Thanks to the magic of technology, you can complete the whole application in your jammies from the comfort of your couch. Just make sure you have your NZ drivers licence or NZ passport handy, and access to your bank statements with the bills you want to get rid of.
Debt consolidation is when you take multiple loan, credit card and/or hire purchase payments, and combine them into one easy to manage loan. Use our debt consolidation loan to pay off the others in one hit so that instead of keeping track of lots of individual debt repayments, you only have the one payment. This is usually at a lower interest rate so that overall you save money and clear your debt faster. It’s a great way to help you get on top of your finances.
With peer-to-peer lending, the money for your loan comes from our investors, not the bank. This means a fair deal for everyone, and flexible terms. It also means it's our responsibility to only lend to those who pass our lending criteria with flying colours. You can read more about what ticks our boxes here.
Your interest rate depends on your credit history. These are the rates available for each risk grade:
|2 - 3 years||8.95% p.a.||11.45% p.a.||12.95% p.a.||15.95% p.a.||17.95% p.a.|
|5 years||9.95% p.a.||12.45% p.a.||13.95% p.a.||16.95% p.a.||18.95% p.a.|
Example: A borrowed amount of $10,000 over 2 years would result in repayments of $480 per month at 8.95% p.a. based on our highest A Grade risk grading. This monthly repayment includes a $500 Establishment fee. Affordability and credit criteria apply. Maximum borrowing amount reduces based on risk grade.
With a Squirrel Debt Consolidation Loan you can borrow anywhere between $3,000 and $50,000*.
And with peer-to-peer lending, the money for your loan is coming from our Investors, not a bank. This means that you should end up with terms that work for you and a sweet interest rate to boot.
See for yourself what our clients think with over 104 5 star reviews on Shopper Approved.
Waikato, New Zealand
This was the fastest easiest process I have ever experienced. Everything was done online. So quick and easy. I am very happy and will dealing with Squirrel for any financing I need in the future their interest rates are very fair also.EM
Auckland, New Zealand
They were super quick and easy to use, no hassles and now I can finish the renovations on the home. Would highly recommendSB
Auckland, New Zealand
Very satisfied with the service from Squirrel Money the whole system is very easy to use and super efficient. Hassle free and the interest rates make it affordable as well. Most certainly will use Squirrel again.HL
Hawke's Bay, New Zealand
Quick easy application and great communication, very happy with the service at a reasonable rate. Thanks SquirrelDL
Wellington, New Zealand
Thank you fro the promp action on my request. I experianced the interaction as positive and well informed. Thank you. Kind regards DaleenPG
Whangaparaoa, New Zealand
Hi It was a pain free experience and very professional. The interest rates are excellent and a very fast loan process. Thank youHC
Auckland, New Zealand
Straight through hassle free process. Timely notifications from the team on each step of the way. Approachable, friendly and easy.T
Christchurch, New Zealand
Absolutely great experience with these guys Easy application, all online and money was in my bank the next day. Definately recommend and would use againU
Our rates are fixed for the life of the loan so your repayments won’t change. You’ll know exactly when you’ll be all paid off!
We offer a fair and transparent deal. With our great rates, you could pay less interest and take control of your debt.
We offer flexible loans, on your terms so you’ll know exactly how much you’re paying and when you’ll be debt-free.
No need for meetings and paperwork. Apply and manage your loan entirely online. Just make sure you have the following items handy - an online banking account (or 3 months’ bank statements and payslips) and a NZ Driver’s license or NZ Passport.
Through the concept of peer-to-peer, your loan is funded by Joe Bloggs down the road who has invested their extra cash into our platform. Think of it like Tinder for money; we match their investment with someone like you that's keen to borrow. Win-win!
Just in case, here are questions other people have asked about debt consolidation. If you're still unsure, give us a bell on 0800 21 22 33.
We’re not the right lender for everyone. Our focus is on high quality creditworthy borrowers earning an income of at least $25,000 per year (you also can’t be earning the majority of your income from Government benefits). If you’re not good with money and have poor account conduct or a poor credit file, then we are unlikely to lend to you. Check out our Borrower profile page for more info.
This is a common misconception. Having some debt doesn't necessarily mean you're bad with money or you have a bad credit rating. Our debt consolidation loan is the smarter option for people who have borrowed elsewhere responsibly and want to get a better deal on their existing repayments.
Our fees range from $0 to $500 depending what kind of loan you're after. For a full list of our fees check out our fees page.
Squirrel hosts its data with Microsoft Azure – one of the largest cloud computing companies in the world. We also encrypt all personal and sensitive data.
We use an online verification tool – Credit Sense (a highly secure Australian Credit Reporting Body) to view your bank information. The Credit Sense process is quick, convenient and secure and allows us to process your loan.
While you're required to provide your internet banking login details during the Credit Sense process in our application, neither Squirrel or Credit Sense sees or stores your internet banking credentials. Your credentials are encrypted when you enter them, passed to your bank to allow us read only access to your transaction history, and then permanently deleted. If you'd like more info on Credit Sense, you can read more about how safe it is here.