CREDIT FEES AND CHARGES
The following credit fees are, or may become, payable under, or in connection with, the Agreement.
| Credit Fee Type | Amount | When Applied |
|---|---|---|
| New Customer Establishment Fee | $50 | For new customers only. Paid to us from the Initial Unpaid Balance. |
| Additional Loan Application Fee | $20 | For any additional loan taken out after your first loan. Paid to us from the Initial Unpaid Balance. |
These fees may be deducted from the loan amount, with the borrower's consent.
PREPAYMENT
If you pay the unpaid balance on the loan in full before the final payment is due (full prepayment) you will be required to pay a fee to compensate us for our administrative costs resulting from full prepayment, as follows:
| Credit Fee Type | Amount | When Applied |
|---|---|---|
| Prepayment Fee (Administration Costs) | $25 | When the loan is repaid early in full. |
DEFAULT FEES
In the event that you breach (do not comply with) the Agreement or on the enforcement of the Agreement, the default fees specified below are payable.
| Default Fee Type | Amount | When Applied? | When Payable? |
|---|---|---|---|
| Late Payment Fee | $10 | For each failure to make payment on the due date for payment but only after a 3-day grace period (after the date payment was due). | Payable immediately after the 3-day grace period for each failure to make payment. |
| Payment Default Fee | $25 | If payment is not made on the due date for payment but only after a 7-day grace period (after the date payment was due). The Payment Default Fee is charged only once during the Loan term, even if there are further failures to pay amounts when due. The Payment Default Fee is payable in addition to the Late Payment Fee. | Payable immediately after the 7-day grace period. |
Additional Cost Recovery
The loan agreement also allows us to recover reasonable costs related to protecting or enforcing the agreement, including:
- Legal costs
- Court filing fees
- Collection agency costs
These fees and costs must be paid for by the borrower. They will be added to the loan and must be paid immediately.
All fees and costs are in New Zealand dollars and are separate from the loan's interest charges.