Reviews collected under Lending Room - the team behind Payday Advance NZ.
Secured Loans NZA secured loan uses an asset as security, which typically means larger loan amounts and lower interest rates. Apply once and we match you to the right lender from our panel of 20+ vetted NZ lenders. One application, one soft credit check.
Understanding the difference helps you choose the right option for your situation. Both are available through Payday Advance NZ.
You offer an asset such as a vehicle, boat or other registered property as security against the loan. Because the lender has something to secure the debt against they can typically offer larger loan amounts and lower interest rates.
No asset is required as security. The lender assesses based on your credit history, income and overall financial situation. Typically carries a higher interest rate than a secured loan of the same amount.
The type of security you can offer depends on the lender. Here are the most common options accepted on our panel.
A car, truck, van or other registered vehicle can be used as security for a personal or asset finance loan. The vehicle generally needs to be owned outright or near-outright with no existing finance holding first claim.
A registered boat, launch, jetski or other watercraft can be offered as security against a secured loan. Vessel age, condition and type may affect which lenders are available.
Machinery, plant or business equipment can sometimes be used as security for a business loan. Eligibility depends on the type of equipment, its age and condition and the lender's criteria.
Other assets may be accepted depending on the lender. Apply and our team will confirm what is available for your specific situation when we review your application.
Important: asset at risk
If you take out a secured loan and are unable to meet repayments, the lender may repossess the asset used as security. Make sure repayments are affordable before proceeding. Our team will help you work through the numbers before you commit to anything.
Estimate your repayments below. Actual rates and fees depend on your profile, the asset offered as security and the lender.
Calculator is a guide only. Actual rates, fees and repayments depend on your profile, the asset offered as security and the lender. Rates from 8.99% to 29.95% p.a. (AIR). Broker fee of up to $1,500 applies on successful funding.
One 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 your loan amount, purpose and basic situation including details of the asset you plan to offer as security. Just the once.
We run a soft credit check and match you to the lender on our panel most suited to your asset type and financial situation. No credit score impact from our check.
Our team contacts you with your approval and walks you through to settlement. The lender registers a security interest in the asset. Funds go straight to your account. Same-day funding possible.
We help employed New Zealanders with a good credit history and a suitable asset access secured lending at competitive rates.
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. Apply and our team will confirm what is possible for your situation.
You have an asset to offer as security
A vehicle, boat or other registered asset that meets the lender's criteria. The asset generally needs to be owned outright or near-outright with no existing finance holding first claim.
You need between $3,000 and $250,000
Loan terms from 6 to 84 months. The amount available depends on your credit profile and the value of the asset offered as security.
What to have ready
Having these on hand will speed up your assessment.
Your NZ driver licence or passport
3 months of bank statements
Details of the asset you are offering as security
Details of any existing loans or debts
Vehicle or vessel registration documents if available
Rated 5 out of 5 on Trustpilot
Common questions about secured loans through Payday Advance NZ.
Can't find what you're looking for? Contact our team
A secured loan uses an asset as security against the debt. This typically allows the lender to offer a larger loan amount at a lower interest rate because they have recourse to the asset if repayments are not met. An unsecured loan requires no security but usually carries a higher rate and has a lower maximum loan amount.
If you are unable to meet repayments on a secured loan the lender may repossess the asset used as security. This is the key risk of a secured loan and it is important to make sure repayments are affordable before proceeding. Our team will help you work through the numbers before you commit to anything.
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.
In most cases no. If there is existing finance on a vehicle the lender who holds the security has first claim. Typically the asset needs to be owned outright or near-outright for it to be used as security for a new loan. Our team will confirm this when we review your application.
When a lender takes security over an asset they register a security interest on the Personal Property Securities Register (PPSR). This is a public register that records security interests in personal property. Registration does not mean the lender takes possession of the asset - you keep and use the asset as normal. It does mean the lender has a legal claim over the asset if you default on the loan. The registration is removed once the loan is repaid in full.
The minimum is $3,000 and the maximum is $250,000 depending on the lender, the value of the security and your personal circumstances. Loan terms range from 6 to 84 months. Larger amounts and longer terms are generally more accessible through secured lending than unsecured lending.
