Posted January 2017 by Melissa Abraham-Smith
NZCU Baywide has been rated at the top of New Zealand’s “outstanding value” lenders of secured and unsecured personal loans.
The leading credit union was one of only two providers to gain two Canstar 5 star ratings in both categories. Canstar tested 30 loan products from 10 providers.
NZCU Baywide GM Sales, Marketing & Channels Andrew Quayle said the two 5 star outstanding value ratings provide existing and new customers with the confidence that their loan products are best practice.
“It’s important for us to be ‘best in class’ when it comes to our personal lending products. Our approach to personal lending is simple; it’s about making 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 customers having more money in their pocket each week.
“It’s easy for us to say how great our products are but to get accolades from a trusted independent rating organisation proves that we are focussed on what’s best for our customers,” Mr Quayle said.
A Canstar 5-star rating represents a high-value product that is in the top 10 percent of products in its category.
The methodology 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.
The Canstar Secured Loan category rated finance products for the purchase of a car and are available for the loan amount of $20,000 over a 5 year term. Unsecured loans of $10,000 over a 3 year loan term were rated for either debt consolidation (including loans exclusively for debt) or holidays .
Earlier this year NZCU Baywide was awarded a Canstar outstanding value award for its Online Saver product. To cap off a successful year the 16 branch strong credit union announced a record $2.0 million operating surplus and investment in an ultra-modern tier one core banking system.
“The award wins are a significant achievement for us. Our front line and back office teams put such a huge effort into servicing our customers. It’s great to have these awards to recognise this and to show the rest of the country there is a credible alternative to a mainstream bank for personal lending,” Mr Quayle said.
“Credit unions in New Zealand are customer owned. We source all our funds we lend domestically and this can make it harder to better the market.
“Being customer owned, any profits we make are able to be used to offer better rates and service to current and new customers. The outstanding value awards acknowledge this and we hope word will spread across the country to try a credit union as opposed to a mainstream bank.
The company has been focused on extending its reach across New Zealand via its website www.nzcubaywide.co.nz for personal loans and savings.
“We have seen a big lift in the volume of enquiry and loans paid out to customers across the country. We know we need to be accessible anywhere and anytime to meet changing customer needs in this space - it’s something we are constantly working to improve on.”
ABOUT NZCU BAYWIDE
NZCU Baywide is a 100 percent New Zealand owned credit union with a 16 branch network throughout the central and lower North Island and a nationwide online lending website servicing the needs of everyday kiwi’s. It was originally established in Hawke’s Bay in 1971 as the Whakatu Freezing Works Employee’s Credit Union.
NZCU Baywide’s head office is in Hastings, Hawke’s Bay.
For more information please contact NZCU Baywide GM Sales, Marketing and Channels Andrew Quayle 027 501 5112