The Co-operative Bank (New Zealand) offers a range of different Personal loans online.
A personal loan can be used for a variety of things, such as a new car, home renovations, travel, wedding expenses, education or to consolidate existing debts. The Co-operative Bank offers personal loan options tailored to suit your dreams.
Interest rates start from just 6.99%. Various rates are offered, based on individual credit history and the bank gives promises to let you know about the rate that you are eligible for. When applicants want to get a personal loan it’s possible to make an online application. There are no early repayment fees or monthly fees, and flexible terms and repayment options are offered. This type of loan is generally provided on an unsecured basis, with a fixed interest rate and period of time.
Repayments and Charges
It is easy to work out the repayments, once customers have decided on the amount they want to borrow, as the Co-operative Bank provides a handy calculator. Let’s give a couple of examples, to get an idea of how much applicants might be required to pay.
For an applicant whose credit score is a very good interest rates start at 6.99% per annum, Most applicants tend to fall in the middle, with regards a credit score, and can expect to be charged 13.95% interest per annum. The fees they’ll be required to pay when applying for a loan include an establishment fee of $200, which may be added to the borrowed amount. There is no fee for repaying a loan early. Terms are from varies from 6 months to 5 years depends on individual needs. Individual may borrow from $3,000 to $50,000.
For example, $3,000 borrowed over a period of 1 year, at an interest rate of 9.50% will mean customers monthly repayments are $120.75. Bearing mind that repayments can be made on a monthly or fortnightly basis. $10,000 borrowed over a period of 3 years, at an interest rate of 13.95%, will mean customers fortnightly repayments are $157.00. In total they will repay $12,264.
How to Apply for a Personal Loan
There are two different ways to apply for a loan. Applying online is the easiest method and will only take 10 minutes at most. Alternatively, there is the option to visit local branch. When applying applicants will need to provide details of income and expenses, together with any assets or debts in their name.
New Co-operative Bank customers can apply online and find out their personalized interest rate, based on individual credit history. To apply for a loan customers need to live in New Zealand and either be a permanent resident or citizen. They may be required to provide certain documentation, so making sure that they have their New Zealand drivers license or passport near to hand.