Superloans: A Journey of Growth and Commitment
Superloans has been a part of New Zealand’s financial landscape since 2002, starting with a humble 100-square-meter office in Avalon. Over the years, it has grown to become a trusted name, serving communities across the region with dedication and adaptability.
From Pawn Loans to Express Loans
Superloans began its journey as a pawnbroker, offering Pawn Loans to provide immediate financial relief. For eight years, this remained the primary service. In 2010, the introduction of Express Loans marked a turning point, expanding their offerings to include short-term, unsecured loans with a 4-week term for amounts up to $500.
Today, Express Loans have evolved significantly to meet customer needs, now ranging from $500 to $15,000 . This shift demonstrates Superloans’ ability to adapt to changing financial demands while maintaining its commitment to providing accessible solutions.
A Strong Presence Across Communities
From its modest beginnings, Superloans has steadily expanded its footprint:
- 2003 : Opened a branch in Porirua
- 2004 : Launched in Wellington
- 2011 : Expanded to Hawke’s Bay with a branch in Napier
- 2018 : Further growth in Hawke’s Bay with a branch in Hastings
With five branches, Superloans has established itself as a local financial partner, serving diverse communities with tailored financial services.
A Customer-First Philosophy
At the heart of Superloans’ success lies its unwavering focus on community and customers. Despite its growth, the company remains committed to its founding ethos: to serve and empower individuals through financial solutions that address real needs.
Why Superloans is Different
Superloans is more than a lender—it’s a partner in your financial journey. Their Express Loans, which now account for 90% of their business, reflect their commitment to evolving alongside their customers’ needs while maintaining accessibility and reliability.
Superloans continues to grow, but their dedication to supporting local communities and putting customers first remains their cornerstone. This unique approach ensures they remain a trusted financial partner across New Zealand.
Types of Loans Offered by Superloans
Superloans provides a range of financial products designed to cater to diverse customer needs. Here are the main types of loans available:
Free Loan
A cost-free option for new customers, allowing access to funds without any initial interest or fees.
Express Loan
Short-term unsecured loans ranging from $500 to $15,000. These are designed for quick access to funds when you need them most.
Pawn Loan
Secured loans where personal items, such as jewelry or electronics, act as collateral until the loan is repaid.
Bad Credit Loan
Tailored for individuals with a less-than-perfect credit history, offering a chance to access funds while rebuilding financial credibility.
Beneficiary Loan
Specifically designed for those receiving government benefits, providing additional financial support when necessary.
First Loan
An option for first-time customers looking to establish a positive credit history with Superloans.
Each loan type is structured to address different financial circumstances, reflecting Superloans’ commitment to offering accessible and flexible solutions to New Zealanders.
Understanding the Costs of Superloans
Superloans provides a clear breakdown of fees and interest rates, ensuring borrowers are fully aware of the financial commitments involved. Here's what you need to know:
Express Loan Costs
Interest Rates :
- Ranges from 29.95% to 49.95% , depending on the loan amount and your Superscore.
Fees :
- Establishment Fee : $150 (for preparing your loan).
- Administrative Fee : $10 every 28 days (for ongoing management).
- Direct Debit Fee : $1.10 per scheduled payment.
- Manual Payment Fee : $3.00 per non-scheduled payment.
- Contract Variation Fee : $20 per loan term adjustment.
- Payment Variation Fee : $10 per payment adjustment.
- Defaulted Payment Fee : $10 for missed payments.
- Overdue Payment Fee : $20 every 28 days for loans in arrears.
- Prepayment Fee : $20 for early loan repayment.
Pawn Loan Costs
Pawn loans feature fixed fees based on loan amount and Superscore, applied every 28 days.
- Loan Amount $20 - $2,499 : Fees range from 28% to 32% .
- Loan Amount $2,500 - $4,999 : Fees range from 20% to 26% .
- Loan Amount $5,000 - $9,999 : Fees range from 14% to 18% .
- Loan Amount $10,000 - $15,000 : Fees range from 10% to 12% .
- Loan Amount Over $15,000 : Fees negotiated individually.
Interest Rates, APR, and Fees
Interest Rates :
- Superloans’ rates are capped at a maximum of 49.95% .
Annual Percentage Rate (APR) :
- The APR combines the interest rate and additional charges, providing a clear picture of the loan’s total annual cost.
Why APR Matters :
- Knowing your APR helps compare loan products and manage financial goals effectively. A strong credit score can lead to lower APRs, reducing overall borrowing costs.
Conclusion
Superloans stands out as a reliable financial partner for New Zealanders, offering a range of loan products tailored to meet diverse needs. With a clear and transparent cost structure, customers can confidently access funds while understanding their financial commitments. Whether it’s an Express Loan for quick cash or a Pawn Loan secured against valuables, Superloans provides flexible solutions with an emphasis on responsible lending. By being informed about interest rates, fees, and the importance of APR, borrowers can make empowered decisions, ensuring that their financial goals are achieved effectively and sustainably.