Personal Microloans in New Zealand
Is your home in need of renovation? Or has your car broken down? Is there an outstanding bill that you urgently need to pay? Do you have a particular need that requires financial attention but you do not have cash on hand? If your answer is yes, a personal microloan may be the solution for you.
A personal microloan is a form of credit facility given to individuals who mostly cannot secure conventional loans from banks.
Features of Personal Micro loans
Fixed interest rates.
Small loan amounts.
No collateral needed.
Fixed loan term predetermined by the lender.
Where to Acquire a Personal Microloan
There are two ways you can go about it;
Online lenders: some lenders have websites for giving personal micro loans. The loan processing is fast and convenient for the borrower.
P2P lenders: also known as peer to peer lenders. An online platform which links investors to borrowers. A single loan is made up of small microloans from different lenders.
How to Acquire a Personal Microloan
Determine the loan amount you need: evaluate the need and the cash you have at hand to decide how much to borrow.
Research for micro lender: compare the rates, terms, and conditions to help you pick the best fit for you.
Loan application: submit a filled loan application plus the document requirements such as ID, proof of income, loan amount, etc.
Loan approval or declination: the micro lender will decide whether to approve or decline your application. Loan disbursement: if your application is successful, the funds will then be processed and dispatched to your account directly, this can take a few hours or days depending on the lender.
Loan repayment: you will start making repayments as agreed until you finish paying the full loan amount including interest.