Frequently Asked Questions

Getting Started

What is Nectar ?

Nectar is a new, smarter, faster and more personalised way to access money through a 100% online process.

We know that getting a loan with a traditional bank or finance company loan can require a lot of up front paperwork and be extremely time consuming. With Nectar’s 100% online process you can receive your interest rate and loan amount in 7 minutes and have the cash you need as soon as today.

Nectar loans can be used for all sorts of purposes including consolidating debt, buying something you need, or emergency expenditure.

See our Explainer Video for more information.

See our Rates and Terms page.

What can I use Nectar for?

Nectar loans can be used for almost any purpose. Debt consolidation, emergency expenses, bills, car repairs, buying something new, home improvement, and vacations are just some of the things a Nectar loan can be used for.

Who can borrow from Nectar?/Will I qualify?

Nectar loans fit a wide variety of customers because each loan is tailored to each person’s unique credit situation and history.

Our loan process is very quick and we will keep you informed along the way.

Borrowers must:

  • Be 18 years old or over.
  • Be a NZ citizen or permanent resident.
  • Have a NZ drivers license or NZ passport.
  • Have a NZ bank account.
  • Have an income of $400 per week (after tax) or greater.
  • Not have any significant unpaid defaults or previous bankruptcies.

What loan products are available through Nectar?

Nectar currently provides online unsecured personal loans from $1,000 – $15,000.

Simple Interest, Equal (Monthly, Fortnightly or Weekly) Payments, and no repayment penalties all online.

Like most bank loans, personal loans through Nectar amortise over time with simple, equal (monthly, fortnightly or weekly) payments. Other benefits include, no early repayment penalty’s, an online 7 minute loan process, and flexible repayment periods from 6 – 36 months.

How is Nectar different from other lenders?

Nectar offers loans that are faster than a bank, easier than credit cards and cheaper than finance companies. Being 100% online means our costs are significantly cheaper than traditional lenders meaning lower fees for you. We use a large amount of data to better understand your unique circumstances and offer rates and terms that are tailored to you. Finally our highly automated technology allows you to complete our process 100% online and, if approved, receive a loan offer instantly – in many cases without even speaking to anyone.

How can Nectar provide me with a loan offer in 7 minutes, and cash in my bank account today?

Nectar uses advanced digital technology to do almost everything online, in real time, including processing your information, analysing your credit and bank history and, if you are approved, presenting you with a loan offer including your interest rate, loan amount, and repayment options (6 months – 3 years).

Once you have selected a loan offer and completed the online process, our team will process your loan, contact you if necessary, and then email you an electronic contract. Once your contract is signed we will make payment to your bank account.

If your application is outside our parameters for processing online our team will contact you for additional information. Unfortunately this will delay the time it takes to provide an answer. Your application is important to us and we will get to it as quickly as possible.

Currently loans will be processed.

Monday – Friday: 9:00am – 5.00pm
Saturday: Currently closed

Outside these hours your loan will not be processed until the next working day.

Applying for a loan

How do I get a loan?

Our simple loan process is 100% online. It takes about 7 minutes to complete our loan process and if approved we will instantly let you know your eligible loan amount, interest rate and repayment options (6 months – 3 years). There are some exceptions to this where we require additional information.

Our staff with then review all information, and if all is in order, email you a loan contract which you can sign electronically. We will contact you along the way if necessary.

Funds are then advanced to your bank account.

For the application process you will need to provide:

  • Your NZ drivers license or NZ passport details.
  • Access to internet banking or 3 months bank transaction history (showing your income and expenses).
  • Information about your employment, living arrangements and financial situation.

Currently loans will be processed.

Monday – Friday: 9:00am – 7.00pm
Saturday: 9:00am – 12:00pm

Outside these hours your loan will not be processed until the next business day.

How much can I borrow?

At Nectar, we provide a loan offer tailored to your unique financial situation. Nectar lends up to $15,000 for first time borrowers and more to existing borrowers.

We will look at a variety of factors when determining your loan eligibility, including your credit history and income.

