In years past, applying for and obtaining a personal loan was a time consuming task. One had to find a New Zealand bank or lender that offered personal loans or a specific type of credit (credit cards, auto loans, mortgage loans), physically go to the bank and start the application process. Prior to the advancements of the Internet, the application process was antiquated, time-consuming and quite frustrating.

Today, things are much different as you can apply for a Nectar personal loan from the comfort of your living room. With a tablet, computer or smartphone you can start an application right now. Here’s what you’ll need to sort out before applying for a personal loan.

Prepare the necessary information

The first step of the application process is to submit contact information including an email address and a mobile phone number. We will then need to verify that you are who you are with security information, and ask for certain information to make sure a personal loan is right for you. This can include, but is not limited to:

photo ID,
budgetary information including your income, expenses, and details of any loans you may have.
banking information (Nectar uses a secure online tool to view your banking information in real time).

This information will allow us to apply a personalised interest rate for the money you plan to borrow.

Check your credit history

The creditworthiness of each online application is determined by the applicant’s credit history and a number of other factors. If you have been reliable and consistent with your finances over the last several years, you will find that your credit score is moving in a positive direction. Ways in which you can be responsible with your money is to make certain all bills are paid on time and in full, credit cards with high interest rates are paid down and any type of auto loan or mortgage loan is caught up and there are no late payments or outstanding amounts.

One way to pay down high-interest rate credit card debts is to use a personal loan. It is a win-win situation for borrowers. They gain access to money to pay down credit cards with high interest rates.

Looking for the best personal loan interest rates?

When looking for the best personal loan interest rates in New Zealand, look no further than Nectar.

Once again, you will need identification information and will need to submit personal and financial information but this can be done anywhere with Internet access. Get started on your personal loan application today.

*Nectar’s lending criteria and responsible lending checks apply.