Back To School Loans
Every year the kids return to school and the finances take a huge hit, so a back to school loan is sometimes necessary. Being so close to Christmas this financial burden is only compounded. If you need to cover the cost of the kids school expenses, read more about our back to school loans and see if it's right for you.
Why get a back to school loan
The return to school is never cheap. It’s not just the classroom equipment that the kids need, but clothing, sports gear, backpacks, shoes and all of the things you bought last year that didn’t survive for another school term.
- Textbooks, reading books and required classroom resources.
- Stationary and other supplies. This could be pens, colouring equipment, expensive calculators, graphics equipment or any other specialised classroom accessories
- Uniforms. These are never cheap and have a very short shelf life thanks to the kids rapid growth and carefree attitude towards them.
- School donations. Generally these are voluntary, so it’s something to consider when comparing with essential school items.
- A device for the classroom, usually a laptop of tablet.
- Summer sports events, school camps and field trips.
Features of a Pronto back to school loan
Our back to school loans are designed so you can cover the school costs, and spread the payments out over the year. We understand that Christmas takes a huge toll on all of our finances. And when you’re faced with hundreds, sometimes thousands of dollars to get the kids ready for class, a back to school loan is sometimes the best option. When looking at loans, you want to make sure you’re getting the best deal. Our back to school loans have a number of benefits:
- Low interest rates. Starting at 11.97%. If you’re able to use your car as security and have a good credit rating, you’ll be rewarded with a fairer annual interest rate. See our costs of borrowing here.
- Fixed repayments. You can spread the cost of the school expenses over an extended period of time, with a fixed repayment set by yourself. Unlike other lenders we let you select a repayment amount that works for you.
- Easy online application. You can access your back to school loan on any device, with a simple four minute application. You could even do it while you’re sitting in the stationary store and have the funds advanced with our 9 minute guarantee.
- No early repayment fee. If you decide to pay the loan off early we will never charge a penalty for doing so, which means you save money on interest and get out of debt sooner.
Back to school costs in New Zealand
It doesn’t matter if you live in Auckland on the North Shore or Tauranga in the Bay. Maybe you’re in windy Wellington or down South in Christchurch, Dunedin or Invercargill. The cost of getting the kids back to school is something that affects every parent in New Zealand.
- In 2016 the Australian Scholarships Group (ASG) Planning and Education Index predicted it would cost $37,113 for 13 years of state school
- The cost of the same child to go to an integrated school for thirteen years was $104,437
- And for private school it would be $326,773 for a full thirteen years of education
Whilst our education system is largely covered by the Government, the additional expenses required for school children are huge. And it’s not always easy to cover these costs as Summer draws to a close.
A real life back to school story
Eleanor in Auckland has two kids and was faced with the increasing costs to get them ready for the new school year. With Christmas just a month earlier, it wasn’t easy to find the funds to kit the kids out. So she came to Pronto and we helped her out with a small personal loan to cover the back to school expenses. After getting a loan with our 9 minute processing promise, Eleanor was able to get everything she needed and spread the cost of it over the year. Her repayments were easy and affordable, and she plans to make the most of our no early repayment fee by clearing it asap. In her own words Pronto offered the ” best ever loan service” and it was “totally stress free.” See Eleanor’s review here.
Don’t waste time with banks or branches, get a back to school loan online
Our simple four minute application form means there is no need to print anything off when you apply. And our digital contract allows you to sign on a mobile. It makes the whole process of getting one of our back to school loans easier than learning your ten times tables. See just how quick it is to apply.
Need tips on getting ready for the school year
We regularly post tips on our Facebook page that can help out with budgeting and covering the cost of events such as the new school year. Take a look at our back to school blog post, which may help out when planning for next years school shopping.