Nectar personal loan review 2021 | Finder NZ

Nectar Personal Loan

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Get an unsecured loan of up to $25,000 and money in your account within a day with a Nectar personal loan.

100% Kiwi-owned and operated, Nectar provides loans that are ‘faster than a bank, easier than credit cards and cheaper than finance companies’. After applying for a personal loan in a simple online application, you are offered competitive rates and terms that are in line with your unique circumstances.

8.95% - 29.95%

Interest Rate (p.a.)


Max. Loan Amount


Minimum Credit Score


Product NameNectar Unsecured Personal Loan
Benefit DescriptionEligibility: Must be 18+, an NZ citizen or permanent resident, have an income of $400 per week or more (after tax) and a stable credit history.

Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online
Interest Rate (p.a.)8.95% - 29.95%
Min. Loan Amount$1,000
Max. Loan Amount$25,000
Loan Term6 months to 4 years
Turnaround Time7 minute application. If approved, funds will be received in your account the same day as your contract being signed online.
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Features and benefits of a Nectar personal loan

  • 7-minute application. Complete the online application form in just 7 minutes.
  • Instant rate and offer. Once you submit your application, you’ll get an offer and rate personalised to your circumstances.
  • Same day funds. In many cases, Nectar is able to deposit your funds into your account on the same day that you sign your contract.
  • 100% online process. There’s no need to leave home to show identity documents or sign a contract as Nectar loans are managed 100% online. This means that costs are cheaper than other lenders with physical branches.
  • Flexible repayment terms. When you apply for your loan, you can choose a term between 6 and 48 months. Repayments can be made weekly, fortnightly or monthly depending on how you would like to manage your finances.
  • Interest rates to match your circumstances. With varying interest rates from 8.95% p.a., you’ll be offered a competitive rate in line with your financial situation and credit history.
  • No early repayment fee. If you decide to pay your loan back early or make extra repayment during the loan term, Nectar will not penalise you by charging an early repayment fee.

Types of loan Nectar offers

  • Car loans. Get approved for finance for that car you have your eyes on. With fast approval, you don’t need to miss out.
  • Emergency loans. If there is an emergency that you need some extra cash for in a hurry, Nectar can often have funds in your account on the same day you apply.
  • Debt consolidation. Instead of having different repayments and providers to worry about, consolidate your debts into one loan with one interest rate.
  • Holiday loans. Decided on a dream holiday but don’t have the funds to start booking? With a Nectar loan, you can get all your tickets and accommodation sorted now before you miss out on special rates.
  • Wedding loans. Your big day can end up costing a lot more than first anticipated. A Nectar loan can help you get on top your payments and deposits for a stress-free experience.
  • Home improvement loans. Borrow up to $25,000 to make improvements to your home whether that’s landscaping the back lawn, upgrading the bathroom or adding a patio.
  • Personal loans. There are many other reasons that you can take out a Nectar personal loan including to pay for school fees, vet bills or to upgrade your wardrobe.
  • Payment protection insurance. Nectar recommends that you take out payment protection insurance with your loan so that you are covered if you are unable to meet your loan repayments. There are different options for different employment situations but the insurance is optional.

How to apply for a loan from Nectar

Before applying for a Nectar personal loan, make sure to check the rates and terms against what other lenders have to offer. Then check that you meet the eligibility requirements outlined below.

Eligibility requirements

To be eligible for a Nectar loan, you will need to meet the following eligibility criteria:

  • Be at least 18 years of age
  • Have a New Zealand driver’s licence or passport
  • Be a New Zealand citizen or permanent resident
  • Not have any significant unpaid defaults or previous bankruptcies.
  • Have a weekly net income of at least $400
  • Hold a bank account

Information and documentation

When you complete your online application, you will need to provide Nectar with access to your bank statements. This is done through Credit Sense so your bank history can be viewed without sharing your passwords but you are welcome to send your bank statements separately if you are not comfortable with this step. You will also need to provide your driver’s licence or passport.

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