1. OUR LOAN TO YOU
STANDARD TERMS AND CONDITIONS
1.1 We agree to lend to you and you agree to borrow from us the Total Advances on the terms and conditions set out in this Loan Agreement.
1.2 The Total Advances are calculated as the amount of credit we will pay to you on the Advance Date made up of each of the amounts set out in the Credit Details section of the Disclosure Statement.
1.3 This Loan Agreement shall commence on the Advance Date and continue until such time as you have repaid the Outstanding Loan Balance.
1.4 You may cancel this Loan Agreement within seven (7) working days of the date the Disclosure Statement is emailed to you, provided you comply with the terms set out under the heading “Right to Cancel” of the Disclosure Statement.
2. OUR RELIANCE ON THE INFORMATION YOU HAVE PROVIDED US
2.1 You confirm to us that, as at the date of this Loan Agreement:
(a) the information that you have provided us, whether we have requested that information
or not, is true and correct;
(b) you are not aware of any fact or circumstance that could materially change your circumstances and which could affect your ability to meet your obligations under this Loan Agreement;
(c) the information you have provided to us is not misleading or deceptive, fraudulent or incomplete; and
(d) that the monies we advance to you on the Advance Date will be used for the Loan Purpose.
2.2 You acknowledge that we:
(a) have relied upon the information which you have provided to us in assessing your loan
application and in determining the Loan Amount we lend to you; and
(b) have adopted a set of responsible lending principles, a copy of which is on our website at www.easyfinancing.co.nz, so as to ensure that you will be able to meet your obligations under this Loan Agreement.
2.3 You agree that you have not at the time of entering into this Loan Agreement and you will not for the Loan Term, knowingly done (or will do) anything to put us in breach of our obligations under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Furthermore, you undertake to notify us immediately if you become aware of anything that you consider may put us in breach of such laws. If you would like further information as to what you should be aware of in terms of compliance with this clause and the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, please contact us.
2.4 You agree to maintain a mobile telephone number and an email address for the duration of this Loan Agreement and keep them current.
2.5 You must not change your name, address, mobile telephone number or email address without first giving us five (5) working days’ written notice of your intention to do so together with the replacement name, address, mobile telephone or email address. We may communicate with you at any address, email address or telephone number that you provide, and will use any preferred channel of communication that you have indicated to us, unless it is impractical to do so.
2.6 You consent to all continuing disclosure statements required by us to be provided to you under the Act being disclosed to you by way of us maintaining (at all reasonable times) a website that allows you to access such information for any reasonable statement period you specify. Continuing disclosure information can be accessed at www.easyfinancing.com.nz.
2.8 You acknowledge that the Consumer Guarantees Act 1993 shall not apply to this Loan Agreement if the Total Advances are supplied and acquired in trade.
3. YOUR REPAYMENTS
What and when you must pay
3.1 You agree to pay to us the Payments at the times and in the amounts set out in the Payments section of the Disclosure Statement. This includes the repayment of the Initial Unpaid Amount, the Interest Charges and all other fees and charges you are required to pay under this Loan Agreement as specified in the Disclosure Statement (including the Default Fees and the Enforcement Fees, if applicable) until your Outstanding Loan Balance is repaid in full.
3.2 You must pay us the Outstanding Loan Balance in full on the date of the Last Repayment.
3.3 All repayments must be made in full by you, without deduction or set-off for any amount we owe you or you believe we may owe you.
3.4 If for any reason you fail to make a repayment in full on the dates set out in the Disclosure Statement, you may incur additional fees and charges, as set out in the What Could Happen If You Fail To Meet Your Commitments section of the Disclosure Statement and your Outstanding Loan Balance may increase.
How you must pay
3.5 You must make your payments by direct debit or direct deposit.
3.6 If a direct debit is dishonoured by your financial institution, the repayment will be treated as not having been made by you and you shall be in default under this Loan Agreement.
