Terms and conditions

TERMS & CONDITIONS – FERRATUM NEW ZEALAND LIMITED

1. INTERPRETATION

1.1 In this Agreement, references to “you” are to the person signing this Agreement (and references to “your” are to be interpreted accordingly) and references to “we” or “us” are to Ferratum New Zealand Limited (and references to “our” are to be interpreted accordingly).

1.2 Capitalised terms used in this Agreement have the meanings given to them in the Glossary at clause 19 of this Agreement.

2. FACILITY

2.1 Subject to clause 2.2 and this Agreement, we will make Loans available to you under this Facility when you sign and submit to us a Loan Application and we approve such Loan Application. We are under no obligation to approve any Loan Application you give to us.

2.2 Under this Agreement, we agree to make each Loan available to you on the terms specified in this Agreement and each Loan Application issued by you to us, at any time during the Availability Period, provided that:

(a) each of the following Initial Conditions Precedent has been met in form and substance satisfactory to us:

(i) we have a received a copy of this Agreement duly executed by you by way of an electronic signature pursuant to clause 12.2;

(ii) we have received your approval of  the Privacy Policy pursuant to clause 12.2;

(iii) you are:

(A) for First Time Customers, an Approved Customer; or

(B) an Existing Customer; and

 (b) we have received from you a fully completed Loan Application in respect of the Requested Loan, executed by you by way of an electronic signature pursuant to clause 12.3, and have provided a Loan Confirmation with respect to such Loan Application;

(c) the representations and warranties made by you under this Agreement remain true and correct, by reference to the facts and circumstances then existing;

(d) no Event of Default has occurred and is continuing or would occur as a result of us making the Requested Loan available to you;

(e) as at the Loan Application Date:

(i) there is no Amount Outstanding;

(ii) there are no Current Loans;

(iii) there are no Unprocessed Loan Applications;

(f) we have received any other document or information that we may request from you.

2.3 If we provide a Loan Confirmation, we will transfer the Loan relevant to such Loan Confirmation to your Nominated Bank Account as soon as practicable and in immediately available cleared funds (the date of such transfer being the “Loan Transfer Date”).

2.4 We shall not be liable to you for any delay or failure in performing our obligations to you where such delay or failure occurs because of any abnormal or unforeseeable circumstances beyond our reasonable control.

3. DISCLOSURE

3.1 With regard to the Facility we provide to you pursuant to this Agreement, before you enter into this Agreement, we will send by email to your Nominated Email Address:

(a) a copy of this Agreement; and

(b) a Facility Disclosure Statement.

3.2 With regard to each Loan we provide to you pursuant to the Facility, before we approve a Loan Application, we will send by email to your Nominated Email Address a Loan Disclosure Statement pertaining to that Loan. The terms of this Agreement, a copy of which will be provided to you in accordance with clause 3.1, will apply to such Loan.

4. REPAYMENT

4.1 Other than where clause 5 applies, within five Business Days of each Repayment Date and in respect of each Loan, we will send by email to your Nominated Email Address a confirmation letter (each such letter, a “Confirmation Letter”) confirming certain details relating to such Loan, including:

(a) the Repayment Amount;

(b) the Repayment Date; and

(c) the Loan Identification/Reference Number,

in each case, pertaining to that Loan.

4.2 In consideration for us making each Loan available to you, other than where clause 5 applies, you agree to repay each Repayment Amount in full on the relevant Repayment Date by bank transfer to the Ferratum Bank Account, and such bank transfer;

(a) must include in the transfer statement the below identifiers:

(i) your first name(s) and surname;

(ii) your PIN Number; and

(iii) the Loan Identification Number;

(b) must be made by 12.00pm on the Repayment Date;

(c) if made after 12.00pm on the Repayment Date, will be deemed to be made on the next succeeding Business Day; and

(d) will be deemed received by us at the time and on the day it is credited to the Ferratum Bank Account.

4.3 If you fail to repay any Repayment Amount on the Repayment Date in accordance with clause 4.2 above, we will send you a reminder notice of your obligations to repay such Repayment Amount

4.5 Each payment under this Agreement:

(a) must be made in New Zealand dollars and in immediately available cleared funds; and

(b) will be applied in the following order:

(i) firstly, in payment of any costs payable in accordance with clause 11.1;

(ii) secondly, in payment of any Default Fee;

(iii) thirdly, in payment of any Default Interest;

(iv) fourthly, in payment of the Establishment Fee;

(v) fifthly, in payment of the  Bank-In & Bank Out Fee, if applicable;

(vi) sixthly, in payment of the Same Day Cleared Funds Fee, if applicable;

(vii) seventhly, in payment of the relevant Interest Amount; and

(viii) finally, in repayment of the relevant Loan Amount.

4.7 You agree that each payment under this Agreement will, to the extent permitted by law, be made without deduction or withholding in respect of any taxes, duties, set-off, counterclaim or otherwise and free of any restriction or condition. If any deduction or withholding is required by law, you will pay to us an additional amount equal to the amount deducted or withheld, so that the net amount actually received and retained by us on the relevant Repayment Date (free from any liability in respect of any deduction or withholding, and ignoring any amount which we may be deemed to have received at law) is equivalent to the amount we would have received and retained had no deduction or withholding been made or required.

4.8 If any payment under this Agreement is due to be made on a day which is not a Business Day, the payment shall be made on the next succeeding Business Day.

4.9 If any payment made by you to us is avoided by law:

(a) that payment will be deemed not to have discharged or affected the obligation of you in respect of that payment; and

(b) we and you will be deemed to be restored to the position each would have been, and will be entitled to exercise all the rights each would have had, if that payment had not been made.

4.10 Notwithstanding anything else in this Agreement, any failure by us to send to you a Confirmation Letter or a Reminder Letter does not in any way preclude or affect in any way your obligation to make timely payments to us in accordance with this Agreement.

