Baywide tops personal loan ratings

NZCU Baywide has topped the Canstar personal loan ratings. PHOTO/FILE

Hawke's Bay-based NZCU Baywide has topped the latest Canstar personal loan ratings for its secured and unsecured personal loans, awarded Canstar 5 star ratings following a review of 30 loan products from 10 providers.

A Canstar 5-star rating represents a high-value product that is in the top 10 percent of products in its category.

Canstar compared all types of secured and unsecured personal loans across an array of characteristics such as purpose, pre-approval availability, security requirements, deposit requirements, repayment capabilities and channels of availability.

Baywide's general manager of sales, marketing and channels Andrew Quayle said Baywide's "simple" approach to personal lending made it easier for borrowers "and where possible offering a lower interest rate than a lot of competing banks and credit/store cards".

"The outcome is New Zealanders having more money in their pocket each week," he said.

"It's important for us to be best-in-class when it comes to our personal lending products and that we are focussed on what's best for our customers."

Baywide also has a five star Canstar outstanding-value award for its Online Saver product.