Managing debt can feel overwhelming but thanks to modern tools, personal loans are increasingly easier to research, apply for, and repay than ever. Whether you’re looking for an unsecured loan, fast and simple online loans, or just keeping on top of everyday expenses and repayments, technology gives you the power to take control.
Why Technology Matters for Debt Management
Gone are the days of writing cheques and waiting in queues just to make payments. Most Kiwis now pay bills via internet banking, set up direct debits, and even apply for personal loan products entirely online. When you want a new finance product, your phone or laptop often gives you the quickest access to available options, interest comparisons, and transparent information about fees.
Online reviews, loan provider ratings, and tools that show you real feedback let you see what it’s like to have a personal loan with a particular lender, or what you might expect from their loan application process. You’ll want to pay attention to personal loan interest rates, how fast the lender will respond to your application, and whether there are hidden fees too.
Research Before You Apply
Unsecured loans (i.e. loans without collateral) are common for people needing funds for things like debt consolidation, emergency expenses, travel and so on. When comparing unsecured loans or other personal loan options, use tech to your advantage:
Use loan calculators to estimate repayments. Knowing what you’ll be paying weekly or monthly helps you avoid surprises.
Compare multiple lenders: both banks and non-bank lenders. Sometimes non-bank lenders offer better interest rates, faster turnaround applications or more flexible terms.
Read customer reviews and feedback. What’s it like actually dealing with them if things go wrong?
Use their online chat function to ask any questions you may have and get a feel for their customer service.
Tech Tools to Help You Manage Your Debt
Once you’ve been approved for a personal loan, or have multiple debts to self-manage, technology can really help you stay on top of things:
Budgeting Apps & Expense Trackers Apps that sync with your bank account let you see where your money is going. They help you spot unnecessary expenses so you can free up funds for debt repayment. From understanding where your money goes each month, Pocketsmith is a useful way to track your expenses. If you want a budget you can access at the click of a button, then an App like mybudgetpal will even allow you to schedule your upcoming bills and expenses. New Zealand banks also have their own platforms to help you view and manage your financial affairs.
Online Spreadsheets / Software A well-built spreadsheet is surprisingly powerful. You can track each debt, interest rates and repayment schedule. Update your spreadsheet or software as you make payments or when interest rates change so you have a real-time view of your outstanding debt balance. If you have a Gmail account, you can access free spreadsheet software.
Loan Calculators Before you apply, and even after, loan calculators let you estimate how different repayments, interest rates, or loan amounts will affect your monthly outgoings. Nectar Money has a wealth of personal finance information that can walk you through the basics of making a budget, setting financial goals and online loan repayment calculators.
Reminders & Automated Payments Setting reminders on your phone or your personal calendar, or using direct debit/automatic payments, ensures you don’t miss payments, avoiding fees or penalty interest payments.
Responsibly Using AI Models to Help You
As AI becomes more widespread, many tools and chat-bots claim to help with financial planning, budgeting, or debt management. They can be useful, but they should be used wisely: as an aid rather than a final trusted resource. Here are some pointers for using AI tools to your advantage:
Use AI to explore options, not to make definitive decisions. An AI model like Chat GPT might tell you that consolidating debts is a good idea or that refinancing at a lower rate is possible, but you’ll want to verify the details (e.g. the actual interest rate, fees, and terms) with real lenders.
Be aware of the limitations. AI models may not have up-to-date information on specific lenders’ interest rates, or they might generalise based on incomplete data. You may not be comfortable providing them with all your personal financial information so that they can make a more accurate assessment of your needs.
Privacy & security. When you’re using AI tools or apps, make sure you’re comfortable with how your data is used. Google Gemini allows you to create trackers, tables and advanced data visualisations in Google Sheets, using simple AI prompts and you can ask it to analyse your data. Check the AI tool’s privacy policies and don’t provide sensitive personal data unless you trust the platform.
Use AI to generate scenarios. A great way to use AI is for suggesting scenario options. For example: “What happens if I pay an extra $50/month on my repayment?” or “If I consolidate two unsecured loans into one, will I save money in interest payments?” AI tools can run through these hypotheticals, without you needing to work out how to do these calculations yourself in a spreadsheet, which helps you make more informed decisions. Again, we suggest taking this information to a lender to verify.
Cross-check with reliable sources. This may include a quick search on a lenders’ websites to check personal loan interest rates, sense check against consumer finance sites, or confirm your approach with a financial adviser.
Applying for a Personal Loan: What to Do
Once you’ve done your online research and you’re ready to take out a loan, whether it’s to consolidate existing debt, cover unexpected costs, or make a large purchase, these are sensible next steps:
Check Your Credit Rating Know where you stand when you’re looking to apply for a personal loan. Your credit score can impact your likelihood of a personal loan approval and the rate you’re offered.
Use an Online Compare Service Several websites let you see multiple offers in one place. That helps you find the best personal loan for your needs, low interest, manageable repayments, fee transparency.
Estimate Your Loan Repayment Ability Be realistic. Using calculators, budget tools, and your recent expenses, estimate what you can afford comfortably.
Apply for a Loan with a Trusted Lender Choose someone with good reviews, clear terms, and fair interest rates. Keep an eye out for unsecured loans if you don’t want to pledge collateral such as your car or home to secure the loan.
Read the Fine Print Understand the interest rate (fixed or variable), fees (late, early repayment), any penalties. Know what happens if you miss a payment.
Technology has opened up many tools and options for researching, applying and managing debt. The right tech tools make it easier to compare, apply, and stay on top of your repayments. AI models can further support your planning, if used responsibly and in combination with trusted sources.Once you have a new personal loan in place, consider investing time or a small subscription fee into an app, reminder setting, repayment tracking to ensure you stay on track.
What is the best way to manage your debt?
Common Questions about Managing Debt
Q: What is the best way to manage your debt? A: The best way to manage your debt is to create a realistic budget, prioritise paying off high-interest loans first, and make consistent repayments on time. Consolidating multiple debts into a single personal loan with lower personal loan interest rates can also simplify payments and reduce overall costs.
Personal finance advice
Unsure of how to manage your money? You can access free personal finance services or pay for professional personal finance advice.
How much can you borrow with a Nectar Money Personal Loan?
With Nectar Money you can borrow unsecured up to $40,000, or as little as $2,000. Use our loan repayment calculator to find out how much you could get.
Getting started with Nectar Money
Do you need a great rate on a personal loan? We’d love to help with your personal loan requirements. Find out how much you could borrow and learn more about our personal loans. You can get started with Nectar Money and get a personalised loan quote online which will include your interest rate, maximum borrowing amount and repayment options.
Nectar Money – we make lending sweeter.*
*Nectar Money’s lending criteria and responsible lending checks apply.
