Emergency Loans

1. What is an emergency personal loan?

An emergency personal loan is money borrowed from a bank or online lender for urgent personal expenses, after a successful loan application. An emergency loan is not usually secured by collateral. Lenders approve personal loans based on an applicant's credit score, regular income, and financial history. Secured loans, on the other hand, require collateral such as a house or car.

2. How does a Nectar Money emergency loan work?

As a responsible lender, we consider your financial and personal circumstances when evaluating your personal loan application. Nectar Money offers a range of personal loans for different personal circumstances - car loans, emergency loans, debt consolidation loans, home improvement loans, holiday loans and even wedding loans.

We need to know about your income, expenses, and any debts or loans you have. We will provide you a Nectar Money loan quote, including the interest rate, maximum borrowing amount and repayment terms. You can then choose if you wish to accept it.

Managing your Nectar Money emergency loan is easy. Borrowers can access the Nectar Money borrower portal to view their loan balance, upcoming repayment dates, repayment amounts due and apply for loan top ups.

3. What are the benefits of a Nectar Money emergency loan?

Emergency loans can offer several benefits including:

• Quick access to cash for urgent or unexpected expenses.

• No early repayment fees: provides the flexibility to repay the loan faster, if your circumstances permit, without incurring additional charges. This can greatly lower the overall interest expense throughout the loan's duration, making debt management more affordable and effective.

• Lower interest rate: personal loans often carry lower interest rates than credit cards or other types of loans. This could potentially save you a significant amount of money over the life of your loan.

• Fixed repayment schedule: with a personal loan, you’ll know exactly when your debt will be paid off. The fixed repayment schedule provides a clear roadmap to becoming debt-free.

• Lower monthly payments: personal loans can offer lower monthly payments than other forms of debt. This can be beneficial if you are on a tight budget.

• Improved credit score: personal loans can improve your credit score if managed correctly. Regular, timely repayments can demonstrate that you are taking action to manage and reduce your debt. Over time, this may have a positive effect on your credit score.

4. Can I pay off my Nectar Money emergency loan early?

Yes. There is no early repayment fee.

5. How do I apply for a Nectar Money emergency loan?

We have an online loan application process. Before you apply online, you should prepare for the application process by having the following documents handy:

• Your NZ drivers licence or NZ passport details.

• Access to internet banking.

• Information about your employment, living arrangements and financial situation.