Cheap Loans NZ – Are They Possible? Monzi NZ Explores

Cheap loans NZ may not be available through Monzi’s lender-finder service. After all, costs will vary between lenders, and Monzi cannot guarantee what they will be. There may, however, be community initiatives offering cheap loans.

If you’re paired with a lender through Monzi, they will determine the loan’s rates, fees and charges. As a result, we cannot guarantee you will be offered a cheap loan.

Man in silhouette cheap loans NZ sunset

Advance Payment of Benefits

If you receive certain benefits, you may be eligible for a one-off payment to help cover an unexpected or emergency cost. Keep in mind, this is an advance, and you will have to repay the loan.

To learn more about an Advance Payment of Benefit, and whether or not you qualify, visit the Ministry of Social Development’s website.

Cheap personal loans – The No Interest Loan Scheme

The No Interest Loans Scheme (NILS) is an initiative set up by Good Shepherd Microfinance. Moreover, NILS is able to provide low income individuals and families with affordable credit without any interest.

These cheap loans are available up to $1,000 for essential goods and services. Specifically, consumers can use NILS loans to pay for:

  • Essential household items, like beds, furniture and whitegoods.
  • Certain medical and dental expenses.
  • Laptops, textbooks and other education essentials.
  • Certain other items upon request.

NILS providers are located across New Zealand. To find the one closest to you, however, use this tool.

Do I qualify for NILS cheap loans NZ?

As a community initiative, these cheap loans are specifically designed for low income families and individuals. Therefore, there are certain criteria you will first need to meet.

To qualify for NILS you must:

  • Be eligible for a Community Services Card.
  • Reside in your current address for at least 3 months.
  • Display a willingness and capacity to repay.

In addition, there is a four-step process for qualifying for a NILS loan:

  1. Make an enquiry about a loan.
  2. Meet with a local loan provider. Remember to bring all your relevant documentation.
  3. The lender assesses your application.
  4. Consumers and lenders will agree on repayment terms upon approval.

Cheap loans loans NZ – StepUP

Another initiative of Good Shepherd Microfinance and BNZ, StepUP loans are unsecured low rate cheap loans available to people on a low income.

StepUP loans, however, differ from NILS loans in the following ways:

  • Loans available up to $5,000.
  • Very low fixed interest rate.

Borrowers are able to use their StepUP loan to cover things like:

  • Second-hand cars.
  • Household appliances like fridges and washing machines.
  • Computers and laptops.
  • Medical expenses.
  • Chat with your community lender to find out more.

Do I qualify for StepUP cheap loans NZ?

Qualifying for StepUP is very similar to NILS. Specifically, to qualify you must:

  • Qualify for a Community Services Card.
  • Live in your current address for more than 3 months.
  • Be willing and able to repay your loan.

These cheap repayment loans have a fixed, low-interest rate and flexible repayment terms. Keep in mind, StepUP loans are not cash loans; consumers can use their loan for approved purposes only.

Can Monzi NZ find me cheap loans online?

As the lender-finder, Monzi NZ has no idea which lender you will be paired with. As a result, we do not know what you will be charged. Therefore, consumers may not match with a lender offering cheap loans.

We may, however, be able to match you with a lender potentially offering competitive rates. The below table shows some of the standard loans our lenders may be able to offer:

Personal loans NZPayday loans NZ
Bad credit loansQuick approval loans
Quick cash loans NZSame day loans NZ

The above table does not necessarily reflect the loan you may be approved for. In addition, lenders may not offer a cheap loan.

How does Monzi NZ work?

Our lender-finder service is easy to use, and the process won’t take up much of your time. In fact, you may be able to lodge an application in minutes! Here’s how it all goes down:

The first step is heading to our website and selecting the amount you’re thinking of applying for. Next, consumers are taken to the submission form, where we ask for a few pieces of essential information.

The second step is where our system gets to work trying to match you with a lender. If you apply during normal business hours, we may even have an outcome for you within 60 minutes.

