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Personal Loans

2014

STAR RATINGS

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Personal Loans

November 2014

Foreword

Most people, at some stage or another, have used a personal loan to fund an asset

purchase or to pay off a dream holiday. I am on to my second car now, both bought with

car loans, and have enjoyed the experience of being able to buy a car long before I could

physically save up for one.

A personal loan is a simple, uncomplicated product that has been used in a number of

ways through the ages. The most popular use of a personal loan today is to consolidate

debt, usually racked up on one or more credit cards and store cards. Isn’t this a sign of the

times? Money, particularly when it’s not yours, can be easy to spend but a lot harder to

repay. Sometimes the only way out is to convert all debt into a personal loan and pay it out

in full over time.

In this Personal Loans Star Ratings report you will see that the favourable interest rate

landscape at the moment translates to some well-priced loans on the market. We have

researched 19 products from nine providers to identify those which offer outstanding value

for borrowers. These have been separated into secured and unsecured personal loans as

well as personal loans specifically for debt consolidation, for ease of comparison by you.

Mitchell Watson, Research Manager

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BORROWING FUELS GROWTH

PERSONAL LOANS DOUBLY USEFUL

There’s no doubt personal borrowing underpins a

household’s wealth and lifestyle ambitions. Money for everyday items as well as cars, holidays and so forth is nearly always obtained through personal debt in the form of personal loans and/or credit cards.

According to the Reserve Bank, the value of consumer loans has been creeping upwards. In the 12 months to June of this year, households owed just under $14.5 billion from banks and non-bank lenders, an additional $1 billion over the past two years. This figure does not include home loans.

It’s obvious our love affair with credit continues but at what cost? Borrowing is easy but repaying, well, that can sometimes be a stretch, particularly if life throws you a curve ball such as job loss, accident or illness.

Personal loans have been around for decades, and they remain relevant for two important reasons: 1. Purchasing cars or other big ticket household items, and

2. Consolidating debt that’s gotten out of hand

In terms of car purchase, using a personal loan negates the need to save up

the cash before you walk into the car yard. This means you can get mobile (an important work requirement and/or personal requirement for many people) sooner.

Paying the car off in set, regular instalments as you drive means you will actually own the asset at the end of the loan term. When the purchase is partnered with a comprehensive car insurance policy and a written budget that clearly demonstrates your capacity to repay, it’s certainly a valid consideration. No debt should be taken on, though, without seeking professional advice.

In terms of debt consolidation, we know that Kiwis are perhaps a little too

fond of convenient credit. Currently we are collectively accruing interest on almost $6.2 billion of credit card debt alone. With the average credit card interest rate calculated by CANSTAR at 18.6%, our addiction to plastic is more scary than fantastic. Credit cards are the ultimate convenient money invention for the “I want it now” generation.

One card leads to another – the story is all too familiar – until the time comes when the consumer is drowning in a sea of minimum repayments. Aside from winning the lottery, a solution is to round up your outstanding credit card and store card debts, take out a personal loan to pay them off and get them out of your life for good.

Debt consolidation is one of the biggest reasons consumers take out personal loans – but again, it’s not a decision to make lightly.

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COUNTING THE COST OF

CONSOLIDATING

Making a concerted effort to pay down debt is a great hedge against any future shock. Borrowing is a costly business so the sooner you pay off the debt, the more interest you will save.

The decision to tackle debt consolidation through a credit card or a personal loan is not helped by the fact that neither one leaps out as being superior through the interest rate offered. Looking at the spread between minimum and maximum interest rates on debt consolidation loans – 13.82% to 22.99% - it could be argued that choosing the wrong debt consolidation loan is a costly exercise. A low-rate credit card may be better in this case.

However, a personal loan does something a credit card does not. It takes away temptation. You cannot keep spending with a personal loan. A series of monthly instalments means you are locked in to repaying the loan in full by the end of the term. For some people who can’t trust themselves to keep their credit card in their wallet under all circumstances, this is the sort of discipline needed to erase their debt in full.

Interest Rate for Credit Cards and Debt

Consolidation Loans

Minimum Interest Rate Maximum Interest Rate

Average Interest Rate

Credit Card 12.90% 24.95% 18.63%

Debt Consolidation Loan 13.82% 22.99% 18.29%

Source: CANSTAR

WHY THE HEFTY RATES?

