Reviews collected under Lending Room - the team behind Payday Advance NZ.
Debt Consolidation NZMultiple repayments adding up to more than they should? We match you to specialist debt consolidation lenders from our panel of 20+ vetted NZ lenders. One application, one soft credit check, one fixed repayment.
See how a lower-rate consolidation loan compares to what you are paying now. Actual rates and fees depend on your profile and the lender.
At your current rate
With consolidation loan
Based on the rates above. Actual saving depends on your profile and the lender offer.
Calculator is a guide only. Actual rates, fees and repayments depend on your profile and lender. Rates from 8.99% to 29.95% p.a. (AIR). Broker fee of up to $1,500 applies on successful funding. Credit cards in NZ typically charge 20% to 28% p.a.
Most types of unsecured and secured debt can be rolled into a single lower-rate consolidation loan.
Replace high-interest credit card balances - typically 20% to 28% p.a. - with one lower-rate loan and a clear repayment schedule with a fixed end date.
Combine multiple personal loans into one. Simplify your repayments and potentially reduce your total interest cost with a single fixed-rate loan.
Roll an existing car loan in with other debts if it makes financial sense for your situation. Our team will confirm whether this is the right move before you commit.
Multiple BNPL accounts can add up quickly. Consolidating them into a single loan gives you a clear picture, a fixed repayment and a definite end date.
Store cards typically carry some of the highest interest rates available in NZ. Consolidating them into a lower-rate loan can make a meaningful difference to your total interest paid.
Apply once and our team will confirm what can be included and whether consolidation makes financial sense for your situation. No obligation to proceed.
Check My OptionsConsolidation works well in some situations and less well in others. Here is how to tell the difference.
Consolidation likely makes sense if...
Consider carefully if...
Not sure if consolidation is right for your situation? Apply once and our team will help you work out if it makes financial sense before you commit to anything.
Talk to our teamOne short form. We handle the matching, the follow-up and the hard work - you just wait for your best deal.
Takes about 5 minutes. Tell us the total amount you want to consolidate and your basic situation. Have your current balances and interest rates handy to speed things up.
We run a soft credit check and match you to the consolidation lender on our panel most likely to get you the best deal across rate, terms and fees. No credit score impact from our check.
Once approved and settled the new lender pays out your existing debts directly in most cases. You are left with one loan, one repayment and a clear end date. Funding can happen the same day.
We help employed New Zealanders with a good credit history simplify and reduce their debt. Most people who apply are surprised by what they can access through our panel.
You are employed or self-employed with regular income
Full-time, part-time and self-employed income with verifiable earnings may be accepted depending on the lender.
You are a NZ citizen, resident or eligible visa holder
Open and employer-specific work visas with at least 13 months remaining are accepted.
You have a clean or near-clean credit history
We work with borrowers who have a clean or near-clean credit record. We do not accept applications from borrowers with significant defaults or serious credit issues.
You have between $3,000 and $250,000 to consolidate
Consolidation loan terms from 6 to 84 months. The exact amount available depends on your credit profile and the lender.
What to have ready
Having these on hand will speed up your assessment considerably.
Your NZ driver licence or passport
3 months of bank statements
Details of all debts you want to consolidate
Current balances and interest rates for each debt
NZ bank account and mobile number
Rated 5 out of 5 on Trustpilot
Everything you need to know before you consolidate.
Can't find what you're looking for? Contact our team
We run a soft credit check during our assessment which does not appear on your credit file or affect your score. Once we match you to a lender some accept our soft check while others may run their own standard credit check as part of their process. We will let you know before we submit anything.
Most personal debts can be consolidated into a single loan including credit cards, personal loans, hire purchase agreements, store cards, BNPL accounts and overdrafts. Tell us what you owe and we will match you to the lender best suited to your situation.
In many cases yes - particularly if your existing debts carry high interest rates such as credit cards at 20% p.a. or more. By rolling them into a single lower-rate loan you reduce the total interest paid and simplify your repayments into one fixed amount. The actual saving depends on your current rates, the new rate offered and the loan term. Use our calculator above to estimate your potential saving.
The minimum is $3,000 and the maximum is $250,000 depending on the lender and your personal circumstances. Loan terms range from 6 to 84 months.
Yes. Existing car loans and personal loans can typically be included in a consolidation loan. The new lender will pay out your existing debts directly in most cases. Our team will confirm exactly what can be included when we review your application.
Same-day funding is possible for applications approved before 12pm on business days. Most applicants hear back the same day they apply.
We work with employed borrowers who have a clean or near-clean credit record. If your credit history has been affected by the debts you are looking to consolidate, apply and our team will assess what is possible. We do not accept applications from borrowers with significant defaults or serious credit issues.
A broker fee of up to $1,500 applies when your loan is successfully funded. This fee is added to your loan amount and is GST inclusive. It is disclosed clearly before you commit to anything and you are never under obligation to proceed. Lender establishment fees may also apply depending on the lender.
