A personal loan you can use for what you need, when you need it most. With The Lending Room, you won’t have to wade through different banks and lenders’ rules and criteria to find the right personal loan. We’ll do it all for you, quickly and simply, so you can focus on that dream holiday, upcoming wedding, new addition to the family or whatever it might be. So whatever is on the horizon, planned or unplanned, our tailored personal loan will help make them a reality.
Our Range of Personal Loan Options
The optimal loans are the ones that are tailored specifically to suit you and your needs. With The Lending Room, you can be sure you will be talking to someone in New Zealand, who understands your needs, meaning you don’t just get a good deal from a wide range of lenders, you’ll also get the perfect one for you.
BAD CREDIT LOAN
What is a secured loan?
A secured loan requires potential Lending Room customers to offer some form of asset, such as a home, vehicle or a boat, which is then used as collateral. Think of it in the same way as paying a bond when you rent a property. A secured loan is generally offered with a lower interest rate. This is because the lender has a ‘safety net’, so there’s less risk that the loan won’t be repaid.
Why take out a secured personal loan?
You are looking for a lower rate
Lenders usually set their interest rates according to how risky you are as a borrower. When collateral is involved, the process becomes far less risky and in turn, can often yield better rates for borrowers.
If you’re having a hard time getting approved
If your credit score is low or you have been declined elsewhere, offering an asset as security can help get you over the line.
You want to borrow more or take longer to pay it off
Having security in the picture often gives lenders confidence to be a little more accommodating with the loan terms and other specifics.
When you need a secured loan, the team at The Lending Room can find the best deal for you, not just the best deal for us. We also offer flexible repayment options, so you can be sure that your secured loan is the right one for you now and also later down the track.
What is an unsecured loan?
Unsecured finance doesn’t require the borrower to provide any collateral or security to be held against the value of the borrowing. Typically, this form of personal loan is offered in a smaller amount than a secured loan, and is often charged at a higher interest rate, than a secured loan in order to cover the lack of collateral or security.
Which is better when deciding between secured or unsecured loan options?
A secured loan often works best for customers who are unable to take out a loan, due to bad credit or other financial reasons. It will improve your chances of being approved and to possibly get better rates.
At the end of the day, which loan is best for you depends on your current financial situation, as well as several other factors, such as which collateral you can use as security, whether you have good or bad credit, and credit score. All of these components should be taken into account before making your decision, as they’ll all influence your application, the amount you can borrow, as well as the interest rate you’ll pay.
Bad Credit Loan
What is a bad credit loan?
Bad credit is something that becomes associated with you if you have defaulted on your financial commitments – typically, a loan or utility account. Bad credit can include; a default left unpaid, a default that has been paid off and past or present bankruptcy/insolvency.
Having a bad credit history isn’t the end of the world, and it doesn’t mean that you can’t get a loan at all. It also doesn’t mean that you have to accept an extremely high-interest rate. The Lending Room works with a wide range of New Zealand lenders, to find you a loan at a competitive market rate.
Why Choose The Lending Room
For your next personal loan?
We believe the best personal loans options are the ones that are tailored uniquely to suit our customer’s needs.
We give our customers the ability to make flexible direct debit repayments monthly, weekly or fortnightly. So you can create an automatic transfer on your payday, and never have to worry about upcoming payments again.
You’ll also receive a tailored interest rate, depending on factors like your financial situation and credit history – all we need is information around your circumstances, income and expenses via a friendly conversation with one of the members of our team.