With the official cash rate languishing at 3.5%, it would be nice to see a flow-on effect with lending products. Alas, it is not to be. Although the official cash rate doesn’t by itself determine how the banking system prices its loans, we live in hope. Even our old sparring partner, Australia, with its cash rate at 2.5%, has a more attractive range of interest rates for its suite of personal loans (see table below).

Comparison of personal loan interest rates for New Zealand and Australia

Loan Type

Minimum Interest

Rate

Maximum Interest

Rate

Average Interest

Rate

Unsecured Personal Loan –Australia 7.99% 23.49% 13.42%

Unsecured Personal Loan –NZ 13.82% 22.99% 18.06%

Secured Personal Loan –Australia 5.25% 23.49% 10.33%

Secured Personal Loan –NZ 11.73% 16.28% 14.59%

Source: CANSTAR personal loan star ratings, October 2014

The provision of unsecured debt no doubt comes with its share of customers who default but it would be interesting to know the statistics and understand the thinking behind how lenders come to price these consumer loans.

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PERSONAL LOAN

Pros:

• You can pretty much borrow any amount you like, as long as you can demonstrate an ability to repay • For fixed rate loans you have the option to repay over any length of time from one month up to 10 years • Because the debt amount is fixed, it prevents you adding to it via impulse purchases

• The average personal loan interest rate is lower than the average credit card interest rate

• You have the certainty of a regular repayment amount and interest rate if you choose a fixed-rate option • By the end of the loan term, your debt should be fully paid off

Cons:

• The debt amount cannot generally be increased • You must meet your repayment obligations regularly

CREDIT CARD

Pros:

• They can be a convenient source of unsecured credit • You can take advantage of bargain buys all year round

• You will pay no interest if repaying in full during a set timeframe specified by your financial institution • You have the option to repay only the minimum amount if you choose

Cons:

• Credit cards can represent a temptation to overspend continually

• Because there is no specified loan term, there is the associated risk of creating a never-ending debt • You will generally face interest rates if you do not pay the outstanding balance in full each month

OVERDRAFT FACILITY

Pros:

• Can be a great emergency measure for the months when you need just a bit more cash, by allowing you to overdraw your account up to an agreed amount

• The interest rate tends to be similar to a typical personal loan • There are no application fees

Cons:

• It is only available to those with a good credit rating • It is generally not suitable for larger amounts of money

• Non-authorised overdrafts are generally not allowed. If they are, expect to pay over 20% interest for the privilege

WHAT BORROWING OPTIONS DO YOU HAVE?

When it comes to personal debt, consumers have a number of options. Before going into debt, be objective about your needs and capacity to repay. Realism is much better than idealism in this case.

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HOME LOAN REDRAW

Pros:

• As the redraw is extra money that you have paid onto your home loan you are essentially using your own savings • The ongoing interest rate will be the same as your ongoing home loan interest rate

Cons:

• Not everyone has a home loan

• Your borrowing capacity is limited to whatever extra amount you have parked in your home loan

PAYDAY LOAN

Pros:

• It can be a useful to borrow small amounts if you’re short of cash temporarily • High risk borrowers are considered

• There is generally no security required

Cons:

• You will usually face a high interest rate

• There can be other fees and brokerage on top of the interest charges • You may run the risk of getting caught in a debt spiral

HOME LOAN LINE OF CREDIT

Pros:

• A line of credit has one of the cheapest ongoing interest rates of all borrowing options • It is attractive for larger projects such as home renovations

Cons:

• Not everyone has a home to secure a line of credit against

• Because most home loans have a long lifespan (typically 25 or 30 years) you can end up paying a lot of additional interest over the loan term if you do not focus on paying off the additional debt within a reasonable timeframe

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HOW LONG & HOW MUCH?

Personal loans can be taken out for as long as 10 years, with six years being the average time frame offered by lenders.

