Loan Repayments: Everything You Need to Know

"Loan Repayments: Everything You Need to Know"

What is a loan repayment?

Loan repayments are agreed upon instalments of money you progressively pay back to your lender. Generally, when you borrow money, the lender will layout a repayment plan with periodic payments comprised of the principal and interest. Loan repayments can be more than the amount laid out by a lender; for example, there may be an early repayment fee for some loan contracts. Every loan you take out will incur repayments whether it’s business loan repayments or commercial loan repayments. 

Some online lenders may provide a personal loan repayment calculator to help you decide how much you can afford to borrow. However, the final costs and fees attached to your loan are typically outlined in your contract and may differ slightly from the loan repayment calculator. 

If you’re looking for cheap repayment loans or trade support loan repayments, you can apply for a low income loan scheme. For information, visit the NILS website.

How much can I get a personal loan for?

Generally, most lenders offer personal loans between $300 and $10,000 and the repayment period will depend on the amount you decide to borrow. However, the amount you can apply for will differ from each lender. The costs and additional fees associated with your personal loan will also depend on the policy of your lender. If you choose to work with an online lender, you can typically make your loan repayments online, or they’ll automatically debit it from your bank.

Before you apply for a fast and easy cash loan, take a look at our loan options below:

Loan type Amount Term
Unsecured $300 to $2,000 12 to 24 months
Secured $2,000 to $10,000 12 to 24 months

Found a loan that suits you? Apply now by using our loan calculator located at the top of this page.

What are the costs of loan repayments?

The cost of a personal loan will vary depending on the individual lender. Generally, you can borrow any amount from $300 to $10,000 and the repayment period will depend on the amount you choose to borrow. Therefore, the costs of your personal loan will depend on whether you’re looking for:

  • $10000 loan repayments
  • $3500 loan repayments
  • $8000 loan repayments
  • $4000 loan repayments
  • $2500 loan repayments
  • $3000 loan repayments

As the costs differ depending on the amount you borrow, choose a loan amount that suits your current financial situation. The costs of your personal loan won’t be finalised until you receive a contract. Your loan contract also outlines all the terms and conditions of your loan and also the possible additional fees if you miss a repayment or repay your loan early. If you’re unsure about anything in your loan contract, ask your lender!

How to calculate loan repayments?

Each individual lender has their own calculation for loan repayments. So, how each loan repayment is calculated may differ from lender to lender. When you’re researching how to calculate loan repayments, you may find other terms like ‘how to calculate loan repayments compounding interest’ and it can start to feel like a grade 9 math lesson. So, if you have questions or concerns about how your personal loan repayments are calculated, then please contact your lender – they’ll be able to help!

Can you put personal loan repayments on hold?

Generally, online lenders can put your loan repayments on hold if there has been a change in your financial situation, for example, your hours are reduced, or a sizeable urgent expense pops up. However, the options will differ depending on the policies of each individual lender. Typically, most lenders require at least 24 hours notice before your next repayment if you wish to adjust your payment schedule. So, if you think you’ll miss your future repayment let your lender know straight away. They should do their best to reschedule your loan payments.

Are loan repayments tax deductible?

Personal loan repayments are not tax-deductible; however, the interest on other types of loans can be. For example, the interest you pay on your mortgage is tax-deductible. To claim the interest as a deductible, you need to subtract the principal amount from your total repayments to calculate the total amount of interest paid that year. As a lender-finder, we cannot provide financial advice so ‘can you claim loan repayments on tax’ may be a question for your accountant.

Connect with the lender you need

Jacaranda Finance NZ is the lender-finder ready to help with the personal loan you need. Apply in minutes, and we’ll get straight to work finding you a lender in no time. Have multiple lenders at your fingertips and waiting for a client just like you. Someone that needs money fast for an emergency and doesn’t want to get bogged down with piles of paperwork. If you need a cash loan, Jacaranda NZ can connect you with a lender when you need it most.

Can I apply for a personal loan?

We encourage everyone to apply so we can connect everyday Kiwis with the lender they need. Whether you’re after a travel loan or a loan for unexpected bills, submit an application with us, and we’ll find you a lender in no time.

To be eligible for a personal loan, you have to meet a few basic requirements:

  • Be over 18 years of age
  • Receive a regular income into a personal bank account for at least 3 months
  • Have an active mobile number and email address
  • Internet banking

If you meet these requirements, you’re ready to apply! To get started to use our loan calculator located at the top of this page. Select how much you wish to borrow and for how long and you’re halfway to finding your next lender.

What do I need to apply for a cash loan?

