TerePay Personal Loan Policy Document
Please carefully review the following details to understand your rights, obligations, and the terms of your loan with TerePay.
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1. Loan Details
Borrowing Range: $200 to $2,000
Loan Term: 8 weeks
Repayment Structure: 4 equal installments every 2 weeks
Interest Rate: 5% fixed for the entire loan term
2. Fees and Charges
Annual Administration Fee: $50
Charged annually for account maintenance and compliance activities within the year. The Annual Administration Fee covers the following:
Customer due diligence (AML/CFT compliance and KYC checks)
Credit history checks
Account setup and monitoring
Ongoing AML/CFT compliance
Streamlined application process for future loans within the same year (no additional setup fees).
Late Fee
Late Fee: $3 for late payment within 24 hours.
Default Penalty Fees
Default Interest: 7% per annum on the outstanding balance for missed payments.
Account Freeze Policy:
Accounts will be frozen if any fortnightly payment is delayed by more than 24 hours.
Accounts remain open to receive payments.
The account will be reactivated once the overdue payment is cleared.
Debt Collection:
Payments overdue by more than 5 days may result in debt collection proceedings.
Debt Collection Fees: All actual costs charged by the debt collection agency will be passed on to the borrower.
3. Loan Terms
Loans are repayable over 8 weeks from the date of disbursement.
Repayments are made in 4 equal fortnightly installments.
Loan amounts range from $200 to $2,000, subject to approval.
4. Repayment Schedule Example
For a $1,000 loan disbursed on December 1, 2024, with 5% interest and applicable first-time fees:
Loan Component | Amount (NZD) |
Loan Amount | $1,000 |
Interest (5%) | $50 |
Annual Administration Fee | $50 |
Total Amount Payable | $1100 |
Fortnightly Instalment | $275 |
Payment Schedule:
1st Payment: $275 due December 15, 2024
2nd Payment: $275 due December 29, 2024
3rd Payment: $275 due January 12, 2025
4th Payment: $275 due January 26, 2025
Note: Each payment represents 25% of the total amount repayable, spread evenly over the 8-week loan term.
5. Important Notes
All fees and charges are accurate as of [Current Date] but are subject to change.
The $50 Annual Administration Fee: Charged annually for account maintenance and compliance activities.
Subsequent loans within the same year will benefit from a streamlined process without additional setup fees.
Late payments may impact your credit score and future borrowing ability.
To avoid missed payments, we recommend setting up automatic payments with your bank.
6. Responsible Lending
TerePay is committed to responsible lending practices. We encourage all borrowers to:
Carefully assess their financial situation before taking out a loan.
Understand the repayment schedule and consequences of default.
7. Contact Information
For any questions, clarifications, or further assistance, please contact our customer service team:
Email: info@terepay.com
Phone: +64 9 886 7158