3.7 If you do not pay the Outstanding Loan Balance on the date of the Last Repayment, we will continue to debit your Nominated Bank Account, with regular payments in the amount set out in the Payments section of the Disclosure Statement at the same frequency as set out in the Payments section of the Disclosure Statement, up to the Total Amount of payments set out in the Payments section of the Disclosure Statement, together with any fees incurred pursuant to clause 4.4.
3.8 We do not accept payments by cheque, cash or credit card.
How we apply your repayments to the loan
3.9 We will apply any payments to your account in accordance with the Payments section of the Disclosure Statement.
3.10 If you have more than one Loan Agreement with us and you make a payment without telling us in writing to which Loan Agreement the payment is to be applied, we can apply it to any of your loans as we decide, acting in accordance with the lender responsibility principles referred to at clause 2.2 above.
3.11 To the extent allowed by law, we may from time to time without notice deduct any debt owed by you or claim or demand which we may have against you from any claim or demand which you may make against us.
3.11 You may repay the whole or any part of the Outstanding Loan Balance owing at any time before the date of the Last Repayment. Unless we agree otherwise, your obligations to pay the repayments on the dates and in the amounts due as set out in the Payments section of the Disclosure Statement, at the time of any prepayment, is not affected by an early part repayment.
4. HOW OUR FEES AND CHARGES AFFECT YOUR LOAN
4.1 Interest on your loan accrues at the end of each day, starting on the Advance Date and based on the Outstanding Loan Amount on that day. Interest charges are calculated to 5 decimal places on a daily basis by applying the applicable daily percentage rate (derived by dividing the annual interest rate by 365) to the daily balance. Each day’s interest charge is debited, rounded to 2 decimal places, to your account on the last day of each month. We will also debit interest on and to the day you repay the loan in full.
4.2 In addition to debiting interest to your account monthly, we may debit interest to your account more frequently whenever you are in default under this Loan Agreement , and, if we have agreed with you, if there is any principal increase or variation in your Loan Agreement or there is any change to the terms of this Loan Agreement.
Fees and Charges
4.3 There are certain fees and charges that you must pay as part of your loan. In addition, there are certain fees and charges that you may have to pay if certain events arise during the Loan Term. These fees are described in more detail in paragraph 4.4 below. All fees and charges will be added to your Outstanding Loan Balance and must be paid at the times set out in the Disclosure Statement.
4.4 You must pay and we may debit your bank account:
(a) our credit fees and charges shown in the Credit Fees and Charges section of the Disclosure Statement and any changed or new fees or charges notified to you in accordance with clause 4.9;
(b) our Default Fees where you are in default (as set out in clause 5.1);
(c) any government charges and duties which we incur in relation to your Loan Agreement;
(d) any Enforcement Fees we reasonably incur in enforcing this Loan Agreement or after you are in default.
4.5 It is your responsibility to pay the fees described in clause 4.4 when incurred from time to time or to ensure that your bank account contains sufficient funds to enable us to withdraw these fees by direct debit. If you require further information on the fees you have incurred or may incur, please contact us.
4.6 If you do not repay the Outstanding Loan Balance by the Last Payment Date, Interest Charges and Default Fees will continue to be added to your Outstanding Loan Balance, and Enforcement Fees may (if applicable) also be added to your Outstanding Loan Balance.
4.7 The fees and charges set out in the Disclosure Statement are current as at the Statement Date.
4.8 All fees payable under this Loan Agreement are non-refundable, except where such fees are payable to a third party and ascertained at a later date, and are less than the original amount paid by you, in which case we will refund or credit the difference to you.
4.9 We may vary the credit fees and charges set out in the Credit Fees and Charges section of the Disclosure Statement during the Loan Term to reflect any changes to the costs we are likely to incur in relation to the matter giving rise to the relevant fee or charge by notice in writing to you within five (5) working days of the day on which the change is to take effect.
5. WHAT CONSTITUTES DEFAULT
5.1 You will be in default under this Loan Agreement if any of the following apply to you:
(a) you do not pay on time and in full all amounts due under this Loan Agreement;
(b) you breach any of the terms or conditions of this Loan Agreement;
(c) any information or representations made by you to us is untrue or misleading;
(d) you become bankrupt or are jailed; or
(e) you breach any material undertaking, confirmation, warranty or promise you have given at any time to us.