5. FULL PREPAYMENT

5.1 You may pay the Full Prepayment Amount (as defined below) pertaining to a Loan to the Ferratum Bank Account at any time before the final payment is due, without any penalty.

5.2 The Full Prepayment Amount is, at any time, will be no more than the total of:

(a)       the aggregate of the Loan outstanding, plus accrued and unpaid interest and costs and all other amounts due to us at that time under any Relevant Document; and

(b)       any reasonable credit fee we charge to compensate us for any administrative costs we incur due to your prepayment; and

(c)        an amount equal to our reasonable estimate of our loss arising from your prepayment (if any) – that is, a loss that relates to differences in interest rates.

5.3 To find out the Full Prepayment Amount, either call us on (09) 915 0766 or email the Ferratum Email Address.

6. INTEREST

6.1 The interest rate applicable to each Loan shall be the relevant Interest Rate.

6.2 We calculate interest for a Loan by applying the relevant Interest Rate for that Loan to the principal amount outstanding of that Loan and (unless otherwise notified by us to you) interest is calculated on the basis of the number of days elapsed and a 365 day year (even in a leap year). Interest accrues on a daily basis and is payable in arrears on the Repayment Date.

7. DEFAULT FEE AND DEFAULT INTEREST

7.1 If you fail to pay any Repayment Amount owing to us on the relevant Repayment Date:

(a) you will pay the applicable Default Fee as specified in clause 19.1; and

(b) interest will accrue (both before and after judgment and without the need for notice or demand) on the overdue portion of the Loan Amount (which is applicable to such Repayment Amount) at the Default Rate (compounded daily) until payment is received by us (“Default Interest”).

7.2 If you fail to pay any Repayment Amount owing to us on the relevant Repayment Date, we will send by email to your Nominated Email Address a reminder letter (each such letter, a “Reminder Letter”) on each of the 7th, 14th and 21st days after the relevant Repayment Date (as necessary).

7.3 Each Reminder Letter will confirm certain details relating to the relevant Loan, including:

(a) the Amount Outstanding which will include:

(i) the Repayment Amount;

(ii) any applicable Default Fee; and

(iii) the Default Interest payable; and

(b) the Loan Identification Number,

in each case, pertaining to that Loan.

8. REPRESENTATIONS

8.1 You represent and warrant to us that:

(a) you are not less than 18 years of age;

(b) you are:

(i) a citizen or a permanent resident of New Zealand; or

(ii) a citizen of Australia;

(c) all Information is true, correct, complete and not misleading;

(d) your obligations under this Agreement are legal, valid, binding and enforceable in accordance with their respective terms;

(e) there are no pending or threatened actions or proceedings affecting you before any court or other body which may adversely affect your ability to perform and observe your obligations under this Agreement;

(f) you are able to pay your indebtedness as it falls due;

(g) no Event of Default has occurred and is continuing;

(h) you are not in default under any other agreement relating to indebtedness; and

(i) no part of any Loan provided under the Facility will be used to pay amounts owing to us or a company related to us under another credit contract.

8.2 The representations given above are deemed to be repeated continuously during the term of this Agreement by reference to the facts and circumstances then existing.

9. UNDERTAKINGS

You agree to:

(a) immediately notify us should there be any change in the Information; and

(b) provide us with such other information relating to you as we may reasonably require from time to time.

10. DEFAULT

10.1 An Event of Default occurs under this Agreement if:

(a) you fail to pay any moneys payable under this Agreement on time; or

(b) you fail to observe or perform any other term of this Agreement; or

(c) you make, or are deemed to have made, any statement, representation or warranty in, or in connection with, this Agreement that is incorrect in any respect; or

(d) you allow a judgment or order against you to remain unsatisfied for more than two days; or

(e) we reasonably believe that you are unable to pay your debts as they fall due, or bankrupt or insolvent, or you are deemed to be unable to pay your debts as they fall due or bankrupt or insolvent under any law; or

(f) you die or otherwise become physically or mentally incapacitated; or

(g) this Agreement is not legally effective against you or you or someone else disputes the legal effectiveness of this Agreement.

10.2 If an Event of Default occurs we can, subject to any applicable law, without prior notice take any or all of the following actions:

(a) call up and demand payment of any Repayment Amount even if not due and, if applicable, any Default Fee, any Default Interest; and/or

(b) cancel the Facility.

We also have all other rights given to us by law and in this Agreement.

11. COSTS

11.1 You agree that you will pay each cost that we properly incur in connection with or incidental to the occurrence of an Event of Default and the exercise, protection or enforcement of our rights under this Agreement on demand and on a full indemnity basis.

11.2 The above indemnity is unconditional and irrevocable and survives termination of this Agreement.

12. ELECTRONIC COMMUNICATIONS AND EXECUTION

                          

12.1 You consent to notices, any documents pertaining to disclosure pursuant to the CCCFA (including all Disclosure Statements) and any other communications relating to this Agreement being sent to you, or made available, via email or other electronic means (including without limitation an SMS message).

You also consent to receiving commercial electronic messages we may send you from time to time (including SMS messages and email). You acknowledge and agree that we are not obliged to include an unsubscribe facility in the SMS messages we send you. You can at any time unsubscribe from all future electronic commercial messages by emailing us at loan@ferratum.co.nz.

