Cost of Borrowing

The fees, interest & costs applying to your loan and the rules applicable to them will be set out in detail in your loan agreement. They are also summarised on this page.

Interest and Fees payable with your loan.

 

Establishment Fee

By taking a loan with us you may incur the following fees at the start of the loan:

Establishment Fee $90
Account Management Fee (per Month) $10

 

This fee will be added to the initial unpaid balance at the start of your loan.
These are the only fees you need to incur (unless you default or request an optional service – see below).

 

Interest

Our loans typically incur an interest rate of 44.95% per annum. When you complete your application you will receive an initial loan agreement priced at 44.95%

From time to time, we may offer a lower interest rate.

First time customers will typically not be offered a reduced rate.

All applications are reviewed by our lending team to ensure the loan is suitable and affordable. It is during this review the lending team may consider offering a lower interest rate.

Factors that can affect your rate to name a few include your credit report, income, payment history, bank statement review.

All loans are subject to standard eligibility, lending and affordability criteria. Rates from 9.95% to 44.95% can be offered on a case by case basis.

 

Other costs

The Establishment Fee, Account Management Fee and the Annual Interest Rate are the only costs of borrowing you need to incur unless you choose an optional service or default.

Refer below for further details on optional services and interest, fees & costs on default.

 

Free Services

We do not charge you for:

  • Processing your direct debit repayments
  • Talking with you about your loan
  • Providing a copy of any loan documents (if you download them from our website via your personal logon)
  • Providing a statement of your loan (if you download it from our website via your personal logon)
  • Processing a complaint
  • Processing a hardship application

Interest, Fees and costs are payable if you default or request an optional service

 

Additional Fees (note: these can be avoided)

The following optional fees and default fees and costs may be charged to you:

Change Fee *

Only applies if you request a loan change and we agree

$30.00

Dishonour Fee

For each missed or dishonoured payment

$10.00

Letter Fee

For each reminder letter we send

$5.00

Wage Assignment Fee

If we lodge a wage assignment request

$30.00

Credit Agency Fee

If we lodge your default with a credit agency

$20.00

Collection Agency Fee

If we engage an external collection agency

up to
$30.00

External Collection Costs

Costs incurred by an external collector or lawyer

As incurred

All other fees and costs above occur at various stages of default and will not be charged if you did not default.

 

Do you have great credit?

Loans > $5,000. Apply now at www.loanwise.co.nz.

Loanwise is another trading division of Zethus Holdings Ltd.