If you’re in search of an affordable personal loan in New Zealand, First Credit Union’s offering may catch your eye. The personal loan starts at a competitive floating rate from 10.95% p.a. with zero application fees, making it an appealing option for budget-conscious borrowers. The loan term stretches from a minimum of 3 months up to 5 years, and there are no hidden fees for paying off your loan early. However, do keep in mind minor third-party charges of up to $29.90 per applicant may apply.

How to Apply for a First Credit Union Personal Loan

• Gather your personal details and proof of income.
• Complete the straightforward online application form.
• Submit your application and wait for a fast review process.
• If approved, receive your funds and start enjoying the benefits.

Pros of First Credit Union Personal Loan

The headline advantage is the low variable interest rate starting at 10.95% p.a., making repayments lower over the life of your loan. Added to that, First Credit Union does not charge an application fee or penalise you for early repayments, so you have more flexibility and can save on costs.

The application process is entirely online, which means you can apply from anywhere in New Zealand and get a timely response.

Cons to Consider

The main limitation is that minor third-party fees may be applied, slightly increasing the true cost of borrowing. Also, as a variable-rate loan, the interest rate can change during the loan term, potentially affecting your repayment amount.

Loan approval is subject to normal lending criteria, and your individual eligibility will play a role in the final decision and loan terms.

Our Verdict

First Credit Union’s personal loan stands out for its transparent fee structure, competitive variable rates, and online convenience. It’s a strong choice for those who value flexibility and efficient service. As always, review all terms carefully and ensure the loan fits your needs before applying.