Finally, the last step. If a lender is able to make you an offer, they will be in touch. Remember, lenders assess all applications. If a lender approves your application, they send through a digital loan contract.

Do I qualify for Monzi NZ?

We welcome anyone to apply with our lender-finder service. However, you will first need to meet the criteria listed below.

  • Be at least 18 years old.
  • A New Zealand Citizen or permanent resident.
  • Have a personal email address and bank account number.
  • Have at least 3 months of banking history showing a regular income.

Can Monzi NZ find me cheap and easy loans?

As we mentioned above, as the lender-finder, we cannot guarantee what you will repay. After all, credit providers can all vary in what they charge.

However, your loan repayments may include:

  • The principal amount.
  • Interest charged.
  • Establishment fee.
  • Ongoing fees.

What about cheap debt consolidation loans?

Again, we cannot guarantee the cost of your loan, therefore cannot promise you will be offered cheap loans NZ.

There may, however, be lenders willing to offer debt consolidation loans of up to $10,000. Therefore, consumers may be able to consolidate their existing debts into one repayment.

So, instead of having multiple repayments to remember every month, consumers will have one more manageable repayment.

Can I be approved for a loan without bank statements?

It is unlikely any lender will be able to offer you a loan without providing your bank statements. This is because all credit providers need to make sure you will be able to afford the repayments. In short, bank statements are an essential tool for lending money responsibly.

Lenders use your bank statements to confirm the following:

  • Income
  • Expenses
  • Repayment history

In fact, we would recommend steering clear of any credit provider offering a loan without asking for your bank statements.

How quickly can I get a personal loan?

If you need finance now, lodging an application on our website doesn’t take long at all. From there, depending on when you apply, we’ll try and pair you with a lender pronto!

Once Monzi pairs you with a lender, assessment times will vary. Depending on who you’re paired with, you may be able to access your loan the same day you apply. However, this is dependent on inter-bank transfer times.

Do you offer personal loans for students

Remember, we don’t actually offer loans. Instead, we may be able to put you in touch with a lender that can.

Moreover, we welcome applicants of any (legal) age and situation to apply. Regardless of whether you’re a student, a pensioner, or something in between, Monzi NZ welcomes your application.

What about cheap loans no credit check?

If you’re offered a loan through one of Monzi’s lenders, we cannot guarantee it will be a cheap loan. Realistically, you will be offered one with the typical fees and charges associated with short term loans.

In addition, Monzi cannot guarantee lenders will offer a no credit check loan. Credit checks are completely at the discretion of the lender and their assessment policies.

If the lender does opt for a credit check, they will also aim to focus on other aspects of your loan. Specifically, lenders will focus on your current relationship with money. If lenders can see repayments fitting comfortably within your budget, you may be offered a bad credit loan instead.

How do I make repayments?

Once you have your cash, the hard part is over. From here, making your repayments is super easy and stress-free.

Generally, once you enter into a credit contract, you and your lender will agree on repayment terms. Specifically, you may reach an agreement on how many months you have to repay your loan, as well as the repayment frequency. Depending on the lender, you may be able to choose between weekly, fortnightly and monthly repayments.

Finally, credit providers will automatically deduct your repayments via direct debit. Therefore, all you need to worry about is making sure there’s enough money in your account each time your repayment cycle rolls around.

It may be a good idea to line your repayment date with when you’re usually paid. Therefore, there should usually be enough in your account. However, this is all at you and your lender’s discretion.

My repayments are causing me hardship. What do I do?

If paying your loan off is causing you undue distress, you may be able to apply for hardship. Generally, hardship is there for when a consumer’s situation has changed, and they are struggling to afford the loan. This could be from being injured at work, being made redundant or through a relationship break down.

Luckily, the law requires all lenders to have a hardship application process.

Here’s how it all works:

  • Get in contact with the lender and let them know you’re applying for hardship.

  • Provide documented evidence of hardship, e.g. bank statements or letter of termination from your employer.
  • Lenders will assess your application.
  • Lenders offer an alternate payment plan upon approval.

