Credit, Default & Enforcement Fees and Charges

Establishment and Application Fees

  • New Customer Establishment Fee: $50 (for new customers only)

  • Additional Loan Application Fee: $20 (for any additional loan taken out after your first loan)

These fees may be deducted from the loan amount, with the borrower's consent.

Early Repayment Fee

  • Prepayment Fee: $25 (when the loan is repaid early in full, to cover administrative costs)

Default Fees

  • Late Payment Fee: $10. This is applied for each missed payment (only after a 3-day grace period. So late fees can be up to a maximum of $40. 

  • Payment Default Fee: $25 (applied only after a 7-day grace period), in addition to the Late Payment Fee. This fee is only charged once even if there are further late payments.

Additional Cost Recovery

The loan agreement also allows us to recover reasonable costs related to protecting or enforcing the agreement, including:

  • Legal costs

  • Court filing fees

  • Collection agency costs

These fees and costs must be paid for by the borrower. They will be added to the loan and must be paid immediately. 

All fees and costs are in New Zealand dollars and are separate from the loan's interest charges. 

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