Feel like your money problems never end? A personal loan could be an option to explore if you need cash fast. But, before you do anything, it's essential to consider how taking on a new loan affects your finances.

Personal loan tips.

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Tip 1: Don't borrow what you can't pay back.

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Tip 2: Be aware of your credit score.

<h2>Tip 4: Get weirdly into financial reports.</h2><ul><li>If you're going to the bank or a lender for a business loan, you'll need to have a credit report.</li><li>Get together all your expenses, outgoing costs, and expected incomes for your report.</li><li>If making reports isn't your thing (which for many, it isn't), consider going to a credit reporter, like <a href="https://www.equifax.co.nz/">Equifax</a>, <a href="https://www.illion.co.nz/">illion</a> or <a href="https://www.centrix.co.nz/">Centrix</a>.</li><li>Do check the report you get back — there might be mistakes, which you can query if you think they're wrong.</li></ul><p>&nbsp;</p><h2>Tip 5: Be a wise student, not a poor one.</h2><ul><li>If you're thinking about studying, check to see what loan you can get.</li><li>If you don't know, contact <a href="https://www.studylink.govt.nz/">Studylink</a> — they handle all student loans.</li><li>There are two loan types — allowance and loan.</li><li>Allowance is free, and you don't pay it back. It's based on your circumstances - check first to see if you qualify.</li><li>Student loans you do have to pay back. Try to take out as little of this type as you possibly can.</li></ul>

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Tip 6: Get a car you can afford.

Need help managing your money? Yonda's here for you.

<h4><span class="text-tiny"><i><strong>Disclaimer.</strong></i></span></h4><p><span class="text-tiny"><i>Info and tools on the Yonda website are used as a guide only and do not constitute financial advice. Use Yonda as a starting point and then seek professional advice.</i></span></p>

Loan tips

Are you thinking of going into business or getting a degree? Well, you're probably going to need to start thinking about loans. Here, we've got tips on applying for loans and mortgages, financing your car, starting school and even how much you should borrow. Plus, extra tips on how to stay safe online and ward off pesky cyber-attacks!

Getting a loan

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Choosing the right lender may depend on the type of loan you’re applying for, whether home, auto or something else. But whatever you’re after, improving your credit score will likely be a vital part of that decision making progress.

How do I know I'm choosing the right lender?

Managing your money can quickly feel overwhelming when you're busy living life, especially when emergencies suddenly break out. However, planning a budget and factoring in some wiggle room can save you a lot of hassle further down the road.

Personal finance tips.

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Tip 1: Plan a budget.

<h2>Tip 2: Apply the ‘<strong>50-20-30’ </strong>rule.</h2><ul><li>Spend 50% on necessities.</li><li>Put 20% towards your savings.</li><li>30% can go to whatever.</li><li>Or, if you like, try '60-20-10-10:<ul><li>60% on expenses.</li><li>20% for savings.</li><li>10% on long term goals.</li><li>And 10% on short-term fun!<br>&nbsp;</li></ul></li></ul><h2>Tip 3: Write down your purchases.</h2><ul><li><span style="color:#0E101A;">Start by adding up your income&nbsp;— that's all the money you've got coming in.&nbsp;</span></li><li><span style="color:#0E101A;">Then, subtract all your expenses<strong>&nbsp;</strong>— that's everything you spend (we do mean everything).</span></li><li>Once you have an idea of what you currently spend, start taking note of your purchases as you make them.</li><li>You can note this down on your phone, on a notepad or by making a scrapbook out of your receipts! If you go for this option, make sure to add up the online payments.</li></ul>

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Tip 4: Set long (and short) term goals.

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Tip 5: Carefully consider personal loans.

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Tip 6: If loans are for you, know your credit score.

Need a hand with your personal finance in NZ? Yonda’s here.

Personal Finance Tips

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Are you thinking about borrowing some money for a mortgage or car loan? There are many reasons to take out credit when we can’t afford the things we want (or need) in full.

What really happens when you take out credit?

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Buy now, pay later (or BNPL) loans are easy ways to get cash quickly. They have very few regulatory requirements around them, which often trips people up when it comes to taking out loans. 

