TERMS AND CONDITIONS
1. These terms and conditions, together with your loan offer, form the contract between you and us about your loan account.
2. Setting up your loan. 2.1 We only have to lend you the amount of credit if you: (a) accept the loan offer within 3 days of the disclosure date; (b) provide us with all documents and information that we ask you to provide, in a form satisfactory to us, including a direct debit authority form (or we have agreed to accept a different method of payment); (c) agree to receive notices and documentation by electronic communication, and (d) are not in default under this contract.
3. How we fund your loan. 3.1 We will fund your loan by paying the amount of credit by direct transfer into your nominated account or by any other method we agree with you. 3.2 We will debit to your loan account (and you will owe us) the amount of credit as well as fees, interests and other amounts provided for in this contract.
4. How we calculate amounts in the loan offer. The loan term, repayment details and total charges specified in your loan offer are estimates. When we calculate these figures, we make certain assumptions, including that repayments are made on time and that there are no prepayments. Besides, we don’t include credit charges. The actual figures will depend on things like when you make repayments, whether interest rates change and what credit charges and enforcement expenses are payable.
5. What you need to pay. 5.1 You must pay us each repayment by the repayment date for that repayment. 5.2 When this contract ends, you must pay us: (a) the remaining balance; (b) any interest accrued on the balance but not yet debited to your loan account, and (c) any fees or enforcement expenses payable before the contract ends but not yet debited to your loan account. 5.3 You must pay all amounts you owe us under this contract in Fijian dollars by direct debit from your nominated account unless we agree upon some other method with you. 5.4 Your nominated account must be with a financial institution located in Fiji and must be in your name unless we agree otherwise. You must give us details of your nominated account. 5.5 We will treat a payment as being made when we credit it to your loan account. If any direct debit or other authority used for payment is dishonoured, the repayment will be treated as not having been made. 5.6 You must ensure that your nominated account has sufficient funds to meet your repayments when they are due, otherwise, payment may be dishonoured and a fee may apply. You must not cancel the direct debit authority or close or suspend your nominated account without our prior written consent (which will not be unreasonably withheld). 5.7 If a repayment date: (a) is not a business day; or (b) falls on the 29th, 30th or 31st of a month with no such date, the repayment will be due on the next business day.
6. Paying off your loan early. 6.1 You may make additional payments to prepay all or part of the balance at any time. 6.2 If you prepay part of the balance early, the amount of the repayments set out in your loan offer and their due dates remain unchanged unless we agree to change the repayments. 6.3 If you prepay the entire balance, you must also pay us any accrued interest, fees not yet debited to your loan account, enforcement expenses and any applicable early repayment fee set out in the loan offer.
7. Establishment fee. 7.1 Establishment is calculated at 20% of the principal amount of the loan. 7.2 The establishment fee is added to the principal amount which is paid over a period of two months in weekly, fortnightly, bi-monthly or monthly equal instalments depending on your pay cycle.
8. Interest. Interest is 4% and is paid over a period of two or four months depending on the loan offer.
9. Application of payments. 9.1 Repayments received by us will be used to pay any amounts you owe to us under this contract in any order. 9.2 If you have other loans with us and do not tell us how the repayment is to be applied, we may apply the repayment to any or all of your loans.
10. Adjustments to the balance. We may adjust the balance (which may include backdating a debit or credit, or making other account corrections) to ensure that it accurately reflects the amount you owe to us. For example, we’ll make changes to take into account any processing error, dishonoured payment or refunds or corrections to your loan account.
11. Breach of any term. If you breach any term of this contract or any other agreement, we will not be obliged to provide you with any new financial accommodation.
12. When will you be in default? 12.1 You are in default if we determine that an event of default has occurred. A determination by us will be final and binding on you. You must promptly inform us in writing if any event of default occurs. 12.2 Each of the following is an event of default: (a) you do not pay any amount due under this contract by the due date; (b) you become unemployed or bankrupt, are unable to pay your debts as they fall due, or fail to make any arrangement with your creditors; (c) you pass away or no longer have legal capacity; (d) you fail to give us any information or documents required under this contract; (e) you give us information or make a representation or warranty to us that is materially incorrect or misleading; (f) it becomes unlawful for you or us to continue with this contract or any other agreement; (g) you use any part of the amount of credit for a purpose that differs from the purpose set out in your loan application or otherwise agreed by us.