6. WHAT HAPPENS IF YOU ARE IN DEFAULT
6.1 If at any time you are in default (as described in clause 5.1 above) we will contact you to notify you of the default. If we do not receive a Hardship Application from you and/or the default has not been rectified within five (5) working days of the date of our notice or if we have declined to vary the terms of this Loan Agreement after considering a Hardship Application from you (or we have declined to consider a further Hardship Application from you where you have made a previous Hardship Application to us within the then previous four months for materially similar reasons), we may take any of the following actions:
(a) demand and request immediate payment of any money due under this Loan Agreement;
(b) accelerate and call up the remainder of the loan and require payment of the Outstanding
Loan Balance, even although the time for payment has not yet been reached;
(c) exercise any right, power or privilege conferred by any law, under this Loan Agreement
[or any security] and/or
(d) terminate this Loan Agreement.
6.2 We can take action even if we do not do so promptly after the default occurs provided that the default remains and notice has been given pursuant to clause 6.1.
6.3 If you submit a Hardship Application to us within five (5) working days of the date of a notice from us under clause 6.1, then we will consider the Hardship Application in accordance with our lender responsibilities and other obligations under the Act, except that we are not required to consider a Hardship Application where you have made a previous Hardship Application to us within the then previous four months for materially similar reasons.
6.4 If you default in repaying the unpaid balance when due we may, in addition to our other remedies, list the unpaid debt with one or more collection agencies or credit reporters.
Default and Enforcement Expenses
6.5 If you default, interest (at the rate specified under the heading Interest in the Disclosure Statement) continues to be payable, and both annual interest and Default Fees shall continue to accrue and be payable by you after and notwithstanding judgment against you.
6.6 In addition to any Default Fees and interest payable by you under clause 6.5, if you are in default you must pay on demand (or we may debit your account with) Enforcement Fees.
6.7 The Enforcement Fees will not exceed the reasonable enforcement costs actually incurred by us in connection with your default.
6.8 If you default under this Loan Agreement, we may elect not to charge Default Fees at that time. However, we reserve the right to charge Default Fees at a later time, including after the Outstanding Loan Balance is repaid in full.
7. DEALING WITH PERSONAL INFORMATION
7.1 You irrevocably authorise any person to provide us with such information as we may request as part of the administration and enforcement of this Loan Agreement and further irrevocably authorise us to provide to any third party any information it may hold about you for the purposes of such administration and enforcement. We acknowledge that in requesting any such information we shall comply with the lender responsibility principles referred to at clause 2.2 above.
7.2 You consent to the personal information provided by you in support of this Loan Agreement and/or obtained by us from time to time being held by us and used by us for the administration and enforcement of this Loan Agreement and for supplying you with information about services offered us.
8. ELECTRONIC COMMUNICATIONS
8.1 You agree to accept communications from us by the electronic methods specified in the Disclosure Statement as part of your address details. Any notice or other communication for service on you shall be deemed to be properly served, in any court proceeding or otherwise, if forwarded to any email address, to any mobile telephone number by text message or any other information system provided by you to us (whether or not in the Disclosure Statement) or (whether or not provided by you to us publically or in Internet social media (such as, without limitation, Facebook, Skype or Trademe) as being a method by which you may be communicated with and that electronic address or number shall be an information system specified by you for the purpose of service of such communication.
8.2 We will accept communications from you by the electronic methods specified in the Disclosure Statement as part of our address details and not by any other electronic method unless acknowledged electronically by physical action of our staff or non electronically in writing by us or unless we have formally agreed to the use of such other method. In all communications with us, you must specify your loan number (if any) to enable us to properly identify you.
9. GENERAL MATTERS
9.1 This agreement is governed by New Zealand law and the parties irrevocably submit to the jurisdiction of the New Zealand courts. Should you wish to dispute our rights or powers or any of our actions in connection with this Loan Agreement, you may do so only in the New Zealand courts. This does not limit our rights to enforce this Loan Agreement against you or any judgment against you or against your real and personal property in any country where you or that property may be.
