs. MoneyShop’s $0.55 a day, and Instant Finance’s $3 a repayment if you repay weekly, work out higher than our monthly fee. On a $1,000 loan repaid monthly, our total fees are the lowest of the five for terms of up to 10 months. Finance Now’s are lower from 11 months, Instant Finance’s from 13 months and SMB’s from 18 months.
Alternate Finance interest rates are 9.95% to 26.98% p.a., depending on your circumstances. Our full rates and fees are above.
Where Alternate Finance comes out ahead
- A lower upfront cost on smaller loans. Alternate Finance’s establishment fee on new loans of $800 to $1,999 is the lowest of the five lenders in this comparison.
- A lower ceiling. On a loan under $2,000, Alternate Finance’s highest rate is lower than the highest rate any of the other four lenders in this comparison publishes.
- Lower total fees on a short $1,000 loan. On a $1,000 loan repaid monthly, Alternate Finance’s total fees are the lowest of the five for terms of up to 10 months.
Where other lenders come out ahead
- A lower starting rate. Finance Now’s rates start at 8.25% p.a., below our 9.95%.
- Lower ongoing fees. Finance Now charges $2.50 a month, SMB $1 to $4 a payment and Instant Finance $3 a repayment (lower than ours on monthly or fortnightly repayments, higher if you repay weekly), against our $10 a month. On a longer loan this adds up.
- Smaller loans. MoneyShop lends from $200, and Instant Finance and SMB from $500. Our minimum is $800.
- Cheaper to repay early. Instant Finance charges $25, MoneyShop about $50, and Harmoney and Nectar charge no early repayment fee. We charge $65 plus a prepayment charge.
- Longer terms. Instant Finance lends over up to 7 years and Finance Now up to 5 years. Our loans normally run for up to 3 years.
- Larger loans for strong credit. Harmoney and Nectar lend from $2,000 and advertise starting rates of 7.99% and 7.95% p.a.
What to check when you compare finance companies in NZ
Finance companies are non-bank lenders, and personal loans in New Zealand vary a lot from one to the next. When you compare finance companies in NZ, check these things before you apply.
Work out the total cost
The rate is one number. To see what a loan will actually cost you, add up three things over the full term: the interest, the establishment fee and every ongoing fee. That total is your cost of borrowing. Compare lenders on the same loan amount and the same loan term, and put ongoing fees on the same basis, because a fee charged on every weekly payment is charged 52 times a year. If your loan repayments can be weekly or monthly, check how the fees change. A loan calculator helps, but check which fees it includes. If a lender shows a worked example with the total amount repayable, that is the most useful number on its page.
Check whether the loan is secured
Some lenders price unsecured loans differently from loans secured against a car or other asset, so check which one you’re being quoted, and read the terms and conditions for what the security means.
Check the cost of repaying early
You have the right to repay a personal loan in full at any time, but lenders charge for it in different ways. Some charge an administration fee, and some also charge an amount to cover the loss the early repayment causes them. It is worth knowing both before you sign.
Know what happens if you miss a payment
Some lenders charge a default fee, some charge default interest on the overdue amount, and some do both. Check whether there are separate fees for reminder or collection notices, and whether there’s a grace period before fees start. If you think you might miss a payment, call your lender before it happens.
If illness, injury, losing your job, a relationship ending or another reasonable cause means you can’t keep up, you can apply to your lender in writing to change your loan on hardship grounds. Apply early. You can’t apply once you’ve missed four or more payments in a row, been behind for two months or more, or stayed behind for two weeks after a repossession warning or Property Law Act notice, unless you catch up first. You also can’t apply if, when you took out the loan, it was reasonably foreseeable that this cause would stop you keeping up.
Know what lenders check
Every lender has to check that a loan is affordable for you, and each has its own lending criteria and application process. Expect credit checks, and expect to be asked about your income, your regular expenses and your credit history, and for ID and recent bank statements. You’ll usually need to be at least 18 years old. When a lender runs a credit check on your application, it’s usually recorded on your credit file, where other lenders can see it. Some lenders can give you a quote first without one, so compare first, then apply.
Check the lender offers your type of loan
Not every lender offers every type of loan. If you’re buying a car, look for car finance; if you want to consolidate debt, a debt consolidation loan; for a business, business loans. Alternate Finance offers personal loans, vehicle loans and debt consolidation loans, and secured business loans.
Get a quote from your bank too
Banks, finance companies and other non-bank lenders that offer personal loans all have to follow the Credit Contracts and Consumer Finance Act (CCCFA), including its responsible lending rules. It’s worth getting a quote from your own bank as well, so you have something to compare against. If you have a mortgage, your bank may offer to add the amount to your home loan instead. Ask what it would cost over the full term, because a lower rate spread over many more years can cost more in total.
Check who you’re dealing with
Before you share personal or financial details with a lender, look it up on the Financial Service Providers Register (FSPR). Check that the name matches, that it is registered to provide credit, and which dispute resolution scheme it belongs to, so you know where to go if something goes wrong. Registration tells you who the lender is. It is not a rating of the lender. Recent reviews, including the low-rated ones, and how the lender responds to them can also tell you something.
