GEM Finance — also known in New Zealand as Gem Visa, Gem Money, or Latitude Gem Finance — is one of the country’s most widely used consumer finance brands. Known for offering personal loans, Visa cards, instalment finance, and retailer payment solutions, GEM has positioned itself as a flexible alternative to traditional bank lending.

But with multiple finance products, variable interest rates, and different loan structures, deciding whether Gem Finance is right for you requires understanding how its loans work, what fees you may face, and how it compares with other New Zealand lenders.

This in-depth guide covers everything you need to know about Gem Finance in NZ — including types of finance available, interest rates, eligibility criteria, pros and cons, and how it stacks up against other non-bank lenders.

What Is GEM Finance?

Gem Finance is operated in New Zealand by Latitude Financial Services, a major Australian-based lender with millions of customers across Australasia. In NZ, GEM is a well-known provider of:

• Personal loans
• Credit cards and store cards
• Interest-free retail finance
• Instalment plans at major retailers
• Online shopping finance
• Large-purchase deferred payment deals

GEM markets itself as a fast, flexible, and accessible finance option for everyday New Zealanders who want quick loan approvals or promotional interest-free payment plans.

Unlike traditional banks, GEM specialises in consumer finance and retail credit — meaning approval processes are often automated, and funds can be released faster than most standard bank loans.

What Financial Products Does GEM Finance Offer?

GEM provides a range of finance solutions designed for personal spending, large retail purchases, and general borrowing.

Below is a detailed breakdown of each product.

GEM Personal Loans

Personal loans are one of GEM’s primary lending products. Borrowers can apply for funds to cover:

• Home improvements
• Travel expenses
• Debt consolidation
• Medical or dental treatment
• Vehicle repairs or upgrades
• Household items or furniture
• Emergency costs
• Wedding or event expenses

GEM offers unsecured personal loans, meaning no asset (like your car) is required as collateral. Loans typically range from small amounts up to $30,000 or more, depending on income and credit.

Because these loans are unsecured, interest rates are higher than secured loans from traditional lenders — but the trade-off is faster approval and less documentation.

If a visitor to your site wants to compare unsecured loans with alternatives, you can naturally connect them to your relevant internal resource:

For borrowers comparing alternatives, our NZ guide to personal loans explains the differences between secured and unsecured lending and helps you choose the right option.

GEM Visa (Credit Card)

Gem Visa is one of New Zealand’s most recognised store and shopping cards. Features typically include:

• Interest-free periods on standard purchases
• Long-term interest-free deals at partner retailers
• No-interest instalment plans
• Reward programs on selected promotions
• Optional payment protection insurance

GEM Visa is popular among shoppers who frequently use retailers offering “24 months interest-free” or “buy now, pay later” style deals for big-ticket items.

However, outside promotional periods, standard interest rates can be significantly higher than traditional banks — so understanding the fine print is essential.

GEM Buy Now Pay Later & Retail Finance

GEM is a major finance partner for retailers across NZ, offering financing directly at checkout. This includes:

• Electronics and appliances
• Furniture and home goods
• Computers and technology
• Fitness equipment
• Jewellery
• Travel bookings

Consumers often choose Gem retail finance because it provides longer interest-free periods than BNPL services like Afterpay or Zip.

Examples include:

• 12 months interest-free
• 24 months interest-free
• 36 months interest-free on large purchases
• Deferred payment plans (“Pay nothing for 6 months”)

These promotions attract buyers looking to spread large purchases over time without immediate interest — as long as repayments are made on time.

Interest Rates & Fees

Understanding the full cost of borrowing is essential before taking any loan or card product from GEM.

Below is a comprehensive breakdown of rates, fees, and total repayment costs.

Personal Loan Interest Rates

Interest rates for GEM personal loans typically vary based on:

• Borrower credit score
• Income stability
• Loan amount
• Loan term
• Debt level
• Past repayment history

Typical GEM personal loan rates may include:

• Low-risk borrowers: Rates may start around 12.99%–15.99%
• Average-risk borrowers: Often 16.99%–22.99%
• Higher-risk borrowers: 23.99%+

As an unsecured lender, GEM pricing is higher than banks — but approval criteria are often more flexible.

