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
Loans are repayable over 4 weeks from the date of disbursement.
Repayments are made in 4 equal weekly installments.
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
All fees and charges are current as of [Current Date] and are subject to change.
The Establishment Fee is only charged once, for your first loan with Terepay.
Please refer to your specific loan agreement for the exact terms and conditions applicable to your loan.
Terepay practices responsible lending. We encourage all borrowers to carefully consider their financial situation before taking a loan.
Late payments may impact your credit score and ability to borrow in the future.
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.