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:

  1. 1st Payment: $275 due December 15, 2024

  2. 2nd Payment: $275 due December 29, 2024

  3. 3rd Payment: $275 due January 12, 2025

  4. 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

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