Nectar, the 100% online New Zealand personal loan company, is well ahead of the curve making interest rates available to potential applicants, even as new regulatory changes in New Zealand put pressure on other financial services providers to close the gap. Recent changes to New Zealand’s credit laws only underscore Nectar’s status as one of the nation’s most ethical and transparent loan providers.
Last month, the New Zealand Privacy Commissioner implemented an amendment to Schedule 3 that obliges Credit Providers offering risk-based pricing for consumer credit products to offer quotation inquiries. This allows consumers to acquire quotes for their credit costs without leaving behind a Previous Enquiry record on their credit report that could negatively impact their future borrowing potential.
Prior to the Privacy Commissioner’s latest amendments, Nectar had already made it easy for borrowers to view their interest rates without impacting their credit score. While most lenders require that borrowers submit a formal application or speak directly with a professional, Nectar allows borrowers to see the cost of their credit in as little as seven minutes, with no impact whatsoever on their credit history.
Nectar is making instant personal loans possible with exciting new financial solutions that put the power back in borrowers’ hands. By eliminating the need for paperwork, Nectar streamlines the borrowing process, giving Kiwis access to the cash they need, the day they need it, with no risk of early repayment charges. Their real-time credit decision technology promises an interactive, flexible loan offer in minutes, all while preserving borrowers’ anonymity, minimising stress, and providing unparalleled clarity.
To learn more about Nectar’s ethical lending standards, click here: https://nectar.co.nz/loan-uses/#how-we-compare