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 anything is finalised. Lender establishment fees may also apply depending on the lender.
A secured loan is a personal loan where you offer an asset as collateral against the debt. Because the lender has something to recover if repayments are not met, secured loans typically come with lower interest rates and access to larger loan amounts than unsecured lending of the same value.
In New Zealand the most common assets used as security for personal loans are vehicles, boats and other registered assets. The lender registers a security interest in the asset on the Personal Property Securities Register (PPSR). This does not mean the lender takes possession of the asset - you keep and use it as normal. It does mean they have a legal claim over it if you default on the loan, and that registration is removed once the loan is repaid in full.
The key difference between a secured and unsecured loan is whether you offer an asset as collateral. Both are available through Payday Advance NZ and which is right for you depends on your loan purpose, the amount you need to borrow and whether you have a suitable asset to offer.
A secured loan makes sense when you need to borrow a larger amount, want access to a lower interest rate or have an asset available that meets the lender's criteria. If you are financing a vehicle or a boat the asset you are purchasing is often used as the security for the loan itself. Secured loans also suit borrowers whose credit profile may not qualify for the best unsecured rates but who have a valuable asset to offer.
An unsecured loan makes sense for smaller amounts, situations where you do not have a suitable asset to offer or where you prefer not to put an asset at risk. While unsecured loans typically carry a higher rate they are faster to arrange and have fewer conditions attached. They are also appropriate for loan purposes like travel, home renovation or medical costs where there is no physical asset being purchased.
Not sure whether to go secured or unsecured? Apply once and our team will help you work out the right option for your situation. We present both options where available so you can make an informed decision before committing to anything.
The most common assets accepted as security by lenders on our panel are registered vehicles including cars, trucks and vans, boats and watercraft, and in some cases business equipment or machinery. The asset generally needs to be owned outright or near-outright. If there is existing finance on a vehicle the lender who holds the current security has first claim, which typically prevents it from being used as security for a new loan.
The value, age and condition of the asset will be assessed by the lender as part of the application process. A newer asset with a clear market value is easier for a lender to assess and typically results in better terms. Older assets or those in poor condition may attract fewer lender options or require a higher deposit.
Using a vehicle as security is the most common form of secured personal lending in NZ. The lender registers a PPSR interest against the vehicle's registration number. You keep driving the vehicle as normal. If you sell the vehicle while the loan is active the buyer will see the security interest on a PPSR search - which is why private vehicle buyers should always run a PPSR search before purchasing.
Registered boats and watercraft can be used as security in the same way as vehicles. Marine asset finance is a specialist area and our panel includes lenders who understand the marine market and can assess vessel values accurately. Vessel age, condition, engine hours and type all affect which lenders are available and the rates offered.
The Personal Property Securities Register (PPSR) is a government-administered register of security interests in personal property in New Zealand. When a lender takes security over an asset they register their interest on the PPSR. This creates a public record that the asset is subject to a security interest.
For borrowers this means a few practical things. First, if you want to sell the asset while the loan is active you need to either repay the loan or have the buyer assume the debt - otherwise the security interest follows the asset to the new owner. Second, running a PPSR search on a vehicle or asset you are thinking of purchasing is always advisable - it reveals any existing security interests that could affect your ownership.
If you take out a secured loan and are unable to meet repayments the lender may repossess the asset. Always make sure repayments are affordable before proceeding. Our team will walk you through the full repayment schedule and total cost of the loan before anything is finalised.
Applying takes about 5 minutes. You will need your NZ driver licence or passport, three months of bank statements, details of the asset you are offering as security and details of any existing loans or debts. If you are financing a vehicle or vessel the details of the asset you plan to purchase will also be needed.
We run a soft credit check during our assessment which does not affect your score. We then match you to the lender on our panel most suited to your situation and contact you with your options. Our team will explain everything clearly before anything is finalised - rate, fees, term and what happens to your asset in various scenarios.
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 match you to the right lender from our panel of 20+ vetted NZ lenders. Our team will help you work out whether a secured loan is right for your situation and walk you through the full terms before anything is finalised.
