Personal finance is money you borrow from a bank or lender to pay for things like a car, home renovations, or unexpected expenses like car repairs or vet bills. The benefits of getting a personal loan include having access to funds when you need them and being able to spread the cost of an enormous expense over a period. However, the risks include paying interest, fees, and the possibility of getting into debt if you can’t afford the repayments. Ensure you know the total costs before applying, or reach out and ask for help.

Typically, the amount you can borrow with an online loan from Alternate Finance in New Zealand is between $800 – $30,000. But this depends on your income, credit history, and other factors like security. Although accessing funds quickly can be a benefit to move you forward in life, if used for the right reasons, please be aware of the costs and not to accrue more debt than you can afford.

The length of time you have to repay your loan agreement depends on the amount you borrow and the terms of your loan agreement. Repayment periods can range from a few months to several years. We’ll guide you, but it’s important to choose a repayment period that suits your affordability while also trying to pay down your debt as fast as possible to reduce interest.

If you can’t repay your personal loan, you may be charged late fees, which also accrue additional interest. If this continues without you trying to resolve the situation, you may face legal action, so it’s best to always pick up the phone and discuss difficulties with us. Don’t put your head in the sand. Lenders are willing to help, and maybe considering debt consolidation is a good choice for you. We want to avoid your credit score getting negatively affected, which can make it harder to get loans in the future.

Unfortunately, we don’t offer unsecured loans. But often, if you’re purchasing equipment or a vehicle, these items are a form of security in themselves. So car loans, for example, are more likely to be approved if you only have a small amount of security and a deposit.

In many finance arrangements, there’s no penalty as such, but there is a calculation and a percentage of the interest owed that becomes payable upon settlement. This often accounts for administration fees and the terms on which the loan was written – The offer of finance.

Once you’ve completed your online application, we’ll come back to you with an offer, which includes our standard lending rate, or we’ll personalise your offer. Once you’ve accepted the agreement, we can transfer the funds into your account the same day.

It would depend on your personal circumstances, but as a rule of thumb, you’ll need a 20% deposit on the item you’re purchasing with the finance, a clean credit record and a form of security.