12.2 Where you are a First Time Customer, you acknowledge that when you submit your First Time Customer Application, by ticking the box entitled “I accept the Terms and Conditions  and the Privacy Policy ” (the “Box-tick”) you confirm that:

(a) the Box-tick identifies you as the signatory to this Agreement;

(b) the Box-tick identifies your approval of this Agreement;

(c) the Box-tick identifies your approval of the Privacy Policy;and

 (e) the means of creating the Box-tick:

(i) is linked to you and to no other person; and

(ii) was under your control and of no other person; and

12.3 You acknowledge and confirm that:

(a) where you submit a Loan Application on our Website in accordance with:

(i) for First Time Customers, the definition of “First Time Customer Application” in clause 19.1; or

(ii) for Existing Customers, paragraph (a) of the definition of “Existing Customer Loan Application” in clause 19.1,

by entering the required details (including for Existing Customers only, your PIN Number) and clicking the button “Submit Now” (each a “Website Submission”):

(A) the Website Submission identifies you as the signatory to the Loan Application;

(B) the Website Submission identifies your approval of the Loan Application;

(C) the means of creating the Website Submission:

(1) is linked to you and to no other person; and

(2) was under your control and of no other person;

(D) the Website Submission identifies your approval that this Agreement shall apply to the Requested Loan; and

(E) the Website Submission identifies your confirmation that the representations and warranties made by you under this Agreement remain true and correct as at the date of the Website Submission, by reference to the facts and circumstances then existing; and

(b) where you are an Existing Customer and submit a Loan Application via SMS message to the Ferratum SMS Gateway Shortcode Number in accordance with paragraph (b) of the definition of “Existing Customer Loan Application” in clause 19.1(an “SMS Submission”):

(i) the SMS Submission identifies you as the signatory to the Loan Application;

(ii) the SMS Submission identifies your approval of the Loan Application;

(iii) the means of creating the SMS Submission:

(A) is linked to you and to no other person; and

(B) was under your control and of no other person;

(iv) the SMS Submission identifies your approval that this Agreement shall apply to the Requested Loan; and

(v) the SMS Submission identifies your confirmation that the representations and warranties made by you under this Agreement remain true and correct as at the date of the SMS Submission, by reference to the facts and circumstances then existing.

13. INFORMATION

13.1 Our Privacy Policy applies to the collection, use, storage and disclosure of your Personal Information and all other information about you.  To find out more you can see our Privacy Policy on our Website.  Key terms of current Privacy Policy are summarised below.

13.2 You authorise us to share any Personal Information with any third party, including without limitation lenders, credit bureaus, credit reference agencies, payment processing agencies, customer service providers and collection agencies for any purpose in relation to this Agreement or our business functions and activities which include, without limitation, assessing your credit risk and ability to repay debts as they fall due.

13.3 You authorise us to store and record any information about you in any jurisdiction, including without limitation Finland.

13.4 We reserve the right to request from you any information or documents that we may reasonably require in relation to this Agreement, including for assessing your Loan Application, identifying you or for performing the required verifications.

13.5 You authorise us to obtain any information about you that we may reasonably require in relation to this Agreement from any third party and further authorise the relevant third party to disclose such information to us.

14. VARIATION

14.1 We may vary these terms and conditions at any time if we are required, or it is advisable for us to do so, by law or change in market conditions or to maintain our  rate of return on the loan.  We will give you notice of any change at least 5 Business Days prior to that change taking effect. If a variation relates to a change to an Interest Rate or fee, we may provide you notice of the variation in the manner contemplated by regulation 5 of the Credit Contracts and Consumer Finance Regulations 2004. Any change is binding from the date specified in our notice.

14.2 Except as otherwise expressly provided in this Agreement, no variation to this Agreement is effective unless it is in writing and signed by you and us.

15. ASSIGNMENT

15.1 You must not assign all or any part of your rights, title, interest or obligations under this Agreement to a third party without our written permission.

15.2 We may assign in whole or in part any of our rights, title, interest and obligations in this Agreement without your consent:

(a)       to any person whom we genuinely believe can perform all of our obligations under this Agreement; or

(b)       if we believe it is sensible or necessary to do so to comply with the law (including statutes, directives, case law or official guidance,

and each of our assignees has the same rights against you under this Agreement as if it were named in this Agreement.

16. TERMINATION

16.1 You may terminate the Facility by notice in writing to us and such termination will take effect immediately. Where the Facility is terminated by you, no further Loans will be made by us and you must repay any Amount Outstanding to us prior to 2.00pm on the Termination Date.

16.2 Without limiting our rights under clause 10, we may by notice to you, without being required to provide any reasoning, terminate your right to request further Loans under the Facility, following which no further Loans will be made by us unless we notify you to the contrary.

17. NOTICES

17.1 No communication will be effective until received. A communication to you is, however, deemed to be received:

(a) in the case of a letter, on the third Business Day after posting;

(b) in the case of electronic communications, on completion of transmission to the relevant electronic address provided that if such communication is made at a time which is outside ordinary business hours, such communications shall be deemed received on the next Business Day.

18. MISCELLANEOUS

18.1 We may pursue our remedies and exercise our powers under this Agreement separately or concurrently.

18.2 Time is of the essence in all respects regarding each of your obligations under this Agreement.

18.3 All communication to be made pursuant to this Agreement must be in English.

18.4 A certificate by us of any amount payable under this Agreement is conclusive evidence for all purposes, including for any proceedings.

18.5 For the purposes of the Contracts (Privity) Act 1982, you acknowledge and accept that your obligations under this Agreement shall be enforceable notwithstanding that we may not sign this Agreement.

18.6 The illegality, invalidity or unenforceability of a provision of this Agreement under any law will not affect the legality, validity or enforceability of that provision under another law or the legality, validity or enforceability of another provision.

18.7 This Agreement is to be governed by, and construed in accordance with, New Zealand law.

19. GLOSSARY

19.1 For the purpose of this Agreement:

Agreement” means this agreement including, where the context applies, each Approved Loan Application.

Amount Outstanding” means, at any time, the aggregate principal amount of a Loan outstanding at that time together with any accrued and unpaid interest, fees and all costs and other amounts then due and payable by you to us in connection with such Loan.

Approved Customer” means a customer who has submitted a First Time Customer Application to us and has received a Loan Confirmation in respect of that First Time Customer Application.

