Personal Loans

1. What is a personal loan?

A personal loan lets you borrow a fixed amount for planned or unplanned expenses—debt consolidation, a car, emergencies, moving, weddings, or renovations. Nectar personal loans are unsecured with a fixed interest rate and a clear repayment schedule, so repayments stay the same for the life of the loan.

See more: Is a personal loan right for you?

2. How much can I borrow and for how long?

You can apply to borrow $2,000–$40,000 on terms from 6 months to 5 years, subject to lending criteria and affordability checks. Choose weekly, fortnightly or monthly repayments to match your pay cycle.

3. What interest rates and fees will I pay?

Personalised fixed interest rates currently range from 11.95% p.a. to 29.95% p.a. Standard fees include a $240 establishment fee and a $1.75 administration fee per repayment. There are no early repayment penalties.

See the full breakdown on the Rates & Terms page.

4. How fast can I get the money?

Complete the online application (about 7 minutes) and receive an instant quote showing your interest rate, maximum borrowing amount and repayment options. If approved, you’ll receive an electronic contract to sign. Once signed, we aim to pay funds the same day (during processing hours). Timing can vary if we need extra information.

5. Do I qualify for a Nectar personal loan?

As a guide, applicants should be 18+, a NZ citizen or permanent resident, have a NZ driver licence or passport, a regular NZ income (typically $350+/week after tax), and no serious bad debts or payment defaults. All applications are subject to responsible lending checks.

Helpful read: Do I need a personal loan and can I afford one?

6. How do I apply, and what do I need?

Apply 100% online. Have your NZ driver licence or passport, internet banking access, and details about your employment, living situation and finances. The system verifies your information securely to speed things up.

7. Will applying affect my credit score?

As part of responsible lending, we may check your credit. This is known as a soft credit check and does not affect your credit score. Making on-time repayments can help build your credit over time.

Learn more: Understanding your credit score in NZ

8. Can I repay my personal loan early or make extra payments?

Yes. You can repay early or make extra repayments at any time, and there are no early repayment penalties. Paying off your balance sooner reduces the total interest you pay.

9. What’s the difference between unsecured and secured loans?

An unsecured loan doesn’t use your asset (like a car) as security and is based on your credit and affordability profile. A secured loan uses an asset as collateral and may offer a lower interest rate for eligible borrowers. Nectar’s standard personal loans are unsecured; in some cases a secured option can be suitable.

Related read: A smarter secured car loan option for Kiwis

10. Can I use a personal loan to tidy up expensive debt?

Many Kiwis use a personal loan to replace high-cost debt and simplify repayments. Make sure you understand fees, compare rates, and avoid debt that becomes hard to manage.

Useful guide: What types of debt should be avoided?

11. I’m renting—can a personal loan help with moving costs?

Yes. Borrowers sometimes cover bond, rent-in-advance, movers, or essential furniture and appliances, then repay in predictable instalments.

Read more: Personal loans for renters in NZ

12. How do I keep repayments affordable?

Pick a term and frequency that fit your pay cycle, build a small buffer in your budget, and consider paying a little extra when you can to reduce interest. If your situation changes, talk to us early.

Also see: Pros & cons of personal loans

13. Can I top up my loan later?

You can apply for a top-up anytime, provided your repayments are up to date. A top-up adds new funds to your existing balance and may adjust your term. All top-ups are subject to responsible lending checks.