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Best Personal Loans for Bad Credit This October
Discover the top personal loans for those with bad credit, including rates starting at 7.99% and flexible terms up to 7 years. Find options that cater to your financial needs.
Quick Picks
Best overall: Harmoney Personal Loans.
Best budget: The Co-operative Bank Personal Loan.
Best for large amounts: Kiwibank Personal Loan.
Flexible Loan Options for Bad Credit
For those with bad credit, finding a personal loan with reasonable rates and terms can be challenging. These options offer flexible terms and competitive rates, even if your credit isn't perfect.
Harmoney Personal Loan
Harmoney's online platform stands out for its quick approval process, making it ideal for those needing funds fast. The rates start at 7.99%, but be prepared for a $150 establishment fee.
The Co-operative Bank Personal Loan
The Co-operative Bank offers some of the lowest rates starting at 9.95% for those with a good credit rating. While the branch network is smaller, the absence of early repayment fees is a plus.
ASB Personal Loan
ASB's competitive starting rate of 12.90% with terms up to 7 years make it a solid choice for borrowers needing a longer repayment period. However, the rate depends heavily on your credit profile.
Kiwibank Personal Loan
If you're looking for a locally-owned bank with competitive rates, Kiwibank offers loans from 12.99% with a maximum of NZ$30,000. It's a great choice for those wanting to support a New Zealand-owned institution.
Instant Finance Personal Loan
Instant Finance excels in offering very small loan amounts, starting as low as NZ$500. The establishment fee can be high, but the flexibility in loan terms is a significant advantage.
If you need larger loan amounts, the following options cater to that need while still offering competitive rates and favorable terms.
Options for Larger Loan Amounts
For those requiring higher loan amounts, these lenders provide substantial sums with reasonable interest rates, ensuring you can get the funds you need without prohibitive costs.
SBS Bank Personal Loan
SBS Bank's transparent pricing and tight rate band of 11.50% - 15.50% make it a reliable choice for larger loans, despite the limited branch network.
BNZ Personal Loan
BNZ offers up to NZ$50,000 with no early repayment fees, ideal for existing customers looking for a straightforward loan. However, the requirement to have a bank relationship may be a hurdle for some.
ANZ Personal Loans
ANZ's no-fee structure and fixed rate of 13.90% are appealing, though it's only available to current customers. The fast funding upon approval is a noteworthy benefit.
Westpac Personal Loan
Westpac stands out with its 7.99% rate for electric vehicle loans, making it the best pick for those looking to finance an EV. However, the standard rate of 13.90% might not be as competitive for other needs.
When considering a personal loan, always weigh the interest rates against the fees and terms. Speaking of budget picks, we went deep on rates in Personal Loans for Freelancers: Top Picks This September — worth a read if you want the full breakdown. Remember, your actual rate depends on your creditworthiness and other factors, so review the lender's terms carefully before proceeding.