Approved Loan Application” means a Loan Application which has received a Loan Confirmation.

Availability Period” means the period from the Facility Availability Date until the Termination Date.

Bank-In & Bank-Out Fee” means a fee of $10 in relation to each loan that is subject to Ferratum’s Bank Account facilities.

Business Day” means a day (other than a Saturday or Sunday) upon which registered banks are open for general banking business in Auckland.

CCCFA” means the Credit Contracts and Consumer Finance Act 2003 (as amended).

Confirmation Letter” has the meaning given thereto in clause 4.1.

Current Loan” means:

(a) a Loan that has not been repaid in full, including the Interest Amount, Establishment Fee, Same Day Cleared Funds Fee Bank-In & Bank-Out Fee and other costs; or

(b) any loan which we have made to any Household Member which has not been repaid in full, including the Interest Amount, Establishment Fee,  Same Day Cleared Funds Fee, Bank-In & Bank-Out Fee and other costs,

in each case to our satisfaction.

Default Fee” in relation to a Loan has the meaning prescribed in the below table:

Number of days from the Repayment Date to full repayment of the Amount Outstanding

Default Fee

1 – 6

Zero

7 – 13

$20

14 – 20

$40

21 +

$70

 

Default Interest” has the meaning given thereto in clause 7.1(b).

Default Rate” means, in relation to a Loan, 182.5 % per annum (which equates to 0.5% per day).

 -

Disclosure Statement” means a Facility Disclosure Statement or a Loan Disclosure Statement, as the context may require.

Early Repayment Date” means the date on which you make full prepayment of a Loan in accordance with clause 5.

Establishment Fee” in relation to each Loan means $28 up to $48.

ETA” means the Electronic Transactions Act 2002 (as amended).

"Event of Default" means any of the events mentioned in clause 10.

Existing Customer” means a First Time Customer who we have approved and has repaid his or her first Loan in accordance with the terms of this Agreement.

Existing Customer Loan Application” means the application you make as an Existing Customer to us to provide you with a Loan under the Facility by:

(a) submitting the online loan application form at our Website; or

(b) sending an SMS message from your Nominated Mobile Phone to us at the Ferratum SMS Gateway Shortcode Number, which must contain the data set out in items (i) through (iv) below, in the following order with each item separated by spaces:

(i) the keyword “LOAN”;

(ii) the Loan Amount, which must be (1) $100, (2) $200, (3) $300, (4) $400, (5) $500 or (6) $600, (7) 700, (8) 800, (9) 900 and (10).1,000;

(iii) the Loan Term (which must be a number between (and including) 7 and 45 selected in accordance with paragraph (b)(ii) of the definition of “Loan Term” below); and

(iv) your PIN Number.

EXAMPLE “LOAN 600 30 9999”

Facility” means the loan facility made available by us to you pursuant to this Agreement.

Facility Availability Date” means the date the Loan Confirmation for First Time Customers is provided.

Facility Disclosure Statement” means a statement substantially in the form set out in Schedule 1, which is accessible on our Website.

Ferratum Bank Account” means bank account number 01-0274-0139683-00 held with ANZ  Bank New Zealand Limited in the name of Ferratum New Zealand Limited, or any other bank account which we specify in any Confirmation Letter.

Ferratum Email Address” means loan@ferratum.co.nzinfo@justcash.co.nz or info@simplecash.co.nz

Ferratum SMS Gateway Shortcode Number” means 8778.

First Time Customer” means:

(a) a customer who is making a First Time Customer Application; or

(b) a customer who has previously made a First Time Customer Application but has never received a Loan Confirmation.

First Time Customer Application” means the application you make to us to provide you with (1) the Facility pursuant to this Agreement and (2) a Loan under the Facility by submitting the online customer application form at our Website.

Full Prepayment Amount” has the meaning given in clause 5.2.

Household Member” means any person other than you who we deem to reside at the same residence as you.

Initial Conditions Precedent” has the meaning given to that term in clause 2.2.

Interest Amount” means, in relation to a Loan:

(a) other than where paragraph (b) below applies, the amount which we confirm in the relevant Confirmation Letter as the Interest Amount which will be the amount set out in the relevant table set out in Schedule 3 and which is derived from applying the relevant Interest Rate to the relevant Loan Amount for the relevant Loan Term (rounded to the nearest whole number unless the nearest tenth number is .5, in which case the Interest Amount shall be rounded to the nearest tenth);

EXAMPLE:

Loan Amount = $100

Loan Term = 25 days

Interest Rate = 277% per annum

The Interest Amount will be $19 (being the sum of (a) 100 multiplied by 277% divided by (b) 365 multiplied by (c) 25)

(b) where you elect to make full prepayment of a Loan in accordance with clause 5, the Interest Amount is the amount which is derived from applying the relevant Interest Rate to the relevant Loan Amount for the relevant Loan Term (rounded upward to two decimal points) but where, for the avoidance of doubt, the Loan Term is determined in accordance with paragraph (a) of the definition of “Loan Term” below.

USING THE ABOVE EXAMPLE:

Loan Amount = $100

Loan Term = 25 days but repaid early after 20 days

Interest Rate = 277% per annum

The Interest Amount will be $15,2 being the sum of (a) 100 multiplied by 277% divided by (b) 365 multiplied by (c) 20)

Interest Rate” means, in relation to a Loan, the interest rate specified in the relevant table set out in Schedule 3.

Loan” means any advance made by us under clause 2of this Agreement.

Loan Amount” means, in relation to a Loan, the aggregate principal amount of the Loan, which must be (a) $100, (b) $200, (c) $300, (d) $400, (e) $500, (f) $600, (g) $700, (h) $800, (g) $900 or (10) $1,000.

Loan Application” means a First Time Customer Application or an Existing Customer Loan Application, as the context may require.

Loan Application Date” means, in respect of a Requested Loan, the date that the relevant Loan Application is submitted by you to us in accordance with this Agreement.