GEM Visa Interest Rates

While promotional periods can offer 0% interest, standard purchase rates outside those periods are significantly higher.

Customers must pay close attention to:

• Standard purchase interest
• Cash advance interest
• Retroactive interest if promotional terms are broken
• Late payment penalties
• Annual card fees

Missing a promotional repayment deadline can cause the entire purchase to revert to full interest — a common pitfall for many borrowers.

Fees to Expect From GEM Finance

Common fees include:

• Establishment fee (for personal loans)
• Monthly or annual service fees
• Payment dishonour fees
• Late payment penalties
• Account keeping fees
• Card replacement or cash advance fees (GEM Visa)
• Early settlement fees may apply depending on product type

Because GEM relies on unsecured lending, fee structures are an important part of their model.

Borrowers wanting to compare their potential repayments can be directed to your calculator:

To estimate how GEM’s interest rates and fees may affect your repayments, try our online finance calculator for accurate budgeting.

GEM Finance Approval Criteria

To qualify for GEM Finance, borrowers typically must meet:

• Minimum age of 18
• NZ residency or visa eligibility
• Regular employment or income
• Good credit history (for lower-rate loans)
• Bank statements showing stable financial behaviour
• Absence of major defaults or recent bankruptcies

Since GEM is a risk-priced lender, applicants with strong credit and low debt tend to receive much better rates.

How GEM Finance Works: Application Process

Applying for a GEM loan or credit product typically involves:

1. Online application via secure portal
2. Credit check and identity verification
3. Income and expense assessment
4. Automated approval or manual review
5. Digital signing of contract
6. Funds released (for personal loans)
7. Account set-up (for credit cards)

Approval times range from minutes (automated) to 24–48 hours (manual review).

GEM Finance Pros & Cons

Here is a clear breakdown of the advantages and disadvantages.

Advantages

✔ Fast Approvals

Automated assessors make decisions quickly for many borrowers.

✔ Interest-Free Retail Deals

GEM offers some of NZ’s longest interest-free periods, making it attractive for large appliance or furniture purchases.

✔ No Security Required

GEM personal loans are fully unsecured, so no vehicle or asset is needed.

✔ Flexible Loan Options

Borrowers can choose terms, restructure payments, or consolidate debt.

✔ Ideal for Retail Purchases

GEM partners with many large NZ retailers.

Disadvantages

❌ Higher Interest Rates

Unsecured lending comes with higher costs than banks.

❌ Fees Add Up

Late fees, dishonour fees, and promotional penalties can significantly increase loan costs.

❌ Interest-Free Promotions Can Be Misleading

If payments are missed, retroactive interest can apply.

❌ Risk of Over-Spending

Retail credit cards can encourage impulse purchases.

❌ Not Ideal for Large, Long-Term Borrowing

Interest costs may outweigh benefits for multi-year loans.

How GEM Finance Compares to Other NZ Lenders

When stacked up against other non-bank lenders:

Borrowers needing vehicle finance may find better options with lenders specialising in asset-backed loans. You can help them navigate alternatives:

If you’re comparing options for your next vehicle purchase, visit our detailed car finance guide to learn how non-bank lenders stack up in NZ.

Is GEM Finance Right for You?

GEM is suitable for:

• Borrowers wanting fast approval
• People who do not have assets to secure a loan
• Shoppers wanting long interest-free retail financing
• Borrowers consolidating small debts
• People needing flexible, short-term personal lending

GEM may not be ideal if:

• You want the lowest interest rate
• You need a secured loan
• You’re prone to missing payments
• You are financing expensive, long-term purchases

Final Thoughts

Gem Finance is a powerful and flexible lender for Kiwis seeking fast unsecured loans, retail finance, and interest-free shopping solutions. While interest rates and fees are higher than banks, GEM offers approval speed, convenience, and no-asset-required lending that many consumers value.

Used responsibly, GEM can be an effective and convenient finance option — but borrowers should always compare total costs, avoid missed payments, and evaluate whether another lender may offer more affordable long-term solutions.

FAQs

How does gem finance work?

