Finding the Right Loan If You're Freelancing

The Co-operative Bank's personal loan shines for freelancers with good credit, offering rates from 9.95% p.a. You'd pick this for its low rates and no early repayment fees, which can be a lifesaver if your income fluctuates. However, the requirement for a strong credit score and the smaller branch network could be limiting.

Instant Finance provides a lifeline for those needing small, quick loans. Rates start at 9.95%, but can soar to 29.95%. The draw here is the low minimum loan amount of just NZ$500, perfect for covering unexpected expenses. Just watch out for the establishment fees, which add up quickly.

ANZ's personal loan is a solid choice for existing customers seeking transparency with a fixed 13.90% p.a. rate. The trade-off: no pricing benefit for excellent credit, but no surprise fees. This option works well when you want predictability in repayment amounts.

ASB's personal loan offers longer terms up to 7 years, which can help manage lower monthly payments. However, the rate depends on your credit profile, making it less appealing if your credit score isn't stellar.

Westpac stands out with a special 7.99% rate for electric vehicle loans, but its standard personal loan rate of 13.90% is less competitive. The no early repayment penalties are a plus, but it may not be the best fit if you're looking for non-EV loans.

Kiwibank offers rates from 12.99% p.a., and being NZ-owned is a bonus for those who prefer supporting local. What sets this apart is the absence of online-only discounts, which means everyone gets the same deal.

SBS Bank is worth considering because of its customer-owned model and no hidden fees. The rates fall between 11.50% and 15.50% p.a., offering predictability but limited by a lower loan ceiling of NZ$30,000.

Harmoney stands out for its fully online process and quick quotes, with rates from 7.99% to 24.99% p.a. The catch: $150 establishment fee and rates are personalized, so the best rates require excellent credit.

BNZ offers loans up to NZ$50,000 with the reliability of a major bank. The fixed rates are higher than fintech competitors, and a bank relationship is required, making it less accessible to new customers.