Loan Confirmation” means a confirmation which we send to you either by email to your Nominated Email Address or SMS message to your Nominated Mobile Phone, in response to your Loan Application:

(a) confirming that you are:

(i) for First Time Customers, an Approved Customer; or

(ii) an Existing Customer;

(b) for First Time Customers who we approve, providing your PIN number for future use (which you must keep in a safe place);

(c) for First Time Customers who we approve, confirming that we have made available to you the Facility in accordance with the terms of this Agreement; and

(d) approving the relevant Loan Application and agreeing to make available the relevant Loan pursuant to such Loan Application and this Agreement.

Loan Disclosure Statement” means a statement substantially in the form set out in Schedule 2, which is accessible on our Website.

Loan Identification Number” means the identification number we ascribe to each Loan and confirm to you in the relevant Confirmation Letter or Reminder Letter.

Loan Term” in relation to a Loan means:

(a) where you elect to make full prepayment of a Loan in accordance with clause 5, the number of days from the Loan Transfer Date to the Early Repayment Date (inclusive);

(b) otherwise, the term of the Loan which you select when making a Loan Application and which must comply with the following:

(i) with respect to a First Time Customer, the term of the Loan must be a number between (and including) 7 and 25 in accordance with the table below:

Loan Amount

Loan Term

$100

7 to 25 days (inclusive)

$200

7 to 25 days (inclusive)

$300  

7 to 45 days (inclusive)

 

(ii) with respect to an Existing Customer, the term of the Loan must be a number between (and including) 7 and 45 in accordance with the table below:

Loan Amount

Loan Term

$100

7 to 25 days (inclusive)

$200

7 to 25 days (inclusive)

$300

7 to 45 days (inclusive)

$400

7 to 45 days (inclusive)

$500

7 to 45 days (inclusive)

$600

7 to 45 days (inclusive)

$700

15 to 45 days (inclusive)

$800

15 to 45 days (inclusive)

$900

15 to 45 days (inclusive)

$1,000

15 to 45 days (inclusive)

 

Loan Transfer Date” has the meaning given in clause 2.3.

Nominated Bank Account” means your bank account which you provide pursuant to the First Time Customer Application.

Nominated Email Address” means your email address which you provide pursuant to the First Time Customer Application.

Nominated Mobile Phone” means your mobile phone number which you provide pursuant to the First Time Customer Application.

Nominated Trading Bank” means the bank at which the Nominated Bank Account is held.

Personal Information” means all information provided by you pursuant to a Loan Application, or otherwise pursuant to this Agreement.

PIN Number” means the PIN number we confirm to you in the Loan Confirmation for First Time Customers who we approve.

Privacy Policy” means the privacy policy which is accessible on our Website and which you have approved pursuant to clause 12.2.

Reminder Letter” has the meaning given thereto in clause 7.2.

Repayment Amount” means, at any time and in relation to a Loan, the sum of:

(a) the Loan Amount;

(b) the Interest Amount; and

(c) the Establishment Fee; and

(d) the Bank-In & Bank-Out Fee  if applicable; and

(e) the Same Day Cleared Funds Fee, if applicable,

in each case, as pertaining to that Loan as at the Repayment Date.

Repayment Date” in relation to a Loan means:

(a) where you elect to make full prepayment of a Loan in accordance with clause 5, the Early Repayment Date; or

(b) otherwise, the date which falls X days after the Loan Transfer Date, where “X” means the number of days in the Loan Term relevant to such Loan, provided that if such date is not a Business Day, the Repayment Date shall be deemed to be the next succeeding Business Day.

Requested Loan” means a Loan requested by you pursuant to a Loan Application.

“Same Day Cleared Funds Fee” means a fee of $10

in relation to each Loan you have requested to be transferred to your Nominated Bank Account on the same day as the day of receiving the Loan Confirmation.

SMS” means short messaging system.

Termination Date” means the date this Agreement is terminated in accordance with this Agreement.

Unprocessed Loan Application” means:

(a) a Loan Application made by you; or

(b) an application for a loan from us to any Household Member,

in each case which we have neither approved nor rejected.

Website” means the website at www.ferratum.co.nzwww.justcash.co.nzwww.simplecash.co.nz or such other website as we may maintain from time to time for access by our customers.

19.2 Unless otherwise defined or unless the context otherwise requires, in this Agreement:

(a) each reference to a party includes that person’s executors;

(b) each reference to a document (however described) includes that document as modified or replaced from time to time;

(c) a clause means a clause of this Agreement;

(d) “email” means electronic mail;

(e) “indebtedness” includes any obligations (whether present or future, actual or contingent, secured or unsecured, as principal or surety or otherwise) for the payment or repayment of money;

(f) “law” includes any law, treaty or directive of an agency or state or other regulatory, monetary or accounting authority;

(g) “person” includes any individual, company, corporation, firm, partnership, joint venture, association, organisation, trust, state or agency of a state (in each case, whether or not having a separate legal personality);

(h) “tax(es)” includes any present or future tax, levy, impost, duty, charge, fee, deduction or withholding of any nature and whatever called, imposed by any government or any agency thereof or any municipal authority, on whomsoever imposed, levied, collected, withheld or assessed;

(i) any legislation or any provision of any legislation includes any modification or re-enactment of, or any legislative provision substituted for, and all statutory instruments issued under, such legislation or such provision and any analogous or equivalent legislation or legislative provision in any other applicable jurisdiction; and

(j) for the avoidance of doubt, communications made pursuant to this Agreement by an SMS message or by email shall be deemed “electronic communications” for the purposes of the ETA.