Finally, consumers may be offered one of the three if the lenders aprpoves their claim:

  1. Additional time to pay the loan off, which reduces regular repayments.
  2. A payment holiday.
  3. Both of the above.

Case study – Jerry’s hardship is accepted

Jerry works in a warehouse. One day, however, a forklift drives over his foot and breaks it. As a result, he needs 6 weeks off work to recover. However, as he is a casual and is not covered by insurance, his income is about to take a knock.

Unfortunately, Jerry has a personal loan he is still repaying from the previous year. He applies for hardship, asking for a repayment holiday until he is back at work. Moreover, Jerry provides the medical certificate, as well as paperwork showing he will not be earning money over this period.

Jerry’s lender accepts his application for hardship and postpones his repayments until he is back on his feet.

Can you find cheap loans NZ for unemployed beneficiaries?

If you are unemployed and a beneficiary, you may want to consider your other options available to you before applying with Monzi NZ.

Specifically, examine the options at the top of the page. You may be eligible for an advance of your benefits from Work And Income.

Do Monzi’s lenders offer secured or unsecured loans?

Potentially both!

Lenders may be able to offer both secured and unsecured personal loans.

Secured loans are backed by one of the borrower’s major assets, like a car or motorbike. Security acts almost like a guarantee that the borrower will repay their loan according to their contract. Therefore, if the borrower is unable to repay their loan, the credit provider is able to repossess the asset and recover some of the losses they incurred.

Security does not back unsecured loans. As a result, they pose more of a risk to the lender in the borrower cannot repay their loan. Therefore, the rates and fees associated with unsecured loans are typically higher than those of secured loans.

Four reasons you should consider Monzi NZ

We think our lender-finder service is pretty great! While we cannot guarantee you’ll be offered cheap loans NZ, we can offer a service that is convenient, streamlined and easy to use.

1. We work fast

Here at Monzi, we love it when things happen quickly; we aren’t in the business of dawdling. Instead, we’ll get to work trying to match you with a lender minutes after you lodge your application.

The time between applying and matching with a lender varies. You may, however, receive an outcome within hours of applying if you apply during normal business times.

If you apply outside of business hours, or over the weekend, we may not be able to match you with a lender until the next business day.

2. Real customer support

At Monzi NZ, we don’t believe in chatbots or automated responses. Moreover, if you want to chat with a real person, just head to our contact form, or email us directly at

Keep in mind, if you email us outside our normal hours, we may not be able to respond until we are back in the office. But, rest assured, it’ll be one of the first things we do.

If your application is matched with a lender, you may need to redirect your queries to the credit provider in question. The fact that the lenders within our network are all separate entities limits how much information we can provide. In short, we cannot speak on their behalf.

3. 100% online New Zealand wide

Do you have an internet-capable device and a signal? Guess what, you can use our lender-finder service. Regardless of whether you’re living on the North Island or South Island, Dunedin or Auckland, you can get started with Monzi.

4. Transparent lenders

While we cannot promise cheap loans NZ, we can promise the lender you’re paired with will be honest and upfront about all the costs and fees associated with your loan. Specifically, everything will be clearly outlined in your loan contract.

Apply now

Use the loan slider at the top of the page to apply now.

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Here are some costs you may incur if Monzi is able to match you with a lender today.

Loan amount

$300 - $10,000


12 months to 24 months


Interest Rate between 1.5% and 20% per month

$2,500 repaid over 13 months would have 56 weekly repayments of $75.05. Total interest $1702.80. Total amount repayable $4,202.80. This example is based on a monthly interest rate of 9% and an AIR of 108%.

WARNING: This is a repayment estimate only. Your lender will determine the exact fees, terms and loan amounts available for you, which may alter your repayments. Annualised Interest Rates (AIR) could be as high as 292% depending on your personal situation.
Note, your lender may offer you different terms, fees or loan amounts based on your individual circumstances, needs and their own lending criteria. Please check your contract before signing