Loan Term offered for Fixed Rate Secured and Unsecured Personal Loans

Maximum Loan Term (in years)

Average Loan Term (in years)

Unsecured Personal Loan 10 6

Secured Personal Loan 10 6

Source: CANSTAR personal loan star ratings, October 2014

When considering a personal loan, think carefully about a loan term that would best suit you and your purpose. Cut the term short and you may find yourself struggling to find that larger amount of money each month. On the other hand, if you spread the loan over too long a term, you’ll pay more interest overall and, chances are, the car you are paying off won’t be worth that amount of money at the end of the loan term.

Interest rates should also be a determining factor. As you can see from the chart below, there is quite a spread between the lowest and highest rates charged in all three personal loan categories. That’s why it’s all the more important to use the CANSTAR personal loans star ratings as a shopping guide before deciding on the loan that’s right for you.

Interest Rates for Personal Loans

Loan Type

Minimum Interest Rate

Maximum Interest Rate

Average Interest Rate

Debt Consolidation Loan 13.82% 22.99% 18.29%

Unsecured Personal Loan 13.82% 22.99% 18.06%

Secured Personal Loan 11.73% 16.28% 14.59%

Source: CANSTAR personal loan star ratings, October 2014. Note this includes fixed and variable rate products

It is interesting to note that the low-rate loans in the table above are all fixed-rate loans. Fixing your interest rate gives you certainty that your repayments will stay the same for the term of your loan; it’s a buffer against rates going up and hence increasing your repayment amount. A rate increase may cause a problem if you are on a strict budget and only have a set amount to devote to the loan.

When looking at variable rates only, we can see that the minimum interest rates on offer across the products researched are much higher, as follows:

Interest Rates for Personal Loans –variable rate

Loan Type

Minimum Interest Rate

Maximum Interest Rate

Average Interest Rate

Debt Consolidation Loan 17.91% 17.95% 17.93%

Unsecured Personal Loan 17.91% 17.95% 17.93%

Secured Personal Loan 16.28% 16.28% 16.28%

Source: CANSTAR personal loan star ratings, October 2014

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WHAT TO LOOK FOR

Even though a personal loan is a simple product, there are still a few things to be aware of, all of which you will know if you do your research before going to the bank or credit union.

How to avoid the tricks and traps:

• Stick to the amount you want to borrow and resist upselling. The added interest is better off in your pocket. • Don’t be dazzled by the amount you will pay each month.

Application, or establishment, fees ranging from $150 to $275 will bump that up. These small bits and pieces add up.

• Make sure you’re aware of any penalty for paying off your loan early or for making extra lump sum payments towards reducing your debt.

• It goes without saying to warn against missing a payment, but we’re all human and slip up occasionally. Paying a little extra each month will give you a buffer against a missed payment penalty.

• If you are consolidating debt, cut up the offending credit card – but don’t forget to officially close the account, otherwise you’re still up for the annual fee

and, hey presto, another card will arrive in the mail to start the cycle all over again.

Features offered by providers of personal loans

Feature

Number of providers

Proportion of providers

Extra repayments allowed 9 100%

No early repayment penalty 7 78%

Redraw facility available 2 22%

Top up facility 6 67%

Repayment via branch 9 100%

Repayment via telephone 8 89%

Repayment via internet 7 78%

Repayment via direct credit 7 78%

Repayment via BPAY/BillPayment 6 67%

Repayment via cheque 6 67%

Repayment accepted via third party 4 44%

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THE FIVE STAR PRODUCTS

Having crunched the numbers and tested 19 loans from nine providers, CANSTAR has come up with a comprehensive ratings list to determine which loans offer outstanding value for money.

We found:

2 x 5-Star Rated Debt Consolidation Loans 2 x 5-Star Rated Personal Loans – Unsecured 2 x 5-Star Rated Personal Loans - Secured

To check the methodology we used in our star ratings, see the document at the end of the results report below.

REPAY EARLY, SAVE BIG BUCKS

It goes without saying that if you put extra money into your personal loan, you will slice the time it takes to pay off the debt and save yourself a bundle in interest at the same time.

The table below illustrates what happens when you borrow $10,000 over seven years. By sticking to the set monthly repayment, you will have paid nearly $7,685 as the interest component after the seven year term. However, if you put an extra $45 per month into the loan, you’ll shorten its life by two years and save yourself over $2,400 in interest.

