• Advice

NZ Finance Company Price Comparison – Who Is the Best?

NZ Finance Company Price Comparison - Who is the best?

When you need money for an emergency, such as your car breaking down, you need it fast. However, fast doesn’t have to mean expensive. Which of the finance companies in NZ is the best choice for your loan? You likely think that all of those companies charge similar amounts in interest and fees. You may be surprised to learn that the level of variance is incredibly high, with some companies asking for up to 36% more than others in interest each year on their loans. On a loan of just $2,000, that already racks up to a massive $720 more you will pay in interest each year, just because you chose the wrong company.

We have collated this comparison of finance companies in NZ to help you make the best choice for your finances. Pay off your loan sooner by choosing a company with fewer fees and lower interest.

Interest

Instant Finance

The amount that Instant Finance charge for loans varies according to your circumstances. If your credit history is quite bad, for example, then you may be charged towards the higher end of the scale. At the time of this article being written, (27/111/2020) Their annual interest rates can be anywhere from 19.95% to 29.95%.

Save My Bacon

Coming in at the highest interest rate of all the companies we reviewed in this article is Save My Bacon. The annual interest rate for their flex loan is 49.95%. This appears to be independent of any circumstances and instead is charged to everyone regardless of their credit rating.

Crester Credit

The interest rates at Crester Credit are much lower than the other companies on this list. The rate charged is 13.95% to 26.98% per annum. Again, the actual rate of your loan will depend on your circumstances, such as security and credit history.

Loan Comparison

Let’s make a direct comparison of how much you will end up paying on a $3,000 loan with a term of 12 months.

Instant Finance

If you took out a loan for a year of $3,000 with Instant Finance, you could end up repaying $3,958.24 over the life of the loan. That works out to $76.12 each week according to the repayment calculator.

Save My Bacon

Save My Bacon’s repayment calculator doesn’t let you change the term of the loan or the amount you can pay off. This makes it difficult to compare against other companies, whether intentionally or not. What we did find out was that if you borrow $3,000 from them and pay it off over 43 weeks, you will repay roughly $3,873.44 over the course of the loan.

This may seem less than Instant Finance, but if you had the loan for 12 months, it would likely cost you more.

Crester Credit

With a $3,000 loan over 12 months from Crester Credit, the total amount you could end up paying is $3606.26 according to the repayment calculator. This is by far the lowest estimated amount you would repay from the three similar loan options.

Speed

Instant Finance

Instant Finance will usually be able to approve your loan on the same day you apply. This means you can get your money fast, but the timeframe for getting your money is not defined.

Save My Bacon

Save My Bacon sends your money to your account on the day your application is approved. Depending on which bank you are with and their policies, you could receive the money on the same day. What they don’t state is how long it usually takes them to approve a loan.

Crester

Need money quick? Crester aims to make it as easy as possible to access a loan because we know that when you need cash in an emergency, you need it fast. Apply online via the handy online platform, and they’ll get back to you within 60 minutes. From there, the money can be in your account within 24 hours.

Who’s the Best?

Crester Credit keeps beating the competitors time and time again. Other NZ finance companies can’t even get a look-in when it comes to Crester Credit’s affordable interest rates and speedy turnaround. The team at Crester are willing to take the time to listen to your situation and make a decision based on your specific circumstances. Seeing each customer as in individual they can lend a hand to, not a number or a check box.

If you need someone to give you a chance, contact Crester Credit. They’re committed to responsible lending and will only loan you what we think you can realistically repay. Willing to offer loans to beneficiaries, consider those with bad credit loans, and often help seniors on a pension with loans. The goal is to help people out and get them out of debt as fast as possible. Contact Crester today to find out what help can assist you.

Information Sourced From:

  • https://crester.co.nz/lending-criteria/
  • Website. – Savemybacon/calculator
  • Website. – instantfinance/key-information/rates-fees/
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