When applying for a loan you can tell us how much you would like to borrow or select “Show me how much I can borrow”.

After completing our online process (7 minutes) we will instantly tell you if you are approved, and your eligible loan amount. There are some exceptions to this where we require additional information or your application is outside our parameters for automated processing.

How much does it cost?

Nectar’s interest rates are personalised for each borrower depending on a wide variety of factors.

Each borrower is assigned a risk grade depending on their unique situation with an interest rate between 11.95% – 29.95% p.a for our unsecured personal loans.

An establishment fee is payable which is $195 for all loans under $3,000 and $240 for loans over $3,000.

Click for detailed information on the rates and terms plus our loan calculator.

 

When will I receive my funds?

We know this loan is important to you, so we work hard to get it to you quickly, most often on the same day your application is approved.

Currently loans will be processed:

Monday – Friday: 9:00am – 7.00pm

 

Is linking my bank information safe/is my data secure?

Yes. Nectar hosts its data with Amazon Web Services and force.com, two of the largest ecommerce and cloud computing companies in the world.

We also encrypt all personal and sensitive data.

We use Credit Sense (a highly secure Australian Credit Reporting Body) to access your bank information. Neither Nectar or Credit Sense keeps your internet banking credentials. Your credentials are encrypted when you enter them, passed to your bank to gain access to your transaction history and then permanently deleted.

What is the status of my loan application?

To review the status of your application, please log in to your account dashboard, go to ‘applications’.

Is my internet banking information safe/is my data secure?

Yes. Nectar hosts its data with Amazon Web Services and Force.com, two of the largest ecommerce and cloud computing companies in the world.

We also encrypt all personal and sensitive data.

We use an online verification tool – Credit Sense (a highly secure Australian Credit Reporting Body) to view your bank information. The Credit Sense process is quick, convenient and secure and allows us to process your loan automatically.

While you are required to provide your internet banking login details during the Credit Sense process, neither Nectar or Credit Sense sees or stores your internet banking credentials. Your credentials are encrypted when you enter them, passed to your bank to allow us read only access to your transaction history, and then permanently deleted.

Find out how safe Credit Sense is here.

Can I borrow more money or Top Up my loan?

Once your loan is made, the loan amount and terms agreed upon are fixed until the loan is paid off in full.

However, you may be eligible to Top Up your loan after 12 weeks. To be eligible for a top up your loan must be up to date.

A Top Up is an advance of additional cash. The new cash amount is added to your existing loan balance. During this process, you are able to increase or decrease the term of your loan depending on your affordability.

If you require a Top Up, simply log in to your account dashboard and select Top Up or Get Started. Depending on your payment history you may be eligible to receive a lower interest rate.

Can I use my business account for my Nectar loan?

Nectar loans are provided to individuals.

Accordingly all loans must be set using your personal bank account.

What is Payment Protection Insurance?

Nectar recommends you take Payment Protection Insurance with your loan, however it is completely optional.

Payment Protection Insurance covers loan repayments in cases where you may become totally disabled through accident or illness, or are made redundant or declared bankrupt (where you are employed or self-employed).

In such cases, you are protected against having to make payments for the duration of the disability, redundancy or bankruptcy. In the case of your death, the balance of outstanding payments (less any arrears) will be paid.

Payment protection insurance is offered during the loan application process. The specific policy offered to you will depend on your employment situation.

Click here to find out more.

Please note an alternative provider policy is available on request.

Why was my application declined?

There are a number of reasons why Nectar may not have been able to present you with a loan offer.

This may be that your income is not sufficient, your credit history is not suitable, or we have detected another issue with your application or banking information. Unfortunately our automated system is not able to present you with a specific reason.

If you believe you have made a mistake with you application, please go to your Dashboard, select ‘Applications’, select ‘Actions and then select ‘Withdraw Application’. You may then start the application process again.

You are welcome to contact one of our Customer Service team if you require further information.

Repaying Your Loan

How do I make payments?

