Personal Loan Policy Documents

Please review the following Personal Loan documents to understand your rights and obligations.

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Terepay Personal Loans: Rates and Fees

Loan Details

  • Borrowing Range: $200 to $2,000

  • Loan Term: 4 weeks

  • Repayment Structure: Weekly installments (4 payments over 4 weeks)

Interest Rates and Fees

Interest Rate

  • 5% interest rate for the 4-week loan term

Establishment Fee

  • $20 Establishment cost (one-off payment)

  • This is a one-time fee charged only for your first loan

  • Includes:

    • Conducting customer due diligence

    • Conducting credit checks

Annual Administration Fee

  • $20 Annual Administration Fee

  • Applicable only if the customer wants to open an account for a recurring credit facility

  • Covers:

    • Maintaining AML/CFT compliance

    • Ongoing Know Your Customer (KYC) processes

    • Ongoing customer due diligence

    • Account monitoring costs

Default Penalty Fees

  • 7% on the outstanding balance

  • Account freeze policy:

    • The account will be frozen if there is a 24-hour delay in making any weekly payment

    • The account remains able to receive payments

    • The account will re-open once the overdue payment is made

    • Any missed payment must be made within 5 days of its due date

Debt Collection

  • If any payment is not made within 5 days of its due date, debt collection proceedings may commence

  • Debt collection fees:

    • The actual cost charged by the debt collection agency

    • This cost will be passed on to the customer

Loan Terms

  1. Loans are repayable over 4 weeks from the date of disbursement.

  2. Repayments are made in 4 equal weekly installments.

  3. Borrowers can take loans ranging from $200 to $2,000, subject to approval.

Repayment Schedule Example

For a $1,000 loan with 5% interest and $20 establishment fee:

  • Total to repay: $1,070

  • Weekly installment: $267.50

  • Payment schedule:

    • Week 1: $267.50

    • Week 2: $267.50

    • Week 3: $267.50

    • Week 4: $267.50

Important Notes

  1. All fees and charges are current as of [Current Date] and are subject to change.

  2. The Establishment Fee is only charged once, for your first loan with Terepay.

  3. Please refer to your specific loan agreement for the exact terms and conditions applicable to your loan.

  4. Terepay practices responsible lending. We encourage all borrowers to carefully consider their financial situation before taking a loan.

  5. Late payments may impact your credit score and ability to borrow in the future.

  6. We recommend setting up automatic payments with your bank to ensure timely weekly repayments.

For any questions or clarifications about our rates and fees, please contact our customer service team at info@terepay.com.

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