Debt consolidation in New Zealand means taking out a single new loan to pay off multiple existing debts - credit cards, personal loans, hire purchase, store cards or BNPL accounts - and replacing them with one fixed repayment at a single interest rate. The goal is to reduce the total interest you pay, simplify your finances and give yourself a clear, fixed end date for becoming debt free.
In NZ, debt consolidation loans are available from banks, credit unions and specialist non-bank lenders. Rates vary significantly between lenders which is why matching you to the right lender for your specific debt profile is where a broker like Payday Advance NZ adds real value. One application reaches 20+ lenders with one soft credit check that does not affect your score.
The potential saving from debt consolidation depends on the gap between your current interest rates and the rate on your new consolidation loan. Credit cards in NZ typically charge between 20% and 28% p.a. A consolidation loan through Payday Advance NZ starts from 8.99% p.a. - a significant difference that can translate into thousands of dollars saved over the life of the loan.
On $15,000 of credit card debt at 21% p.a. over 36 months, the total interest paid would be approximately $5,100. The same amount consolidated at 12.95% p.a. over the same term would cost approximately $3,050 in interest - a potential saving of over $2,000. Use our calculator above to estimate your own saving.
The actual saving depends on your current interest rates, the new rate you are offered and the loan term you choose. A shorter term means less total interest but higher monthly repayments. A longer term reduces your monthly payment but increases the total interest cost. Our team will walk you through the numbers before you commit to anything.
Consolidation loan rates in NZ currently range from 8.99% p.a. to 29.95% p.a. The rate you are offered depends on several factors that vary by lender - which is why matching you to the right lender matters.
Your credit score and payment history are the primary factors. A clean record with no missed payments or defaults unlocks the lowest rates. If your credit has been affected by the debts you are consolidating, apply and our team will assess what is achievable.
Lenders want to know you can comfortably service the new consolidated loan. Full-time employment with a stable income is viewed most favourably. Self-employed and part-time borrowers with verifiable regular income can also qualify depending on the lender.
The total amount you want to consolidate affects which lenders are available and at what rate. Larger amounts may require more documentation or a secured loan depending on your profile and the lender's criteria.
The term you choose affects both the monthly repayment and the total interest paid. A shorter term costs less in total interest but requires higher monthly repayments. Use the calculator above to find the right balance for your situation.
Always compare the total repayable amount - not just the interest rate. A lower rate with a significantly longer term can end up costing more in total interest than your current debts. Our team will always show you the full cost of any offer before you commit.
Credit card debt is the most common type of debt that NZ borrowers consolidate - and for good reason. Credit cards typically charge between 20% and 28% p.a. and are designed as revolving facilities meaning the balance can carry on indefinitely with only minimum payments. A consolidation loan replaces the revolving balance with a fixed-rate loan on a set term so you know exactly when the debt will be gone.
The key discipline with credit card consolidation is not to rebuild the card balances after consolidating. If you continue using the credit cards at the same rate after consolidation you will end up with both the new loan repayment and new card balances to manage. Many borrowers choose to close or reduce their credit card limits after consolidating to prevent this.
If your credit cards are close to their limits and you are only making minimum payments, consolidation can significantly reduce your monthly outgoings while also reducing the total interest you pay - provided the new loan rate is meaningfully lower than your current card rates.
Before applying, write down every debt you have - the balance, the interest rate and the monthly repayment. This helps you understand your total position and gives us the information we need to match you to the right lender quickly.
Every direct application leaves a hard credit check on your file which can lower your score and make lenders more cautious. Applying through Payday Advance NZ means one soft check that does not affect your score while reaching 20+ lenders on your behalf.
A longer term reduces your monthly repayment but increases the total interest paid. Choose the shortest term where the monthly repayment is comfortably within your budget. Even a 12-month reduction in your term can save hundreds in interest.
Consolidation often reduces your total monthly repayments. The freed-up cash is most effectively used to make extra repayments on the consolidation loan or to build an emergency fund - not to increase spending or rebuild the card balances you just paid off.
Consumer credit in New Zealand is regulated under the Credit Contracts and Consumer Finance Act (CCCFA) which requires lenders to assess affordability, disclose all fees clearly and treat borrowers responsibly. As a licensed financial services broker registered on the FSPR, Payday Advance NZ operates in full compliance with these regulations.
When you apply through our platform we assess your situation using a soft credit check that does not affect your score. We then match you to the consolidation lender on our panel most likely to approve your application at the best overall rate across rate, fees, term and fit for your situation. You receive one clear offer explained in full with no obligation to proceed.
Payday Advance NZ is operated by the same team behind Lending Room - one of New Zealand's most trusted loan brokers with over 1,030 five-star Trustpilot reviews. The same lender panel, the same service standards and the same commitment to finding you the best deal.
Apply in 5 minutes. One soft credit check. We compare 20+ NZ lenders and match you to the right consolidation lender for your situation. No obligation at any stage.
