Backed by Latitude Financial Services, which looks after more than 1.8 million customers across New Zealand and Australia.
What you need to know about this loan
- Loan amounts offered: Not fixed to a single published range, your available amount is confirmed with your personalised rate estimate
- Loan terms (monthly): Choose your term, with weekly, fortnightly, or monthly repayment options
- Payment methods: Weekly, fortnightly, or monthly repayments, with a choice of Fixed or Variable rate
- Interest rate: Secured loans from 8.99% p.a. to 28.99% p.a.; unsecured loans from 9.99% p.a. to 29.99% p.a. (your individual rate depends on personal circumstances; an establishment fee applies, confirm the current amount on Gem’s site before publishing, see note below)
Pros
- Fast rate check: get an indicative rate estimate online in under 2 minutes with no impact to your credit score.
- Quick funding: once your contract is signed, funds can land in your account in less than 24 hours.
- Choice of rate type: pick a Fixed Loan for payment certainty or a Variable Loan for extra flexibility.
- No early repayment fees: pay the loan off sooner without being charged a penalty for it.
- Redraw facility: variable Rate Loan holders who get ahead on repayments can redraw extra funds when they need them.
Cons
- Rates can climb steeply: on the unsecured, higher-risk end, rates run as high as 29.99% p.a.
- Establishment fee applies: an establishment fee is added on top of the loan amount and interest (confirm the current amount on Gem’s site before publishing, see note below).
Why Choose Gem for your loan?
ANZ doesn’t publish one fixed rate online, you find out after applying. Gem shows secured rates from 8.99% p.a. upfront, with a 2-minute online estimate.
ASB no longer offers secured personal loans, only unsecured at a flat 13.90% p.a. Gem still offers secured loans, with rates starting from 8.99% p.a.
BNZ’s Advanced Personal Loan is only open to people who are already BNZ customers. Gem accepts new applicants too, with funds possible within 24 hours of signing.
Westpac’s standard personal loan rate is 13.90% p.a. Gem’s secured rate can start lower, from 8.99% p.a., for borrowers who qualify.
Heartland Bank has stopped offering unsecured personal loans to new customers altogether. Gem remains open to new secured and unsecured applicants alike.
How to apply for your Gem Consolidation Loan
Ready to trade multiple bills for one easy payment? It takes just 2 minutes to check your rate online, with no impact to your credit score, and if you’re approved, your funds could be in your account within 24 hours of signing. There’s nothing to lose by checking where you stand.