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First Credit Union – Loan Review

★★★★★ 4.1 / 5 (0 reviews)

First Credit Union offers member-owned personal loans in New Zealand with competitive rates and ethical lending values.

Amount $500 – $30,000
Rate from 12,95 %
Term 6 – 60 months
Approval 1-3 business days
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First Credit Union

First Credit Union is a member-owned financial cooperative based in Hamilton, New Zealand. Personal loans from $500 to $30,000 with terms from 6 months to 5 years. Rates start from 12.95% p.a. As a credit union, all profits are returned to members through better rates, lower fees and community support.

Applications can be made online or in-branch. First Credit Union has branches in Hamilton, Auckland and Christchurch. Membership is open to all New Zealanders and requires a small share deposit. Approval typically takes 1-3 business days.

First Credit Union charges no monthly account fees on personal loans and no early repayment penalties. They are a member of the New Zealand Association of Credit Unions (NZACU).

✓ Pros

  • Member-owned – profits returned to members
  • No monthly account fees
  • No early repayment fees
  • NZACU member – regulated and trusted

✗ Cons

  • Must become a member
  • Limited branch network
  • Maximum $30,000

Loan Example

Example: $5,000 over 24 months at 12.95% p.a. = approx. $238/month.

Loan Requirements

  • ✓ NZ citizen or permanent resident
  • ✓ 18 years or older
  • ✓ Must join First Credit Union as a member
  • ✓ Regular income
  • ✓ Valid NZ ID

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.