SCHEDULE 1

FACILITY DISCLOSURE STATEMENT

Disclosure Statement For Consumer Credit Contracts

IMPORTANT– We are providing you with this disclosure statement under section 17 of the Credit Contracts and Consumer Finance Act 2003. This document sets out the key information about your consumer credit contract. You should read it thoroughly. If you do not understand anything in this document, you should seek independent advice. You should keep this disclosure statement and a copy of your consumer credit contract in a safe place.

This disclosure statement must be provided to you before the contract is entered into. The law gives you a limited right to cancel the consumer credit contract, however this right of cancellation does not apply if the credit is provided for a specified period of less than two months and no part of the credit is used, with our knowledge, to pay amounts owing to us or a related company under another credit contract.

FULL NAME AND ADDRESS OF CREDITOR This is the person providing you the credit

You may send notices to us by:

· writing to us at our postal address; or

· sending a fax to the number specified (if any); or

· sending an email to any of the addresses specified.

Name: Ferratum New Zealand Limited

Trading Names: Ferratum, Just Cash and Simple Cash

Physical Address:  Level 2, 132 Hurstmere Road Takapuna, Auckland 0622

Postal Address:  Level 2, 132 Hurstmere Road, Takapuna, Auckland 0622, PO Box 33-1009 Takapuna 0740

Fax: (09) 915 0768

Email: loan@ferratum.co.nz , info@justcash.co.nz or info@simplecash.co.nz

WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS

Default interest charges and default fees

In the event of a default in payment and while the default continues you must pay the default interest charges.

Default interest is 182.5% per annum.  You will be required to pay interest at the Default Interest rate on the overdue portion of the Loan Amount where such amount is due and unpaid under the contract for the period from the due payment date of that amount until the date payment is actually received. Default Interest will accrue daily, and will be compounded daily.

In the event of a breach of the contract or on the enforcement of the contract, the Default Fees specified below are payable.  You should be aware that in some cases we can change the credit fees and charges you might have to pay and the Default Interest rate in accordance with clause 14 of this Agreement.

Number of days from the repayment date to full repayment of the amount outstanding

Default Fee

1 – 6

Zero

7 – 13

$20

14 – 20

$40

21 +

$70

ELECTRONIC COMMUNICATIONS

You consent to receive notices and other communication from us in electronic form, whether by means of email or other electronic communication.

     
 

 

 

 

 

SCHEDULE 2

LOAN DISCLOSURE STATEMENT

Disclosure Statement For Consumer Credit Contracts

Statement Date

/ /

[Insert the Loan Transfer Date]

IMPORTANT– We are required to provide you with this disclosure statement under section 17 of the Credit Contracts and Consumer Finance Act 2003. This document sets out the key information about your consumer credit contract. You should read it thoroughly. If you do not understand anything in this document, you should seek independent advice. You should keep this disclosure statement and a copy of your consumer credit contract in a safe place.

This disclosure statement must be provided to you before the contract is entered into. The law gives you a limited right to cancel the consumer credit contract, however this right of cancellation does not apply if the credit is provided for a specified period of less than two months and no part of the credit is used, with our knowledge, to pay amounts owing to us or a related company under another credit contract.

FULL NAME AND ADDRESS OF CREDITOR This is the person providing you the credit

You may send notices to us by:

· writing to us at our postal address; or

· sending a fax to the number specified (if any); or

· sending an email to any of the addresses specified.

Name: Ferratum New Zealand Limited

Trading Names: Ferratum, Just Cash and Simple Cash

Physical Address:  Level 2, 132 Hurstmere Road, Takapuna, Auckland 0622

Postal Address:  Level 2, 132 Hurstmere Road,  Takapuna, Auckland 0622, PO Box 33-1009 Takapuna 0740 Fax: (09) 915 0768

Email: loan@ferratum.co.nzinfo@justcash.co.nz or info@simplecash.co.nz

CREDIT DETAILS

Initial unpaid balance

This is the amount you owe as at the date of this statement (including any fees charged by us).

$[Sum of the Loan AmountEstablishment Fee, Same Day Cleared Funds Fee and Bank-In & Bank-Out Fee] made up of a $[Loan Amount] loan, $[Establishment Fee], $[Bank-In & Bank-Out Fee], and $[Same Day Cleared Funds Fee].

Credit limit: $[Sum of the Loan Amount, Establishment Fee, Bank-In & Bank-Out Fee and Same Day Cleared Funds Fee]

   

Total advance

This is the total amount of the advance made or to be made to you.

$[Loan Amount]

PAYMENT You are required to make payment of the amount specified below and by the time specified below.

You are required to repay the Loan in one payment [Loan Term] days after the date the loan is transferred

 

Amount of payment

$[Sum of the Loan Amount, Establishment Fee, Bank-In & Bank-Out Fee, Same Day Cleared Funds Fee and Interest Amount (assuming the Interest Amount is repaid on the Repayment Date)

CREDIT FEES AND CHARGES

The following credit fee(s) and charge(s) (which are not included in the initial unpaid balance) are payable under, or in connection with, the contract.

$[Establishment Fee[Please delete if always included in the Initial Unpaid Balance or include a description as to when this fee will become payable after the initial unpaid balance]

$[ Bank-In & Bank-Out Fee] [Please include a description as to when this fee will become payable after the initial unpaid balance]

$[Same Day Cleared Funds Fee[Please include a description as to when this fee will become payable after the initial unpaid balance]

INTEREST

Annual interest rate

[Interest Rate]% per annum for the whole term of the contract, being [Loan Term] days.

 

Total interest charges

$[Interest Amount]

This is the total amount of the interest charges payable under the contract.

Method of charging interest

Interest charges are calculated and charged at the end of the term of the loan, or as at the early repayment date if you elect to make a full prepayment of a Loan, by obtaining the amount which is the sum of (a) the Loan Amount multiplied by the Interest Rate divided by (b) 365 and multiplied by (c) the number of days in the relevant term of the loan (provided that Default Interest does not apply to any part of the Loan Amount).

WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS

Default interest charges and default fees

In the event of a default in payment and while the default continues you must pay the default interest charges.

Default interest is 182.5% per annum. You will be required to pay interest at the Default Interest rate only on the part of the Loan Amount which is due and unpaid under the contract for the period from the due payment date of that amount until the date payment is actually received. Default Interest will accrue daily, and will be compounded daily, on such amount.

In the event of a breach of the contract or on the enforcement of the contract, the Default Fees specified below are payable. You should be aware that in some cases we can change the credit fees and charges you might have to pay and the Default Interest rate in accordance with clause 14 of this Agreement.

Number of days from the repayment date to full repayment of the amount outstanding

Default Fee

1 – 6

Zero

7 – 13

$20

14 – 20

$40

21 +

$70

FULL PREPAYMENT

You may pay the unpaid balance in full before the final payment is due including the applicable establishment fee and interest payable to the date of prepayment, without any penalty.

ELECTRONIC COMMUNICATIONS

You consent to receive notices and other communication from us in electronic form, whether by means of email or other electronic communication.

We consent to receive notices and other communications from you in electronic form, by means of email at the email address specified in the section of this disclosure statement entitled “FULL NAME AND ADDRESS OF CREDITOR”.

CONTINUING DISCLOSURE

We may be required to provide you with regular statements.  The statements will give you information about your account.

Statements will be provided monthly so long as any Loan Amount is unpaid.

WHAT TO DO IF YOU SUFFER UNFORESEEN HARDSHIP

If you are unable reasonably to repay the loan on the repayment date or meet your other obligations because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you may be able to apply to us for a hardship variation.

 

To apply for a hardship variation, you need to:

  1. make an application in writing; and
  2. explain your reason(s) for the application; and
  3. request one of the following:
  • an extension of that term of the contract (which will reduce the amount of each payment under the contract); or
  • a postponement of the date on which the payment is due under the contract (specific the period for which you want this to apply); or
  • both of the above; and
  1. give the application to us in any of the ways specified in the section of this disclosure statement entitled “FULL NAME AND ADDRESS OF CREDITOR” or send the application to PO Box 33-1009, Takapuna 0740.

Do this as soon as possible.  If you leave it for too long we may not have to consider your application.

DISPUTE RESOLUTION

Name of our dispute resolution scheme:  Financial Services Complaints Limited.

It is free to make a complaint to this independent dispute resolution scheme.  This scheme can help you to resolve any disagreement you have with us.

The details of Financial Services Complaints Limited are as follows:

Address:  Level 4, Sybase House, 101 Lambton Quay, Wellington 6011

Website:  http://www.fscl.org.nz/

Email:  complaints@fscl.org.nz

Phone:  0800 347 257

REGISTRATION ON FINANCIAL SERVICE PROVIDER REGISTER

Our registration name:  Ferratum New Zealand Limited

Registration number:  FSP70021

               
 

SCHEDULE 3

INTEREST RATE

1.    Where the Loan Amount is $100:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

7 days

52%

$1

8 days

91%

$2

9 days

122%

$3

10 days

146%

$4

11 days

166%

$5

12 days

183%

$6

13 days

197%

$7

14 days

209%

$8

15 days

219%

$9

16 days

228%

$10

17 days

236%

$11

18 days

243%

$12

19 days

250%

$13

20 days

256%

$14

21 days

261%

$15

22 days

265%

$16

23 days

270%

$17

24 days

274%

$18

25 days

277%

$19

 

2. Where the Loan Amount is $200:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

7 days

574%

$22

8 days

548%

$24

9 days

527%

$26

10 days

511%

$28

11 days

498%

$30

12 days

487%

$32

13 days

477%

$34

14 days

469%

$36

15 days

475%

$39

16 days

479%

$42

17 days

483%

$45

18 days

487%

$48

19 days

490%

$51

20 days

493%

$54

21 days

495%

$57

22 days

498%

$60

23 days

500%

$63

24 days

502%

$66

25 days

504%

$69

 

3. Where the Loan Amount is $300:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

7 days

660%

$38

8 days

624%

$41

9 days

595%

$44

10 days

572%

$47

11 days

553%

$50

12 days

537%

$53

13 days

524%

$56

14 days

513%

$59

15 days

515%

$63,5

16 days

517%

$68

17 days

519%

$72,5

18 days

520%

$77

19 days

522%

$81,5

20 days

523%

$86

21 days

524%

$90,5

22 days

525%

$95

23 days

526%

$99,5

24 days

527%

$104

25 days

528%

$108,5

26 days

529%

$113

27 days

529%

$117,5

28 days

530%

$122

29 days

531%

$126,5

30 days

531%

$131

31 days

526%

$134

32 days

521%

$137

33 days

516%

$140

34 days

512%

$143

35 days

508%

$146

36 days

498%

$147,5

37 days

490%

$149

38 days

482%

$150,5

39 days

474%

$152

40 days

467%

$153,5

41 days

460%

$155

42 days

453%

$156,5

43 days

447%

$158

44 days

441%

$159,5

45 days

435%

$161

 

4. Where the Loan Amount is $400:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

7 days

782%

$60

8 days

707%

$62

9 days

649%

$64

10 days

602%

$66

11 days

581%

$70

12 days

563%

$74

13 days

548%

$78

14 days

534%

$82

15 days

523%

$86

16 days

513%

$90

17 days

515%

$96

18 days

517%

$102

19 days

519%

$108

20 days

529%

$116

21 days

530%

$122

22 days

531%

$128

23 days

532%

$134

24 days

532%

$140

25 days

533%

$146

26 days

533%

$152

27 days

534%

$158

28 days

534%

$164

29 days

535%

$170

30 days

535%

$176

31 days

530%

$180

32 days

525%

$184

33 days

520%

$188

34 days

515%

$192

35 days

511%

$196

36 days

502%

$198

37 days

493%

$200

38 days

485%

$202

39 days

477%

$204

40 days

470%

$206

41 days

463%

$208

42 days

456%

$210

43 days

450%

$212

44 days

444%

$214

45 days

438%

$216

 

