Requirements You Need To Fulfill To Get Unsecured Loans In NZ

There are so many people across NZ who are applying for unsecured loans for various reasons. Some want to meet their unexpected cash needs such as emergencies, while others apply for these loans just to have a bit more cash to spend. Although unsecured loans may seem easy to secure, there are some requirements that applicants need to meet. Below are some of these requirements you need to fulfill to obtain an unsecured loan in NZ.

Good credit score

Creditors give unsecured loans to applicants with a good credit score. Check your credit score before applying for an unsecured loan with any creditor. Having your loan request getting rejected for having a bad credit score can also affect your credit score as well. Again, it is your credit score that will dictate the loan amount you are eligible for.

18 years of age

Unsecured loans just like their secured counterparts are granted to persons who have attained a minimum age of 18 years and above. Anyone who hasn’t attained this age limit isn’t eligible for an unsecured loan.

Debt load

Most unsecured loans creditors use applicants’ credit reports to check the amount of debt they have. Your current debt will greatly impact on your eligibility for an unsecured loan. Creditors refrain from working with applicants who have accumulated huge debts over time. Therefore if you already have a high debt load, then you can’t be eligible for a loan.


Income level is also a key requirement that unsecured loans creditors look for while granting loans. No creditor will grant you a loan without first and foremost finding out about your current income. Creditors even call workplaces of applicants to verify whether they work there or not. By its very nature of being unsecured, it means creditors have to be even stricter with the income requirement. Creditors have to know whether the applicant has an adequate income to cater for the loan they obtain from them.

Loan amount

The amount of loan that an applicant requests for should never exceed the amount that the creditor can provide. Again, it shouldn’t exceed your current income lest you become incapable of repaying your loan.


Getting unsecured loans in NZ is easy. As a prospective applicant, you just have to fulfill the requirements needed for you to be granted with an unsecured loan, and that is all.

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