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.
By taking a loan with us you may incur the following fees at the start of the loan:
|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).
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.
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.
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
For each missed or dishonoured payment
For each reminder letter we send
|Wage Assignment Fee
If we lodge a wage assignment request
|Credit Agency Fee
If we lodge your default with a credit agency
|Collection Agency Fee
If we engage an external collection agency
|External Collection Costs
Costs incurred by an external collector or lawyer
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.