To help make repaying your loan as simple as possible, during the loan application process we collect your bank details and automatically set up a direct debit authority. On each payment date we debit the payment amount from your account. It is important to make sure there are sufficient funds in your account to cover the payment amount.

Your loan contract will state each repayment date and the amount due. A text message will be sent to your mobile phone prior to each payment date.

I'm not sure I can make my payment on time, what are my options?

At Nectar we want to ensure our customers have the best borrowing experience possible, and have a number of options available to you to keep you on track.

If you think you are unable to make a payment, please call us on 0800 855 888 to discuss.

How can Nectar help improve my Credit Score?

Nectar reports to Centrix Credit Bureau each month including your payment information. Successfully making payments on time may improve your credit score and may help you access credit (e.g. personal loans, mortgages)  in the future at more competitive interest rates.

Can I pay off my loan early?/Can I make additional payments?

Nectar does not have any penalties or fees for early payments, unlike some other lenders in the marketplace today. At Nectar, you have the flexibility to pay off you loan in full at any time without any fees.

How do I get my pay-off amount?

To request a settlement figure please contact our customer service team on 0800 855 888.

When is my first payment due?

Your initial repayment is scheduled on your first pay date after you receive you loan. If your first pay date is within 7 days of receiving your loan the first repayment is scheduled on your second pay date.

From this date, your regular repayments are scheduled each (week/fortnight/month) on your pay date until your loan term has been reached.

You can view your payment schedule by logging into your dashboard and selecting ‘Loan Summary’.  Your loan contact will also contain detailed information on your repayments dates and amounts.

Managing Your Account

How can I contact Nectar?

Our Customer Support team are here to help you and are dedicated to providing you the best, and fastest possible experience. You can reach them by email, live chat or phone during the hours below.

Here are a few other ways to reach us.

Dashboard
nectar.co.nz
Log into your account
Email
support@nectar.com
Email our customer service team
Call
0800 855 888
Talk with one of our lenders
Click to login Click to email

 

Monday – Friday: 9:00am – 5.00pm

How do I update my contact details?

To review the personal information we have on file, log into your dashboard and select ‘Profile’. To update your personal information please contact us.

How do I reset my password?

To reset your password click the login link on the top right hand side of the page, and select ‘forgot my password’. An email will be sent to the email address on file, allowing you to reset your password and login to your dashboard. If you do not receive the password reset email, please check your email’s junk or spam folder.

You may also reset your password from your loan dashboard – Profile Page.

The Verification Process

What is the verification process?

Nectar uses advanced digital technology to do almost everything online. During the 7 minute loan process our system will help verify your information including identity, income and banking information.

In some circumstances we may require you to provide additional details, to help verify your identity, income, or expenses. This process is conducted by our Customer Support team, who will contact you directly if anything is required from you.

How will you verify my income, employment and bank statements?

All customers must provide information regarding their income source. The fastest and easiest way to do this is during the application process by using our online verification tool.

We use Credit Sense (a highly secure Australian Credit Reporting Body) to view your bank information. The Credit Sense process is quick, convenient and secure and allows us to process your loan automatically.

While you are required to provide your internet banking login details during the Credit Sense process, neither Nectar or Credit Sense sees or stores your internet banking credentials. Your credentials are encrypted when you enter them, passed to your bank to allow Nectar read only access to your bank history, and then permanently deleted.

We use this information to verify your income and employment information, plus confirm your bank account.

If further income verification is required our friendly Customer Service Team will contact you directly.

Are there other options?

While the majority of our customers find connecting to Credit Sense to be the fastest and easiest way to receive a decision, you may also upload a copy of your bank statement during the application process or send us a copy of your bank statements after the application. This will however slow down your application which may take 24 hours to process.

How do I cancel my application?

If you have not signed your electronic Loan Contract you are free to cancel your loan application by either sending us an email  or calling us at 0800 855 888.

If your loan has been advanced to you and you would like to return the funds, you can do so with no prepayment penalties by contacting our Customer Support Team on 0800 855 888. Please be aware you will be responsible for any establishment fee and interest that accrues on the outstanding principal balance from the date your loan was advanced to you.