Dosh Loans: Everything You Need to Know

What is Dosh?

Launched in 2021 by Kiwis Shane Marsh and James McEniery, Dosh is a digital wallet that helps New Zealanders to better manage their money, spending and savings.

Unlike some other financial platforms, Dosh doesn’t charge you any monthly fees. It’s important to note that Dosh is not a registered bank, but your funds are held securely in an NZ registered bank.

What can I use Dosh for?

Dosh can be used for almost anything related to banking, including:

• Making instant online and in-store payments
• Splitting bills
• Requesting funds from friends
• Withdrawing funds
• Setting and tracking savings goals
• Money management with sub accounts
• Earning 1% cashback on eligible purchases with the Dosh Visa debit card

What is a Dosh loan?

Currently in a soft launch phase for Dosh users, Dosh loans will be going to market on June 12 for anyone to apply for a loan.

Here’s an overview of the unsecured personal loan offered by Dosh:

• Borrow between $2000 and $75,000
• Loan terms can be from one to seven years
• Fixed interest rate between 16.25% p.a. and 19.95% p.a.
• No early repayment fees
• Establishment fee $140 + broker fee $100 + admin fee of $9.85 per repayment

Related article: Secured vs Unsecured Personal Loans: Which is Best?

How do I apply for a Dosh loan?

To apply for a loan you can apply directly through the Dosh website. Or, if you already have a Dosh account, you can apply from the Dosh app by tapping on ‘+’ next to your Everyday account. Follow the quick application process by entering your details, which should take less than five minutes. The loan issuer will then assess your application.

Once your loan is approved, you can view it in your Dosh account.

What do I need to apply for a Dosh loan?

To apply for a Dosh personal loan, you will need:

• A valid NZ driver’s licence or passport (NZ or overseas)
• Proof of income and expenses (bank statement)
• An active Dosh account once your application has been approved to receive the funds and make repayments.

You’ll also need to meet the following requirements:

• Be at least 18 years old
• Be a NZ citizen or permanent resident

Compare personal loans with Canstar

About the author of this page

This report was written by Canstar Content Producer, Caitlin Bingham. Caitlin is an experienced writer whose passion for creativity led her to study communication and journalism. She began her career freelancing as a content writer, before joining the Canstar team.