MoneyShop
Borrow between $200 and $20,000 with approval in minutes, terms up to 3 years, fixed rates (from 29.95%) and flexible repayment plans. Quick online application.
If you’re looking for a personal loan that’s flexible and easy to access, MoneyShop NZ could be a top option for you. Offering loan amounts between $200 and $20,000, MoneyShop caters to both small emergencies and larger purchases. The fixed interest rate is 29.95% per annum, and you can choose repayment terms from 3 months to 3 years, repaid weekly. The entire process is designed for fast approvals and straightforward lending, making it a solid choice for many Kiwis seeking a quick solution.
Applying for a MoneyShop loan is streamlined and digital, with loan application assessments based on responsible lending criteria. For standard unsecured loans, the maximum amount is $7,000, while secured loans can go up to $20,000. Establishment fees are upfront and clearly stated, often varying depending on the loan amount but typically starting from $65.
While MoneyShop loans offer a fixed annual rate and clear fee structure, always check your actual offer, as repayments and costs can vary depending on loan size and personal circumstances.
How to Apply: Simple Steps
- Start the application online through MoneyShop’s website
- Provide your personal and financial details as requested
- Upload supporting documents to verify your income and identity
- MoneyShop completes its responsible lending assessment
- Receive a decision—approved funds are deposited promptly
Pros of MoneyShop Loans
One major advantage is the speed of approval, often on the same day provided you submit all required documentation. This helps if you need funds urgently for unexpected needs like car repairs or bills.
Transparency is also a highlight. Fees, interest rates, and terms are clearly displayed, leaving little room for surprise costs later on.
Cons of MoneyShop Loans
The main downside is the relatively high fixed interest rate at 29.95% per annum, higher than many mainstream banks. This rate means overall costs could add up, especially for larger or longer-term loans.
Additionally, loans over $7,000 require security. For those unable to provide collateral, borrowing limits may be lower than with some competitors.
Our Verdict
MoneyShop NZ stands out for its user-friendly and speedy loan process, with a wide range of loan sizes and transparent fee structure. If you value fast approval and are comfortable with the higher fixed rate, it’s a trustworthy option for Kiwis who need funds quickly. However, always compare offers and ensure repayment fits your budget before committing.