How to use buy now pay later in a healthy way.

Everything you do affects your credit score, from paying bills to taking out credit cards and loans. Which in turn decides the interest rates you pay and whether you can get a loan at all!


Credit scoring tips.

Tip 1: Pay your bills. And credit cards.

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Tip 2: If you're going for something big, get a full credit report.

<h3>Tip 4: Don't apply too hard for credit.</h3><ul><li><span style="background-color:transparent;">If lenders see that many people have been checking your credit score, they might think you’ve been hunting for more loans than you can afford.</span></li><li><span style="background-color:transparent;">Don’t apply for too many credit cards either — it makes you look desperate.</span></li><li><span style="background-color:transparent;">Quotation enquiries are when credit providers look at your credit history without making a difference to your credit score.</span></li><li><span style="background-color:transparent;">Complete credit applications do make a difference, but just in the wrong way.</span></li><li><span style="background-color:transparent;">Too many complete applications will make it look like you're desperate for cash and drop your score.&nbsp;</span></li><li><span style="background-color:transparent;">So check what kind of enquiry you're getting when applying for either a loan or a financial checkup from a credit reporter.&nbsp;</span></li><li><span style="background-color:transparent;">And, if you're running a complete application before taking out a loan, make sure you need it first!&nbsp;</span></li><li><span style="background-color:transparent;">You can always use Yonda to check your credit score for free without it hurting your score in any way.&nbsp;</span></li></ul><p>&nbsp;</p><h3>Tip 5: Don't default, don't abandon.&nbsp;</h3><ul><li><span style="background-color:transparent;">If you’ve got a credit or store card you’re not using, cancel them.</span></li><li><span style="background-color:transparent;">Don't allow defaults or missing payments to stay on record.</span></li><li><span style="background-color:transparent;">Make a plan to pay them back instead of leaving them open.</span></li><li>Also — don't move your debts around between credit cards or shift credit over if applying for hardship. It's an actual red flag for lenders.</li></ul><p>&nbsp;</p>

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Tip 6: Build a credit history.

Hold on, dude!

Credit Scoring Tips.

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Home loans involve a lot of money and can quickly become complicated. But, because your house is likely to be the most expensive thing you ever buy, it’s worth getting right. 

Types of mortgages — what are they and how do they work?

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Deciding on a loan isn’t easy. It’s not always about finding the lowest figure upfront. You also have to consider what you can afford to pay now and in the future, which means deciding on things that haven't happened yet.

How to find the right loan for you.

Your mind probably jumps straight into deposits and percentages when thinking of mortgages. But there are a few other things to consider along the way, which add to the final offer you'll make on the house — things like your KiwiSaver and your credit score.

Mortgage finance tips.

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Tip 1: Pay lots, borrow little.

<h2>Tip 2: Use a KiwiSaver.</h2><ul><li>KiwiSaver allows you to set aside money for just this type of occasion.</li><li>You can contribute 3, 4, 6, 8 or 10%.</li><li>Consider contributing more if you're eyeing up a house right now.</li><li>Take advantage of things like the <a href="https://kaingaora.govt.nz/home-ownership/first-home-grant/">First Home Grant</a> or subsidies ($1,000 for every year you contribute to KiwiSaver).</li><li>Don't rely on subsidies, though — many schemes have caps on things like income, house prices and current debt.</li><li>Still, it's free money if you qualify! But find out if you're eligible first before you add it into your final budget.</li></ul><p>&nbsp;</p><h2>Tip 3: Make a budget.</h2><ul><li>Consider all your options — KiwiSaver, savings, weekly income, possible grants, subsidies, etc.</li><li>Shop around for homes and pay close attention to interest rates.</li><li>Use an online mortgage calculator if you're unsure what your deposit could get you.</li></ul>

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Tip 4: Talk to banks.

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Tip 5: Don't stick to a lender because it's convenient. 

