Terepay Terms and Conditions

1. Introduction

  • These Terms govern your use of Terepay's services, including our website, mobile apps, and loan products.

  • By using our services, you agree to these Terms.

2. Eligibility

  • You must be at least 18 years old, a New Zealand citizen or permanent resident, have a valid NZ bank account, a regular income, and meet our credit criteria.

  • We reserve the right to refuse service at our discretion.

3. Loan Terms

  • Loan amounts: NZD 200 to NZD 2000

  • Term: 8 weeks

  • Repayment Schedule: 4 equal installments paid every 2 weeks

  • Interest rate: 5% flat rate for the 8-week term

  • Annual Administration Fee: NZD 50

    • This recurring charge is applied once per year to cover the ongoing costs of managing and servicing your loan, including account maintenance, payment processing, statement generation, and customer support.

    • This fee covers the administrative costs associated with processing your loan application, conducting credit checks, and creating your loan account.

4. Application and Approval

  • Provide accurate and complete information.

  • We may use credit reporting agencies to verify your information.

  • Submitting an application doesn't guarantee approval.

5. Repayments

  • Make repayments according to your agreed fortnightly schedule.

  • Payments are made by direct bank transfer to Terepay's account.

  • The same account will be used for receiving funds and making repayments.

6. Late Payments and Default

  • Your account will be frozen after a 24-hour delay in payment.

  • Default interest rate: 7% on unpaid balance for the remainder of the term.

  • We may start debt collection after 5 days of missed payment.

  • Defaults may be reported to credit agencies.

7. Early Repayment

  • You can repay the full balance at any time.

  • Early repayment doesn't reduce the total interest payable.

8. Privacy and Data Protection

  • We collect and use your information as per our Privacy Policy.

  • You authorize us to disclose your information to credit reporting agencies.

9. Electronic Communications

  • You consent to receive electronic communications from us.

10. Intellectual Property

  • All content on our platforms is our property and protected by law.

  • You may not reproduce or distribute our content without permission.

11. Liability

  • Our liability is limited to the total fees you've paid us in the last 12 months.

12. Changes to Terms

  • We may modify these Terms at any time.

  • Continued use of our services after changes means you accept the new Terms.

13. Termination

  • We may terminate or suspend your access to our services at any time.

14. Governing Law

  • These Terms are governed by New Zealand law.

15. Contact Us

For questions, contact Terepay at:

>