Gem Finance provides unsecured personal loans, credit cards, and interest-free retail finance. Applications are completed online, assessed through credit checks and income verification, and approved loans are issued with fixed repayments. For retail purchases, Gem Visa allows interest-free instalments at participating stores as long as minimum payments are made on time.

How do I contact Gem Finance?

Customers can contact Gem Finance through their support phone line, online contact form, or by logging into their account to submit queries. Contact options vary depending on whether you hold a loan or a Gem Visa card.

What does gem mean in finance?

In New Zealand, “Gem” refers to a consumer finance brand offering personal loans, credit cards, and retail finance under Latitude Financial Services.

What is the interest rate for gem finance?

Interest rates depend on credit score, loan type and term. Personal loan rates generally fall within typical unsecured lending ranges, with higher rates for higher-risk borrowers.

What is the minimum payment on gem?

Minimum payments depend on the loan or credit card product. For Gem Visa, minimum monthly payments usually include a percentage of the balance plus any fees owing.

Can I withdraw money from Gem?

Cash advances are allowed on certain Gem Visa products, but they come with higher interest rates and additional fees.

What is the interest rate on a gem loan?

Gem personal loan rates vary based on creditworthiness, income stability and loan length. They are unsecured loans, so interest rates tend to be higher than secured loans.

What credit score is needed for a GEM Personal Loan?

Gem generally requires a moderate to good credit score. Higher scores may qualify for lower interest rates, while low credit scores may lead to declines or higher pricing.

Is there a downside to paying off a loan early?

The downside is that some lenders charge early repayment or break fees. Paying early may reduce interest but can trigger contract-specific charges.

How much interest on $1000 cash advance?

Cash advance interest varies by credit provider, but rates are higher than standard purchases. Costs depend on the specific card’s interest rate, fees and how long the balance remains unpaid.

How do I call gem NZ?

You can call Gem’s New Zealand support line through the customer service phone number provided on their official website or account portal.

How do I speak to someone at Latitude?

Latitude’s customer service team can be reached through their support phone lines, live chat options, or secure message center within the online account portal.

How do I contact Gems customer care?

You can contact customer care via phone, email or the online help system. Telco wait times vary based on the product and time of day.

Which bank owns Gem Visa?

Gem Visa is issued by Latitude Financial Services, not a traditional bank.

Which bank owns Latitude Finance?

Latitude Financial Services is not owned by a New Zealand bank. It operates as a multinational finance group serving Australia and New Zealand.

What is the time for gem support?

Gem customer support operates during standard business hours, with some extended hours depending on the product or department.

What is a gem loan?

A Gem loan is an unsecured personal loan offered by Gem Finance, typically used for renovations, travel, debt consolidation or unexpected expenses.

What does gem mean in PSA grading?

In PSA card grading, “Gem” refers to “Gem Mint,” which is a high grade indicating near-perfect condition. This is unrelated to Gem Finance.

Who is eligible for the $350 payment in NZ?

Eligibility depends on New Zealand Government criteria for cost-of-living payments and is unrelated to Gem Finance.

How much is a $20,000 loan for 5 years?

The monthly repayment depends on interest rate and loan fees. A finance calculator can provide exact figures based on the chosen rate and repayment schedule.

What is the interest rate for gem finance loans?

Gem Finance loan rates vary based on credit score, term length and affordability. As unsecured loans, rates tend to be higher than secured finance products.

What is the interest rate on Gem Visa after 6 months?

After promotional interest-free periods end, Gem Visa reverts to its standard purchase or cash advance interest rate, which is significantly higher than the promotional period.

What is the interest rate for a mortgage in 2025?

Mortgage rates vary by bank and economic conditions. Gem Finance does not offer mortgages, so borrowers should check NZ bank rate updates.

What is a good interest rate in NZ right now?

A good interest rate depends on the product. For car loans, lower single-digit rates are considered strong. For personal loans, good rates depend on credit score and lender type.

What is the payment on a $400,000 mortgage?

Monthly payments depend on the interest rate and loan term. A mortgage calculator provides the most accurate repayment breakdown.

Which bank is offering a 4.99 interest rate in NZ?

Interest rates change frequently and vary by bank promotions. Borrowers need to check current offers from major NZ banks.