First Credit Union – Loan Review
First Credit Union offers member-owned personal loans in New Zealand with competitive rates and ethical lending values.
Applying does not commit you to any agreement.
First Credit Union
First Credit Union is a member-owned financial cooperative operating in New Zealand. Unlike banks, credit unions return profits to members through lower loan rates and better savings rates.
Personal loans range from $500 to $30,000. Members can apply in person or online. Because credit unions assess applications individually, they can often assist members who may not qualify at mainstream banks.
Interest rates typically start from 12.95% p.a. for personal loans. Membership is open to most New Zealanders. A small membership share (around $50) is required when joining.
✓ Pros
- Member-owned, fair values
- Individual assessment — can help where banks decline
- Competitive rates for members
✗ Cons
- Membership share required to join
- Lower maximum loan than banks
Loan Requirements
- ✓ Become a First Credit Union member
- ✓ Regular income
- ✓ Aged 18 or over
- ✓ Valid NZ ID
- ✓ Proof of address
Loan Features
- Member-owned cooperative
- $500 to $30,000
- Individual credit assessment
- Competitive rates
- Ethical lending values
Frequently Asked Questions
1-3 business days after submitting your application.
The minimum amount at First Credit Union is $500.
Yes, First Credit Union offers an online application process. Visit their website to apply.