Compare Unsecured Personal Loans

An unsecured personal loan is a loan that doesn’t require any type of collateral. Instead of relying on a borrower’s assets as security, lenders approve unsecured loans based on a borrower’s creditworthiness. Browse our loan options below.

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Personal Loans UnsecuredSecuredCarDebt ConsolidationBad Credit
Loan amount
Loan term
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Personal Loan - Unsecured
Rate (p.a.)

9.99% to 24.99%

Monthly Payment

$488.78

Total Payment Amount

$17,595.96

You can find out how much you are eligible to borrow with a no obligation application process
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Establishment Fee

$150

Monthly Fee

Other Fee

Early Repayment Fee

No fee

Repayment Options

Monthly

Minimum Loan Term

3 years

Maximum Loan Term

5 years

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Personal Loan - Unsecured
Rate (p.a.)

14.20% to 24.20%

Monthly Payment

$534.96

Total Payment Amount

$19,258.40

You can apply online, over the phone or in person at over 50 branches spread throughout NZ

NZ’s top rated finance company on Trustpilot, with over 8,000 customers scoring MTF Finance 4.9 out of 5
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Be in to win $10,000 cash when you take out a loan before 1 June 2024. T&Cs apply.

Establishment Fee

$389

Monthly Fee

$7.50

Other Fee

Early Repayment Fee

$23

Repayment Options

Weekly, fortnightly, monthly

Minimum Loan Term

3 Months

Maximum Loan Term

5 Years

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Personal Loan Unsecured
Rate (p.a.)

11.95% to 29.95%

Monthly Payment

$507.57

Total Payment Amount

$18,272.60

100% online and fully New Zealand owned, Nectar can provide a loan offer in 7 minutes
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Establishment Fee

$240

Monthly Fee

$1.75 Administration Fee payable per repayment

Other Fee

Early Repayment Fee

No fee

Repayment Options

Weekly, fortnightly, monthly

Minimum Loan Term

6 months

Maximum Loan Term

5 Years

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Personal Loan - Unsecured
Rate (p.a.)

11.95% to 29.95%

Monthly Payment

$517.45

Total Payment Amount

$18,628.23

LoanOptions is a broker who uses leading edge AI to match potential lenders to the best financial solution

Submit loan application within 8 minutes and get instant pre-approval.
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Establishment Fee

$240

Monthly Fee

$1.75 per repayment

Other Fee

Early Repayment Fee

Repayment Options

Weekly, fortnightly, monthly

Minimum Loan Term

6 Months

Maximum Loan Term

5 years

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Car Loan - Unsecured
Rate (p.a.)

9.99% to 24.99%

Monthly Payment

$488.78

Total Payment Amount

$17,595.96

You can find out how much you are eligible to borrow with a no obligation application process
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Establishment Fee

$150

Monthly Fee

Other Fee

Early Repayment Fee

No fee

Repayment Options

Monthly

Minimum Loan Term

3 years

Maximum Loan Term

5 years

More info
Personal Loan Unsecured
Rate (p.a.)

12.95% to 29.95%

Monthly Payment

$515.46

Total Payment Amount

$18,556.40

Fast online application, apply from anywhere, anytime!

Personalised interest rates to match your financial situation
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Establishment Fee

$100 to $220

Monthly Fee

$3 per instalment charge

Other Fee

PPSR up to $16.10

Early Repayment Fee

$25 plus any calculated loss

Repayment Options

Weekly, fortnightly, monthly

Minimum Loan Term

3 months

Maximum Loan Term

3 years

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Unsecured Personal Loan
Rate (p.a.)

13.90%

Monthly Payment

$515.31

Total Payment Amount

$18,551.34

Make extra repayments at any time with no charges and no fees
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Establishment Fee

$99

Monthly Fee

No fee

Other Fee

Early Repayment Fee

No fee

Repayment Options

Weekly, fortnightly, monthly

Minimum Loan Term

6 months

Maximum Loan Term

7 years

What is an Unsecured Loan?

Unsecured personal loans differ from secured loans in that they do not have to be backed by any form of collateral. They are approved based on the borrower’s credit history and income stability, and they can be used for a variety of personal needs.

The Benefits of Taking Out an Unsecured Loan

Unsecured personal loans can be helpful in many ways. Here are a few reasons borrowers look for unsecured loans:

  • No collateral. Borrowers are not required to provide collateral, such as a vehicle or private residence, to receive the loan.
  • Flexible repayment options. According to the terms of this type of loan, the repayment length can be anywhere from a few months to several years.
  • Multiple uses. This kind of loan can be used for a variety of things, making it more appealing.
  • No early repayment fees. Most lenders do not charge borrowers for making early payments on their unsecured loans.

The Risks of Taking Out an Unsecured Loan

While taking out an unsecured loan can sound appealing, it’s important to consider some of the associated risks to make sure all bases are covered:

  • High interest rates. Because there is no collateral needed for an unsecured loan, higher interest rates may be added to compensate for the potential of default.
  • Possible negative impact on credit scores. Borrowers who default on their payment schedules can see a drop in their credit scores.
  • Higher qualifications. Unsecured loans are based on the borrower’s creditworthiness, so a good credit history is typically needed for approval.

What You Should Know Before Choosing an Unsecured Loan

Unsecured loans can have a major impact on an individual’s life. Here are some things to be aware of before taking out this type of loan.

What is the highest available unsecured loan amount?

The loan amount will vary by lender and is based on a borrower’s creditworthiness. If a lender offers loans up to $50,000, that doesn’t necessarily mean that just anyone can be approved for that amount. The lender will review each application and determine whether to approve or reject individual requests.

Are unsecured personal loans guaranteed approval?

No loan comes with the guarantee of approval. Approval is based on factors such as income, credit history, and the purpose of the loan.

Can I get an unsecured personal loan with bad credit?

Unsecured loans are usually extended to those with a good credit history. But since lenders can do business with whomever they choose, it really is up to the individual company’s discretion if it would approve a loan for someone with bad credit.

What is the average interest rate on an unsecured loan?

Loan rates vary from lender to lender and can be anywhere from 5.66% to 29.95%. The final interest rate for an individual is determined by a credit check.

Do unsecured loans hurt your credit?

Borrowers who fail to repay their loans may experience a dip in their credit scores. The consequences for defaulting on a loan do not change based on whether it is secured versus unsecured.

How to Get a Personal Loan Without Collateral

  • The idea of applying for a loan without needing to offer up collateral might seem both risky and too good to be true. But this actually happens fairly often.
  • The best way to get an unsecured personal loan without collateral is to research the options ahead of time. While borrowers with a good credit history are more likely to get approved for unsecured loans, people with bad credit are not necessarily disqualified from receiving this type of loan.
  • To determine where to apply, compare unsecured loans based on the companies found in this guide. Low rates will typically save borrowers more money in the long run. Always consider each lender’s additional fees, to get the maximum savings possible.
  • Shop around and compare all of the available businesses. Potential borrowers should also rule out any companies that they don’t qualify for ahead of time, by carefully researching their various requirements. Putting time into analyzing the best unsecured loans is always a worthwhile investment.

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