5. Where the Loan Amount is $500:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

7 days

803%

$77

8 days

748%

$82

9 days

685%

$84,5

10 days

635%

$87

11 days

611%

$92

12 days

590%

$97

13 days

573%

$102

14 days

558%

$107

15 days

545%

$112

16 days

534%

$117

17 days

524%

$122

18 days

525%

$129,5

19 days

526%

$137

20 days

527%

$144,5

21 days

528%

$152

22 days

529%

$159,5

23 days

530%

$167

24 days

531%

$174,5

25 days

531%

$182

26 days

532%

$189,5

27 days

533%

$197

28 days

533%

$204,5

29 days

534%

$212

30 days

534%

$219,5

31 days

529%

$224,5

32 days

524%

$229,5

33 days

519%

$234,5

34 days

514%

$239,5

35 days

510%

$244,5

36 days

501%

$247

37 days

492%

$249,5

38 days

484%

$252

39 days

476%

$254,5

40 days

469%

$257

41 days

462%

$259,5

42 days

455%

$262

43 days

449%

$264,5

44 days

443%

$267

45 days

437%

$269,5

 

6. Where the Loan Amount is $600:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

7 days

800%

$92

8 days

768%

$101

9 days

723%

$107

10 days

669%

$110

11 days

625%

$113

12 days

603%

$119

13 days

571%

$122

14 days

569%

$131

15 days

556%

$137

16 days

555%

$146

17 days

544%

$152

18 days

544%

$161

19 days

544%

$170

20 days

517%

$170

21 days

519%

$179

22 days

520%

$188

23 days

521%

$197

24 days

522%

$206

25 days

523%

$215

26 days

524%

$224

27 days

525%

$233

28 days

526%

$242

29 days

527%

$251

30 days

527%

$260

31 days

522%

$266

32 days

517%

$272

33 days

512%

$278

34 days

508%

$284

35 days

504%

$290

36 days

495%

$293

37 days

487%

$296

38 days

479%

$299

39 days

471%

$302

40 days

464%

$305

41 days

457%

$308

42 days

450%

$311

43 days

444%

$314

44 days

438%

$317

45 days

433%

$320

 

7. Where the Loan Amount is $700:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

15 days

572%

$164,5

16 days

570%

$175

17 days

558%

$182

18 days

558%

$192,5

19 days

557%

$203

20 days

538%

$206,5

21 days

530%

$213,5

22 days

531%

$224

23 days

532%

$234,5

24 days

532%

$245

25 days

533%

$255,5

26 days

533%

$266

27 days

534%

$276,5

28 days

534%

$287

29 days

535%

$297,5

30 days

535%

$308

31 days

530%

$315

32 days

525%

$322

33 days

520%

$329

34 days

515%

$336

35 days

511%

$343

36 days

502%

$346,5

37 days

493%

$350

38 days

485%

$353,5

39 days

477%

$357

40 days

470%

$360,5

41 days

463%

$364

42 days

456%

$367,5

43 days

450%

$371

44 days

444%

$374,5

45 days

438%

$378

 

8. Where the Loan Amount is $800:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

15 days

584%

$192

16 days

582%

$204

17 days

569%

$212

18 days

568%

$224

19 days

567%

$236

20 days

548%

$240

21 days

539%

$248

22 days

539%

$260

23 days

540%

$272

24 days

540%

$284

25 days

540%

$296

26 days

540%

$308

27 days

541%

$320

28 days

541%

$332

29 days

541%

$344

30 days

541%

$356

31 days

536%

$364

32 days

530%

$372

33 days

525%

$380

34 days

521%

$388

35 days

516%

$396

36 days

507%

$400

37 days

498%

$404

38 days

490%

$408

39 days

482%

$412

40 days

475%

$416

41 days

467%

$420

42 days

461%

$424

43 days

454%

$428

44 days

448%

$432

45 days

442%

$436

 

9. Where the Loan Amount is $900:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

15 days

584%

$216

16 days

582%

$230

17 days

569%

$239

18 days

568%

$252

19 days

567%

$266

20 days

548%

$270

21 days

539%

$279

22 days

539%

$292

23 days

540%

$306

24 days

540%

$320

25 days

540%

$333

26 days

540%

$346

27 days

541%

$360

28 days

541%

$374

29 days

541%

$387

30 days

541%

$400

31 days

536%

$410

32 days

530%

$418

33 days

525%

$427

34 days

521%

$437

35 days

516%

$445

36 days

507%

$450

37 days

498%

$454

38 days

490%

$459

39 days

482%

$464

40 days

475%

$468

41 days

467%

$472

42 days

461%

$477

43 days

454%

$481

44 days

448%

$486

45 days

442%

$490

 

10. Where the Loan Amount is $1000:

Loan Term (number of days)

Interest Rate per annum

Interest Amount (unless repaid early in accordance with clause 5 of the Agreement)

15 days

584%

$240

16 days

582%

$255

17 days

569%

$265

18 days

568%

$280

19 days

567%

$295

20 days

548%

$300

21 days

539%

$310

22 days

539%

$325

23 days

540%

$340

24 days

540%

$355

25 days

540%

$370

26 days

540%

$385

27 days

541%

$400

28 days

541%

$415

29 days

541%

$430

30 days

541%

$445

31 days

536%

$455

32 days

530%

$465

33 days

525%

$475

34 days

521%

$485

35 days

516%

$495

36 days

507%

$500

37 days

498%

$505

38 days

490%

$510

39 days

482%

$515

40 days

475%

$521

41 days

467%

$525

42 days

461%

$530

43 days

454%

$535

44 days

448%

$540

45 days

442%

$545