Interest savings from early repayment of an

unsecured personal loan

Set Repayment

Extra Repayment

Difference

Amount Borrowed $10,000 $10,000

Interest Rate 18.06% 18.06%

Loan Term (in years) 7 5 -2

Monthly Repayments $210.53 $254.26 $43.73

Total Repayments $17,685 $15,256 -$2,429

Total Interest Paid $7,684.52 $5,255.60 -$2,429

Source: CANSTAR Assumptions: Total Interest Paid is based on monthly repayments made over the term of the loan on a $10,000

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Personal Loans

STAR RATINGS METHODOLOGY

What are the CANSTAR personal loans star ratings?

CANSTAR personal loans star ratings is a sophisticated and unique ratings methodology that compares the dominant personal loan products in New Zealand. The results are reflected in a consumer-friendly 5-star concept, with 5 stars signifying outstanding value offered by the product.

What types of products are evaluated in CANSTAR Personal Loan Star Ratings?

We have compared 19 personal loan products from nine institutions. For our analysis, three profiles were used based on the security and main uses of personal loans:

Profile Name Description

Debt Consolidation

Loans must be available for debt consolidation and be available for the loan amount and loan term used in the debt consolidation scenario

($15,000 over three years)

Unsecured Personal Loan Loans must be available for the loan amount and loan term used in the personal loan scenario ($10,000 over three years)

Secured Personal Loan

Loans must be capable of being secured against at least a motor vehicle and be available for the loan amount and loan term used in the personal loan

scenario ($20,000 over five years)

CANSTAR Star Ratings Methodology

Each personal loan reviewed for the CANSTAR personal loan star ratings is awarded points for its comparative pricing and for the array of positive features attached to the product. Points are aggregated to achieve a Pricing score and a Feature score.

To arrive at the total score CANSTAR applies a weight against the Pricing and Feature scores. This method can be summarised as:

TOTAL SCORE

=

W1

PRICING SCORE +

W2

FEATURE SCORE

METHODOLOGY

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Price Score Feature Score

Debt Consolidation 70% 30%

Unsecured Personal Loan 70% 30%

Secured Personal Loan 70% 30%

Pricing Score

The pricing score is based on a transaction scenario reflecting a loan amount and loan term typical of each profile (see table below). Total cost in each scenario is calculated based on the six month average interest cost, establishment fee, ongoing costs and any one-off fees where applicable (i.e. in the Secured Personal Loan profile).

For loans that gave a range of interest rates, the midpoint between the minimum and the maximum rate was used for calculation of each of the scenarios.

The total cost is then indexed against each personal loan in the profile and then weighted to determine the overall personal loan pricing score.

Total Cost Scenarios

Loan Amount Loan Term

Debt Consolidation $15,000 3 years

Unsecured Personal Loan $10,000 3 years

Secured Personal Loan $20,000 5 years

Pricing Score

70%

Feature Score

30%

Total Cost

Includes interest cost, establishment fees, ongoing costs

and any one-off fees (Doc fee & Doc release fee)

Features

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Feature Score

Each loan feature is categorised into one of ten different categories (outlined below) and is allocated points. Points are awarded for positive loan traits such as low fees or greater flexibility. The total feature score for each category (e.g. lending terms) is ranked and weighted with each category contributing to the overall feature score.

Category Weightings

Feature Category Consolidation Debt Personal Loan Unsecured Personal Loan Secured Examples of data captured

Lending Terms 25% 22% 21% Min/Max conditions, income/repayment ratio,

rate

Loan Purpose - 11% 10% Motorcycle, new/used cars, holidays,

renovation

Deposit Requirements - - 5% 100% loan availability, min/max deposit

requirements

Security Requirements - - 3% Unsecured, partial, bill of sale, lien of term

deposit

Repayment Capabilities 25% 22% 21% Min repayment requirement, avenues,

repayment options

Application Process 19% 17% 16%

Channel Availability (Application through Branch, Internet, Broker, Phone) Required Documents (Bank reference, pay

slips, proof of residency, tax return) Turnaround times (Standard approval

turnaround)

Additional Fees & Charges 10% 9% 8% Repayment penalties, missed payment penalty

Redraw/Offset Facility 15% 13% 12% Availability, conditions, fees

Loan Insurance 3% 3% 2% Loan purpose insurance, loan insurance

details

Statement options 3% 3% 2% Frequency options, online option

How many products and financial institutions are analysed?