<h2>Tip 6: Get a credit score check.</h2><ul><li>Lenders will look at a thing called a ‘<a href="https://yonda.nz/resources/what-are-credit-scores/what-is-a-credit-score">credit score</a>’ to assess your risk.</li><li>The higher the credit score number, the better lenders rate you for paying back bills on time and in full.</li><li>Get your credit score checked before you begin applying for homes. If it's a low number, maybe consider raising it first to get a better loan offer.</li><li>To raise your credit score, you can:<ul><li>Pay bills back on time.</li><li>Close open credit accounts.</li><li>Clear up bad debt.</li><li>Limit credit enquires.</li></ul></li></ul>

Mortgage Finance Tips.

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If you're planning to move to a place of your own, you've probably already started to think about mortgages. But before you start searching for real estate, are you able to answer this question — how much can I borrow for my mortgage?

How much can I borrow for my mortgage?

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Personal loans are a flexible way to get the cash you need quickly. But don't get tempted to start borrowing money straight away. Continually applying for loans could prevent you from gaining access to capital in future and bring down your credit score.

What's the deal with loans?

Cyber security is a big issue in NZ right now. With all our financial information online, it's essential to ensure that your accounts are secure and that you're not giving out important details to scammers.

Cyber security tips.

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Tip 1: Keep your social accounts private.

<h2><span style="color:#0E101A;">Tip 2: Check your bank statements.</span></h2><ul><li>If there's any suspicious activity, it should show up here.</li><li>See anything going out you don't remember signing up for? Talk to your bank, get your card suspended, or change access to your account.</li><li>If you lose a credit card, suspend it immediately. Then go in to talk to your bank branch or credit card supplier about a replacement.</li></ul><p>&nbsp;</p><h2>Tip 3: Back up your data.</h2><ul><li>Make sure everything you have online or on your device is backed up if you get locked out.</li><li>Keep your devices up to date by installing the latest security upgrades.</li></ul>

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Tip 4: Know your fraudsters. 

<h2>Tip 5: Be careful on free Wi-Fi</h2><ul><li>Network or hotspots and cafes around town are unsecured, so your information is a lot less private.</li><li>Don't<strong> </strong>do any banking or online shopping on a public network <span style="background-color:rgb(255,255,255);color:rgb(77,81,86);">—</span> you're much more likely to be seen.</li></ul><p>&nbsp;</p><h2>Tip 6: Get a credit check.</h2><ul><li>Monitor your credit score along with your bank statements. Your score dropping unexpectedly can be a clue that you've been hacked.</li><li>Getting a credit check helps you see who else has viewed your information.</li></ul>

Yonda: Helping you stay safe online.

Cyber Security Tips.

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Let’s face it — just about everyone is online now, and so is all our essential financial information. So paying attention to cyber security in NZ is pretty crucial if you want to keep your money where it belongs in your account. 

Keeping secure online.

Need a new set of wheels? Well, make sure you consider your options first. Bad loans can get you into heaps of trouble down the road.

Car finance tips

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Tip 1: Check YO options{dot}

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Tip 3: Consider a potential lease.

<h2>Tip 5: Think about package deals.</h2><ul><li>If you're sorting all your finances at once, what are the interest rates when signing with a bank?</li><li>Can your bank offer discounts if you have a mortgage, credit card or savings account?</li></ul><p>&nbsp;</p><h2>Tip 6: Look out for additional costs.</h2><ul><li>Don't jump straight onto the lowest interest rates.</li><li>Check for hidden fees.</li><li>Calculate all fees before striking any deals.</li></ul>

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Tip 7: Be prepared for change.

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Things to consider (our tips in a nutshell).

Car Finance Tips

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Are you looking for a new car? There are some excellent car financing options out there — but with so much to choose from, it’s hard to know where to start.


I need help financing my car.

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Deciding how much to borrow is a big question. A loan sets you up on that crucial first step towards your financial goals, such as buying a house or a new car. But getting a loan is also heavily weighted by what's on your credit history.

How much should I borrow?

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Studying is a great way to up-skill your career, or learn more about a subject. Whatever you decide to do, from a one-year training course to a full PhD, you’ll probably need some financial help along the way.


How do I apply for student loans?

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Are you starting a business but are unsure how to approach the bank for a loan? There are a few steps to follow, so here we’ve distilled our advice down into seven easy steps.

7 easy steps to get a business loan from a bank.

Getting a loan

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