The Cooperative Bank Personal Loan – Loan Review
The Cooperative Bank is customer-owned, offering personal loans with competitive rates and ethical banking values.
Applying does not commit you to any agreement.
The Co-operative Bank Personal Loan
The Co-operative Bank is customer-owned, meaning profits are shared with members. Personal loans from $1,000 to $50,000 with terms from 1 to 7 years. Rates start from 12.95% p.a. As a co-op, they aim to offer competitive rates and excellent personalised service.
Applications can be made online or in-branch. The Co-operative Bank has branches in major NZ cities and takes a personal approach to loan assessments. Each year, a portion of profits are returned to members as a profit share payment.
No early repayment fees on variable rate loans. To receive annual profit shares, you need a transaction account with the bank.
✓ Pros
- Customer-owned – annual profit share
- No early repayment fees
- Competitive rates
- Personal service
✗ Cons
- Fewer branches than major banks
- Maximum $50,000
- Must become a member
Loan Example
Example: $10,000 over 36 months at 12.95% p.a. = approx. $337/month.
Loan Requirements
- ✓ NZ citizen or permanent resident
- ✓ 18 years or older
- ✓ Regular income
- ✓ Good credit history
- ✓ Valid NZ ID
Loan Features
- Customer-owned bank
- Competitive rates
- $1,000 to $50,000
- Transparent fee structure
- Ethical banking values
Frequently Asked Questions
1-3 business days after submitting your application.
The minimum amount at The Cooperative Bank Personal Loan is $1,000.
Yes, The Cooperative Bank Personal Loan offers an online application process. Visit their website to apply.