Avoid the common mistakes
- Comparing on the headline rate alone
- Comparing different loan amounts or different terms
- Missing how often an ongoing fee is charged
- Relying on an old comparison, including this one if you’re reading it months from now
When a loan isn’t the answer
If you’re borrowing to cover everyday bills, a loan can make things harder. Free help with budgeting and money worries is available from MoneyTalks on 0800 345 123. If you do borrow, borrow only what you need and choose repayments you can keep up.
Alternate Finance at a glance
| Detail | Alternate Finance |
|---|---|
| Business | Alternate Finance Limited, a Christchurch finance company that lends across New Zealand |
| Office | 3 Shirley Road, Mairehau, Christchurch 8013 |
| Contact | (03) 379 7798, 0800 695 626, info@alternate.co.nz |
| What we lend | Personal loans, vehicle loans and debt consolidation loans from $800, and secured business loans |
| Personal loan interest rates | 9.95% to 26.98% p.a., depending on your circumstances, credit history, security and loan amount, and fixed for the term of your loan once set |
| Personal loan fees | Establishment fee from $135 to $995 depending on the loan amount. Monthly administration fee of $10, plus $5 for each additional borrower. Other fees may apply. Full details are on our rates and fees page. |
| How we assess | Once your application passes our first checks, it’s assessed by a person |
| On a benefit | You can apply. We count your benefit as income and assess whether the loan is affordable for you. |
| Google rating | 4.7 out of 5 from 5,186 Google reviews, read on 22 October 2026 |
Frequently asked questions
Which NZ finance company has the lowest fees on a small loan?
Of the five lenders in this comparison, Alternate Finance has the lowest establishment fee on new loans of $800 to $1,999 ($135 up to $1,000, $195 above that), as at 22 October 2026. Total fees also depend on the ongoing fee and the term. On a $1,000 loan repaid monthly, Alternate Finance’s total fees are the lowest of the five for terms of up to 10 months. Finance Now’s are lower from 11 months, Instant Finance’s from 13 months and SMB’s from 18 months. Check each lender’s own schedule of fees before you apply.
What should I compare when getting a personal loan?
Compare the total cost over the full term (the interest, the establishment fee and every ongoing fee), the cost of repaying early, what happens if you miss a payment, the loan amounts and terms the lender offers, and who the lender is. Use the same loan amount and term for every lender, and take the figures from each lender’s own website.
How do I calculate the true cost of a personal loan in New Zealand?
Add the interest you’ll pay over the term to the establishment fee and every ongoing fee. Ongoing fees can be charged per payment, per month or per day, so convert them to the same period first. The total amount repayable is the figure to compare.
Can I get a personal loan under $2,000 in New Zealand?
Yes. Some finance companies lend smaller amounts, while some online lenders, such as Harmoney and Nectar, start at $2,000. Alternate Finance lends from $800. Instant Finance, SMB and MoneyShop also lend under $1,000, and Finance Now lends from $1,000.
Can I get a loan from a finance company if I’m on a benefit?
You can apply to Alternate Finance. Alternate Finance counts your benefit as income and assesses whether the loan is affordable for you. If the money is for an essential or emergency cost, check first whether Work and Income can help. It has one-off payments, such as the Special Needs Grant, for essential or emergency costs you can’t pay another way.
Who are the top-rated personal loan providers in New Zealand?
There’s no official ranking, so be careful with “top-rated” lists and check who wrote them and when. Reviews can help, but read the recent and the low-rated ones as well as the average, alongside the lender’s rates and fees and its entry on the Financial Service Providers Register.
How do I choose a finance company in NZ?
It depends on how much you’re borrowing and your circumstances. On a small loan, compare the total cost over your term, which depends heavily on the establishment fee and the ongoing fees, and the rate you’re actually offered. For a larger loan with a strong credit history, compare starting rates and ongoing fees. Use each lender’s own figures, and the same amount and term for every lender.
Are finance companies in New Zealand regulated?
Yes. Lenders that offer consumer loans have to follow the Credit Contracts and Consumer Finance Act (CCCFA), including its responsible lending rules. Before you apply, check the lender on the Financial Service Providers Register (FSPR) and see which dispute resolution scheme it belongs to.
How we put this comparison together
We built this page to help you compare finance companies in NZ on the costs every borrower pays, using each lender’s own published figures.
- Accurate at the time of publishing. We rewrote and republished this page on 22 October 2026. Every figure on it was taken from each lender’s own website that day. Lenders change their rates and fees, so check the lender’s own page before you apply.
- Which lenders. New Zealand finance companies whose own websites say they lend under $2,000 and publish their rates and fees, checked on 22 October 2026. We left out banks, credit unions, brokers, high-cost lenders (annual interest of 50% or more), lenders whose minimum loan we couldn’t confirm, and other lenders in our own group of companies, which charge similar rates and fees. Harmoney and Nectar are mentioned for larger loans only.
- Sources, all read on 22 October 2026. Alternate Finance rates and fees. Finance Now rates and fees and FAQ. Instant Finance rates and fees and personal loans. SMB interest and fees and home page. MoneyShop costs of borrowing. Harmoney interest rates and fees and home page. Nectar rates and terms. Google rating from Alternate Finance’s Google Business Profile.
Want to see what a loan with us would cost? See what our loans cost or apply online. Prefer to talk it through? Call (03) 379 7798 or 0800 695 626.
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