You can submit an application in just a few minutes. We work with lenders that use secure banking technology to assess your current relationship with money. In other words, there is no need to submit any paperwork! You only need a couple of details to complete your application.

Have the following details handy when you apply:

  • Personal contact details, e.g. mobile number and email address
  • The reason for your loan
  • Internet banking details
  • Welfare information (if applicable)
  • Details of employment

If you have this information handy, you can complete your application without having to get up in the middle of completing your application. 

How to apply for personal finance?

You can apply with us in just a few minutes, then we’ll do our best to connect you with a lender in no time! To apply for the cash, you need now, simply follow these three simple steps:

Step 1: Apply online

Begin your application by using our loan calculator located at the top of this page. Select how much you wish to borrow and for how long. Once you are happy with your proposed loan, click the ‘Apply Now’ button and you’ll be directed to straight to our application. Fill in a few more details about your financial situation, then click ‘submit’!

Step 2: We find you a lender

After you submit an application, we get straight to work finding you a lender that can provide a personal loan. If we need any extra information to help find you a lender, we’ll let you know. Otherwise, sit back and relax while we search for a lender.

Step 3: Meet your lender

If we can match you with a lender, we’ll let you know straight away! Then, your lender should be in contact to go over the finer details. If you have any questions about your loan contract, please ask your lender – they’ll be more than happy to help.

Connect with you the lender you need, without the hassle of endless searching and hundreds of applications. Submit one application for access to countless lenders.

What are the loan repayments for a personal loan?

The loan repayments for a personal loan will vary depending on your lender. We’re a lender-finder, and therefore, cannot guarantee the costs and fees of individual lenders. If you have any questions about the possible costs associated with your cash loan, please contact your lender directly. Your lender will be more than happy to help!

How do I check if I have bad credit?

To check your credit score simply request a copy of your credit report and score from a credit agency. Generally, you can access your credit history without charge, however, if you wish to speed up the process, you may be charged a fee. Requesting a copy of your credit history doesn’t affect your credit score. So, before you apply for finance, it’s a good idea to be aware of your credit score health. Banks especially may assess your application differently because you have bad credit.

Can I get a loan for 5000 with bad credit?

You can apply with an online lender for a loan from $300 to $10,000 with bad credit. If you’re worried about your credit score, then you may want to choose an online lender. Generally, online lenders can accept clients with less-than-perfect credit when banks cannot.

Skip the hassle of finding an online lender by applying with us. We make life that bit easier by doing the hard work for you. Have bad credit? Choose us to find you a lender that can say ‘yes’, when the banks say ‘no’. The lenders we match you with give every Kiwi a fair go at the bad credit finance they need. Whether your kitchen is flooded, or you need urgent car repairs, apply with Jacaranda Finance NZ for quick loans bad credit.

Can I get a loan if I receive Welfare benefits?

If you receive Welfare benefits, such as a pension, you are welcome to apply anyway. We do our best to find you a lender that can say ‘yes’ to people receiving welfare. We work with lenders that don’t take one look at your application and stamp ‘no’. They can conduct a thorough assessment of your relationship to money to determine your suitability for a loan. So, if you receive welfare benefits and you need a personal loan – apply now!

What is a good reason to get a personal loan?

There is a myriad of reasons to apply for a personal loan, whether it be to repay a credit card and consolidate debt, or for an urgent expense – Jacaranda Finance NZ can find the lender you need.

Here are the top 10 reasons people apply for a personal loan:

  1. Dental costs
  2. Boat financing
  3. Vet bills
  4. Emergency expenses
  5. Holiday costs
  6. Car repairs
  7. Debt consolidation 
  8. Medical bills
  9. Rental bond
  10. Car registration

Essentially, any expense that isn’t classified as a day-to-day cost, such as food and rent, is a valid reason to apply for a personal loan. So, if an emergency expense causes chaos in your finances, turn to us, and we’ll take the stress out of finding the loan you need.

Do banks give emergency loans?

Banks do provide personal loans; however, they typically have a strict assessment policy and can take days to approve an application. 

When a pipe has burst, or you need your car for work, you can’t wait for days. You need a loan in minutes. That’s why we connect you with the lender you need in no time. Skip the hassle of submitting countless applications that will damage your credit score, and choose Jacaranda Finance NZ. With just one application you have access to hundreds of lenders, without spending hours searching for them. 

Get back to what you do best, while we find the lender you need. Apply now! 

Ready to apply?

Great! Use our loan calculator located at the top of this page and select how much you wish to borrow and for how long. Then, click the ‘Apply Now’ button, and you’re ready to start finding your lender. Don’t wait – apply today to meet your next lender.