In order to calculate the ratings, CANSTAR analysed 19 personal loans from nine financial institutions in New Zealand.

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DISCLAIMER:

To the extent that the information in this report constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd A.C.N. 114 422 909 AFSL and ACL 437917 (“CANSTAR”). The information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. CANSTAR provides information about credit products. It is not a credit provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product. Please refer to CANSTAR’s FSG for more information.

The information in this report must not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR’s prior written consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2014 CANSTAR Research Pty Ltd A.C.N. 114 422 909

The word “CANSTAR”, the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd. Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.

How often are all the products reviewed for rating purposes?

All ratings are fully recalculated annually based on the latest features offered by each lender. CANSTAR also monitors changes on an ongoing basis. The results are published in a variety of mediums (newspapers, magazines, television, websites etc).

How are the stars awarded?

CANSTAR ranks personal loans based on value-for-money measures and then awards star ratings according to rank. The number of products awarded each of the 5 to 3 star ratings will ultimately depend on the dispersion of final scores.

Scores are awarded to each product on the basis of price and features. The methodology is revised and parameters are updated on a regular basis to make sure that the products are analysed using the most up-to-date information capturing all industry developments.

Does CANSTAR rate all products available in the market?

We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. However this process is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you.

Does CANSTAR rate other product areas?

CANSTAR researches, compares and rates the suite of banking and products listed below. These star ratings use similar methodologies to guarantee quality, consistency and transparency. Results are freely available to consumers who use the star ratings as a guide to product excellence. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website at

www.canstar.co.nz if you would like to view the latest star ratings reports of interest.

COPYRIGHT & TRADEMARKS

© CANSTAR New Zealand Limited (3225469), 2008-2014. The recipient must not reproduce or transmit to third parties the whole or any part of this work, whether attributed to CANSTAR or not, unless with prior written permission from CANSTAR, which if provided, may be provided on conditions.

The word “CANSTAR", the gold star in a circle logo (with or without surmounting stars), are trademarks or registered trademarks of CANSTAR Pty Ltd A.C.N. 053 646 165. Reference to third party products, services or other information by trade name, trademark or otherwise does not constitute or imply endorsement, sponsorship or recommendation of CANSTAR by the respective trademark owner.

DISCLAIMER

To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR New Zealand Limited (3225469) FSP 200146 and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A

• Business deposits • Cash PIE • Credit cards • Credit card rewards • Home loans • KiwiSaver • Online banking • Personal loans • Savings accounts • Transaction accounts • Term deposits

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Secured Personal Loans

Report Date: NOVEMBER 2014

We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you.

Personal Loan Star Ratings

All ratings take into account costs and features - see our methodology document for further details

Company Product Rate (%)Current Apply Online

Loan Fee

Monthly Application

Loan Amount

Minimum Maximum Loan Term Holiday

Consolidate Debt Home Renovation Outstanding Value 

Co-operative Bank Personal Loan Secured 10.50 to 12.95 ✔ Nil $200 $3,000 No Max 1 mth to 5 yrs ✔ ✔ ✔

TSB Bank Personal Loan Secured 12.04 ✘ Nil $150 $500 $20,000 1 yr to 5 yrs ✔ ✔ ✔



ASB Bank NZ Personal Loan Secured 12.95 ✔ Nil $250 $2,000 No Max 1 yr to 7 yrs ✔ ✔ ✔ NZCU Baywide Secured Personal Loan 13.95 to 17.95 ✔ Nil $200 $1,000 No Max 1 yr to 10 yrs ✔ ✔ ✔ Westpac NZ Personal Loan Secured 13.95 to 18.95 ✔ Nil $250 No Min No Max variable ✔ ✔ ✔



Co-operative Bank Vehicle Loan 12.95 to 17.95 ✔ Nil $200 $3,000 No Max 1 mth to 5 yrs ✘ ✘ ✘

GE Money NZ Car Loan Secured 12.99 to 18.99 ✔ Nil $275 $5,000 No Max variable ✘ ✔ ✘ Kiwibank NZ Vehicle Loan 12.99 to 18.99 ✔ Nil $275 $3,000 No Max 6 mths to 7 yrs ✘ ✘ ✘

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Unsecured Personal Loans

Report Date: NOVEMBER 2014

We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you.

