Borrow Now, Pay Later with TerePay

Experience the flexibility of accessing funds when you need them the most while managing your finances.

Meet Our Partners

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  • Existing customer

  • new customer

Frequently asked questions

Loan Details and Eligibility

Q: What is the minimum and maximum loan amount I can apply for?A: You can apply for a loan between NZD 200 and NZD 2,000. The exact amount depends on factors such as:

  • Your income and expenses

  • Your credit history

  • Your current financial obligations

  • TerePay’s assessment of your ability to repay

📍We aim to ensure that loans are provided responsibly and under the Lender responsibility principles. 

Q: How long is the loan term?

A: The standard loan term is 8 weeks, with repayments made in 4 equal installments every two weeks.

Fees and Interest

Q: What are the fees and interest rates associated with the loan?A: Our fee and interest structure is as follows:

  • Annual Administration Fee: NZD 50 (charged once per year)

  • Interest Rate: Fixed 5% for the entire 8-week term

  • Default Penalty Fee: 7% of the unpaid amount

  • Late Fee: $3 for late payment within 24 hours

Note: For returning customers within the same year, the process is streamlined, and no additional Administration Fees apply.

Q: How is the interest calculated?

A: Interest is 5% of the loan amount and applies for the entire 8-week loan term, regardless of when the loan is repaid.

Repayment

Q: How do I repay my loan?

A: Repayments are made in 4 equal fortnightly installments over the 8-week term.

Q: How can I make a payment?

A: You can make payments via direct bank transfer. Use your loan reference number when making payments. Our bank details are included in the loan agreement document.

Q: Can I repay my loan early?

A: Yes, you can repay your loan in full or in part at any time. However, the 5% interest is still applicable for the entire 8-week loan term.

Late Payments and Financial Hardship

Q: What happens if I can't make my payment on time?

A: If you are unable to make your payment within 24 hours of the due date, your account will be frozen. You will still be able to make payments during this time, and the account will be re-opened once full payment is made. If payment is not made within 5 days, debt collection proceedings may commence at your actual cost. A default penalty fee of 7% of the total unpaid amount will also apply.

Q: What should I do if I am experiencing financial hardship?

A: If you are unable to make your payments due to unforeseen circumstances such as illness, job loss, or other reasonable causes, you can apply for a hardship variation. Contact us at +64 9 886 7158 or click here to apply for unforeseen hardships to learn more about your options.

Cancellation and Complaints

Q: Do I have the right to cancel the loan agreement?

A: Yes, you can cancel the agreement within:

  • 5 working days (if disclosed in person)

  • 7 working days (if disclosed electronically)

  • 9 working days (if disclosed by post)

To cancel, you must provide written notice and return any advance received within the specified timeframe.

Q: How do I raise a complaint?

A: Follow our 3-step complaints process:

  1. Discuss your concern with the representative assisting you. Contact us at +64 9 886 7158 or email info@terepay.com.

  2. If unresolved, escalate to our Customer Relations Team at customerrelations@terepay.com.

  3. If still unresolved, refer the complaint to the Insurance & Financial Services Ombudsman Scheme (IFSO):

    • Email: info@ifso.nz

    • Phone: 0800 888 202

Returning Customers

Q: Are there any benefits for returning customers?

A: Yes, returning customers with a good repayment history enjoy:

  • Expedited applications

  • Potential for higher borrowing limits

  • No establishment fees for loans within the same year

  • Fast and streamlined approval processes

Privacy and Data Protection

Q: How is my personal information handled?

A: We collect, use, and protect your personal information in accordance with our Privacy Policy. We may share your details with credit reporting agencies to conduct credit checks.

You can access our Privacy Policy on the TerePay website.

Responsible Lending

Q: How does TerePay follow responsible lending practices?

A: TerePay complies with the Responsible Lending Code and Lender Responsibility Principles. We assess each loan carefully to ensure affordability and transparency.

For more information, visit the Commerce Commission’s website.

Contact Information

For any inquiries, please contact us:

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What people say about us...

Thank you for helping during times of need. 

Shahara

Your service is a great help to people. 

Walter

Thank you so much TerePay. A big helped ..Thumbs up 👍👍👍

Eric Arambulo

I want to thank TerePay for helping my friend and me. You’re such a blessing to Us. God bless you ❤️

Lyn

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