13. What happens when you are in default? 13.1 If you are in default, we can take any of the following actions: (a) demand immediate repayment of the entire remaining balance and any other amounts owing under this contract, and (b) exercise our rights under this contract. 13.2 If an event of default occurs, we will: (a) require you to repay the loan; or (b) disclose personal information to relevant parties and authorities for the purposes of recovering monies owing; (c) take enforcement action against you, unless we have given you at least 30 days written notice of the event of default and, if the event of default is rectifiable, you have not rectified that event of default. 13.3 We do not need to give you a default notice or wait 30 days before commencing enforcement action if: (a) we reasonably believe that we were induced by fraud by you to enter into this contract; (b) we have made reasonable attempts to locate you but without success; or (c) a court authorises us to begin enforcement proceedings. 13.4 We will only act on a specific event of non-monetary default if the event by its nature is material, or we reasonably consider that the event has had, or is likely to have, a material impact on (a) your ability to meet your financial obligations to us; (b) our credit or security risk (or our ability to assess these); or (c) our legal or reputational risk where an event in clause 12.2(e) or 12.2(g) occurs. 13.5 Our decision about a matter under clause 13.3 and 13.4 is final. 13.6 We can take action, including obtaining an item(s) of value equivalent to the amount you owe including fees and recovery charges, even if we do not do so promptly after the default occurs. We do not lose any rights or forgive any defaults unless we do so in writing. If you are in default, enforcement expenses may become payable under this contract. You must pay us any reasonable expenses we reasonably incur in exercising our rights under this contract (including the use of our staff and facilities). 13.7 We may debit any amounts payable under this clause to your loan account as they are incurred.
14. Statements and notices. 14.1 We will send you a statement for your loan account at least every six months (except where the law considers this unnecessary). 13.2 We may send you a statement, notice, or another document in any manner permitted by law, including by personal delivery, sending it by electronic communication, or sending it by post to the postal or residential address that you have nominated. 14.3 Electronic communication may include sending you the notice or document by email or SMS or making it available for a reasonable period of time on our website. 14.4 Statements, notices and other documents will be sent to your last notified address and considered as received: (a) if given personally, at the time of delivery; (b) if sent by post, on the day they would be received in the ordinary course of post; or (c) if sent by electronic communication, on the day that the electronic communication containing the notice or notifying you that the notice is available.14.5 All notices or documents you send to us should be sent by email or post to the address set out in your loan offer or otherwise notified by us to you.
15. Our reliance on the things you tell us. When we enter into this contract with you, we rely on the following statements that you make to us: (a) you have read and understood the nature and effect of this contract; (b) you understand the legal consequences of any default or breach by you or us under this contract; (c) all information you have given us about yourself was true when you gave it to us and remains true as at the declaration date; (d) there is no information about yourself which you have not given us which might reasonably be expected to have caused us not to enter this contract; (e) all statements you make to us in this contract or your loan application, or which we have relied upon when we offered to enter into this contract, are true and not misleading because of something you did not tell us; and (f) you are entering this contract in your own right and not as a trustee for any trust or as a partner in any partnership.
16. Let us know if your circumstances change. You must tell us as soon as possible if: (a) you change your name, residential address, email address, mobile number, or other contact details; (b) you change your nominated account; (c) an event of default occurs, or (d) anything has happened that would affect your ability to comply with your obligations under this contract.
17. We may change this contract 17.1 Acting reasonably, we may change or vary a term of this contract dealing with: (a) credit fees or charges or the frequency of payment of a credit fee or charge; (b) the number of repayments, how repayments are calculated or when they are due; (c) the way interest is calculated or the time interest is debited; (d) a change in law or market practice; (e) a change in technology or other ways of communication; (f) a change in payment methods; or (g) any other reasonable change. All of these changes can be made without your consent. 17.2 We will usually give you at least 30 days’ advance notice of any changes (either by advertisement in a newspaper or in writing to you, or both). Where a change reduces your obligations or extends the time for payment, we may notify you afterwards (so long as we confirm the change before or with your next statement of account). 17.3 If any law regulates a change we decide to make, we can only make the change to the extent permitted by law.
18. General matters. 18.1 If we give you a certificate which states the amount owed by you under this contract or any other matter relating to this contract, the certificate will be sufficient evidence of the amount or matter unless you prove it to be incorrect. 18.2 We may at any time assign, transfer, novate or otherwise deal with our rights and obligations under this contract in any way we wish. You must sign any document or do anything we reasonably require to enable us to do this. We may disclose any information or documents we consider desirable to help us exercise this right. 18.3 You cannot assign or otherwise deal with your rights or obligations under this contract without our prior written consent (which will not be unreasonably withheld). 18.4 We may waive any of our rights under this contract. If we choose to waive our rights in a particular instance, our rights under this contract do not change. 18.5 This contract is governed by the Money Lenders Act - Laws of Fiji. You and we submit to the non-exclusive jurisdiction of the courts of that place.