Personal Loan Star Ratings

All ratings take into account costs and features - see our methodology document for further details

Company Product Current Rate Apply Online

Loan Fee

Monthly Application

Loan Amount

Minimum Maximum Loan Term Holiday

Consolidate Debt

Home Renovation



Outstanding Value

TSB Bank Personal Loan Unsecured 14.04 ✘ Nil $150 $500 $20,000 1 yr to 5 yrs ✔ ✔ ✔ Westpac NZ Personal Loan Unsecured 13.95 to 18.95 ✔ Nil $250 No Min No Max variable ✔ ✔ ✔



ANZ Bank NZ Fixed Personal Loan 17.95 to 18.95 ✔ Nil $250 $3,000 No Max 6 mths to 7 yrs ✔ ✔ ✔ ASB Bank NZ Personal Loan Unsecured 17.95 ✔ Nil $250 $2,000 No Max 1 yr to 7 yrs ✔ ✔ ✔ Bank of New Zealand NZ Advanced Personal Loan 17.85 ✔ Nil $250 $1,000 $30,000 variable ✔ ✔ ✔ Co-operative Bank Personal Loan Unsecured 14.50 to 19.50 ✔ Nil $200 No Min $30,000 1 mth to 5 yrs ✔ ✔ ✔



GE Money NZ Personal Loan Unsecured 15.99 to 29.99 ✔ Nil $275 $3,000 $100,000 6 mths to 7 yrs ✔ ✔ ✔ Kiwibank NZ Personal Loan 14.99 to 24.99 ✔ Nil $250 $3,000 $100,000 6 mths to 7 yrs ✔ ✔ ✔ NZCU Baywide Unsecured Personal Loan 13.95 to 21.95 ✔ Nil $200 $1,000 No Max 1 yr to 10 yrs ✔ ✔ ✔

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Debt Consolidation Loan

We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. This is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you.

Personal Loan Star Ratings

Report Date: NOVEMBER 2014

All ratings take into account costs and features - see our methodology document for further details

Company Product Current Rate (%) Apply Online Loan Fee Monthly Application Loan Amount

Minimum Maximum Loan Term Unsecured

100% Loan Available    

Outstanding Value

ASB Bank NZ Debt Consolidation 15.95 ✔ Nil $250 $2,000 No Max 1 yr to 7 yrs ✔ ✔

TSB Bank Personal Loan Unsecured 14.04 ✘ Nil $150 $500 $20,000 1 yr to 5 yrs ✔ ✔

   

ANZ Bank NZ Fixed Personal Loan 17.95 to 18.95 ✔ Nil $250 $3,000 No Max 6 mths to 7 yrs ✔ ✔ ASB Bank NZ Personal Loan Unsecured 17.95 ✔ Nil $250 $2,000 No Max 1 yr to 7 yrs ✔ ✔ Bank of New Zealand NZ Advanced Personal Loan 17.85 ✔ Nil $250 $1,000 $30,000 variable ✔ ✔ Co-operative Bank Personal Loan Unsecured 14.50 to 19.50 ✔ Nil $200 No Min $30,000 1 mth to 5 yrs ✔ ✔ NZCU Baywide Unsecured Personal Loan 13.95 to 21.95 ✔ Nil $200 $1,000 No Max 1 yr to 10 yrs ✔ ✔ Westpac NZ Personal Loan Unsecured 13.95 to 18.95 ✔ Nil $250 No Min No Max variable ✔ ✔

   

GE Money NZ Debt Consolidation Loan 15.99 to 29.99 ✔ Nil $275 $3,000 $100,000 6 mths to 7 yrs ✔ ✔ GE Money NZ Personal Loan Unsecured 15.99 to 29.99 ✔ Nil $275 $3,000 $100,000 6 mths to 7 yrs ✔ ✔ Kiwibank NZ Personal Loan 14.99 to 24.99 ✔ Nil $250 $3,000 $100,000 6 mths to 7 yrs ✔ ✔

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