9.2 You agree that we may fill in any blanks in any document related to the Loan Agreement to reflect the agreement we have reached with you, whether express or implied (such as an acknowledgement date).
9.3 We may pay various sources a fee for providing customer leads or referrals to us.
9.4 If there are two or more of you acting as borrower under this Loan Agreement, each of you is individually liable and all of you are jointly liable. You agree that each of you can bind the other. Each other borrower will be liable even though they did not know about or did not agree to the transaction. This means that each one of you can be required to pay the whole Outstanding Loan Balance even though you may have some other arrangement between yourselves or if not all or both of you benefit equally.
9.5 We may assign our right, title and interest in this Loan Agreement in circumstances where our business (or a part thereof) is being sold or restructured, or in any other circumstances with your prior written consent. You have no such right.
9.6 We may exercise all or any right, power or remedy at any time and failure to do or delay in doing so shall not constitute a waiver of our rights under the Loan Agreement unless we grant such a waiver in writing and a continuous breach shall only be waived if we specify in writing that the waiver is continuous. [Note: We have made amendments to clauses 9.5 and 9.6 to mitigate the risk of these terms being deemed unfair under the new unfair conduct regime in New Zealand.]
10. DEFINITIONS AND INTERPRETATION
In this Loan Agreement, the following words have the corresponding definition: Act means the Credit Contracts and Consumer Finance Act 2003;
Advance Date is the date we disburse the funds under this Loan Agreement by paying into your Nominated Account;
Banking Day means a day that banks are open for business;
Default Fees are the fees appearing in the Default interest charges and default fees section of the
Disclosure Statement means the disclosure statement in this Loan Agreement;
Enforcement Fees are the fees, costs and disbursements described in the Enforcement Fees section of the Disclosure Statement;
Establishment Fee is the amount appearing in the Credit Details section of the Disclosure Statement and is our administrative cost to establish your loan;
Financial default means that you have failed to pay any instalment or make any other payment when due;
Hardship Application is the written application you may make to us if you are unable reasonably to keep up your payments or other obligations under this Loan Agreement because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, in the form set out in the section headed What to do if you suffer hardship in the Disclosure Statement;
Information system means a system for producing, sending, receiving, storing, displaying or otherwise processing electronic information;
Initial Unpaid Amount is the amount appearing in the Disclosure Statement and is the amount of initial Outstanding Loan Balance made up of the amount we pay to you together with the Establishment Fee and other Credit Check Fee;
Interest Charges means the interest payable on the Initial Unpaid Amount calculated at the rate set out in the Disclosure Statement and is payable by you each month or part thereof you have an Outstanding Loan Balance under this Loan Agreement;
Last Payment Date is the date appearing in the Disclosure Statement on which you have agreed to pay the Outstanding Loan Balance in full;
Loan Purpose is the reason you have informed us that you required the funds available under this Loan Agreement;
Loan Term is the term of this Loan Agreement as specified in the section headed Interest in the Disclosure Statement;
Nominated Account is the bank account you have nominated from which we may deduct the repayments on the terms of this Loan Agreement;
Outstanding Loan Balance is the total amount you owe us under this Loan Agreement at any time and includes the Initial Unpaid Amount and all fees and charges including Default Fees and Enforcement Fees payable in accordance with this Loan Agreement;
Standard Terms and Conditions means these standard terms and conditions forming part of the Loan Agreement;
Statement Date means the date specified as such in the Disclosure Statement; and
Total Advances means the total advances appearing in the Total Advances section of the Disclosure Statement.
In this Loan Agreement:
(a) expressions used in this Loan Agreement have the meanings defined in the Credit Contracts and Consumer Finance Act 2003.
(b) each gender includes other genders.
(c) a reference to the singular includes the plural;
(d) references to a document include any variation or replacement of it; and
(c) headings in this Loan Agreement are for ease of reference only and not to assist interpretation.