INITIAL DISCLOSURES

Loan Agreement Terms and Conditions

 

Please read all of the information and statements below carefully before you lodge an online application or apply by telephone for a loan.  If you do not fully understand anything stated below, please ask us for help, or seek independent legal and financial advice. 

Important Warnings and Recommendations

The following statements gives you information about an agreement (“Loan Agreement”) that you may enter into with Quadsaa (Pty) Ltd (FSP526046) with operates under the trading name Pretty Penny Loans (PPL). 

Important warning about the Loan Agreement

PPL offers Emergency Loans.  These loans are designed to assist you get through to you next payday for those times when you are struck with an unexpected bill or need cash fast.  Therefore they are only suitable for short term needs, not for long term or regular borrowing.

Independent Advice

PPL recommends that seek independent legal advice prior to accepting the terms of the Service Agreement.  If you require more time to seek this advice, please advise your customer service operator and we will ensure you have reasonable time to seek this advice with no penalty to your application or additional costs.

In cases where an offer is only valid for a certain time, we will advise you how long your offer is valid for and make all reasonable effort to ensure that you have time to seek independent  advice.

Authorisations and Consents

It is contemplated that you and PPL may enter into an agreement (“Loan Agreement”). By contacting PPL about entering into a Loan Agreement, you acknowledge and agree that:

  1. You are at least 18 years old, of sound mind and judgment and able to make decisions regarding your finances;
  2. You understand that you have the right to get independent legal and financial advice before entering into the Loan Agreement;
  3. If you have any questions about the terms of the Loan Agreement you will not enter into a Loan Agreement unless those questions are answered to your satisfaction;
  4. The Loan Agreement may be entered into electronically /verbally over the phone by being read and explained to you and you indicating that you have understood and agree to the terms and conditions of that agreement.
  5. If you do not wish to be bound by the Loan Agreement, or if you wish to obtain independent legal or financial advice in relation to it, or if you do not fully understand all of the terms and conditions of the Loan Agreement, you will indicate to the PPL telephone operator that you do not wish to enter into the Loan Agreement;
  6. Once you indicate to the PPL telephone operator that you have understood and agree to the terms and conditions of the Loan Agreement, and funds have been advanced by PPL, that you will be bound by the Services Agreement as if you had signed a hard copy of the Loan Agreement;
  7. The terms and conditions of the Services Agreement and any related materials and information (“PPL Materials”) may be provided, or otherwise made available, to you electronically;
  8. Paper documents may no longer be provided to you;
  9. You will regularly check your nominated email account for Pretty Penny Loans Materials;
  10. You may at any time withdraw consent for the Pretty Penny Loans Materials to be provided electronically.
  11. You confirm that you are not a Politically Exposed Person (PEP).

Initial Disclosure as per the Credit Contracts and Consumer Finance Act

Full name and address of creditor

Full Name
Quadsaa (Pty) Ltd

Trading Name
Pretty Penny Loans

Address
PO Box 11360, Palm Beach, Papamoa 3151, NZ

Initial unpaid balance

The initial unpaid balance, and a breakdown of the costs of the initial unpaid balance will be provided to you clearly in the Loan Agreement after you have been assessed.

Subsequent advance

This statement only applies to this loan.  If you choose to borrow from PPL in the future, you will be provided with another Initial Disclosure statement and Loan Agreement which will supersede this statement.

Total advances

This Loan Agreement only provides for one advance.  If you require further advances from PPL in the future, you will be provided with another Initial Disclosure statement and Loan Agreement.

Credit limit

The credit limit will be provided to you clearly in the Loan agreement after you have been assessed.

Annual interest rate

Our Annual Interest Rate is 365% which works out to be 1% per day. As our loans are only for short term emergency situations, an Annual Interest Rate doesn’t give a clear picture of what Pretty Penny Loans cost. To get a better idea of how much a Pretty Penny Loan costs, please go to our costs calculator in the menu above.

Method of charging interest

Interest is calculated and charged daily on the remaining outstanding balance of your loan.  The interest will be repaid as part of your loan repayments as per you loan agreement.

Total interest charges

The total interest charges will be provided to you clearly in the Loan Agreement after you have been assessed.

Interest free period

PPL Loans do not provide for an Interest Free Period.

Credit fees and charges

Mandatory Fees

Account Set Up Fee – $24.00

This fee is charged at the establishment of your first loan for the setting up of you account and is payable as part of your loan repayments.  Once you have repaid your first loan, this fee is not charged on subsequent loans unless your account is closed at your request or as a result of default and we need to reopen it.

Establishment Fee – $64.00

This fee is charge at the establishment of all loans and is payable as part of your loan repayments

Optional Service Fees

Same Day Deposit Fee – $12.00
This fee is charged at the establishment of your loan if you choose to use the optional PPL Guaranteed Prioritised Same Day Deposit Service. The fee is payable as part of your loan repayments. If you choose not to use this service, you do not need to pay this fee. Note: If the funds do not get to your account on the same day prioritised clearance, we will remove all services fees and interest from the loan. This means you will only have to pay back the principal of what you borrowed (deviations to the original contract such as defaults and optional changes to payment will still incur interest charges and associated fees).

Priority Transfer Fee – $12.00
This fee is charged at the establishment of your loan if you choose to use the optional PPL Guaranteed Prioritised Same Day Deposit Service. The fee is payable as part of your loan repayments. If you choose not to use this service, you do not need to pay this fee. Note: If the funds do not get to your account on the same day prioritised clearance, we will remove all services fees and interest from the loan. This means you will only have to pay back the principal of what you borrowed (deviations to the original contract such as defaults and optional changes to payment will still incur interest charges and associated fees).

Extension of First Payment Fee – $20.00
This fee is charged at the establishment of you loan if you choose to use the PPL Extension of First Payment Service.  The fee is payable as part of your loan repayments.  If you choose not to use this service, you do not need to pay this fee.

Fees Charged as a Result of the Loan Agreement Changing

Default Fee – $13.00

This fee is charged in the event that you default on your Loan Agreement.  It is payable as part of your loan repayments.

Change of Payment Fee – $10.00

This fee is charged in the event that you request a change to your repayment schedule under you Loan Agreement prior to your Loan Agreement falling into default.

Investigator/Hand Over Fee – 17.25% of Total Payout

This fee is charged prior to the event that your loan is sent to our affiliate External Collections Agency as a result of failure to repay your loan.

Payments required

The payments required are dependent on the loan amount, term, and number of payments you choose when setting up your loan with PPL.  The full payment schedule will provided to you clearly in your loan agreement.

Full prepayment

You are welcome to payout out loan at any time prior to the date prescribed by the loan agreement.  PPL does not charge any prepayment fees.

Security interest

PPL does not take any security interests for its loans.

Default interest charges and default fees

If your loan falls into default, it may affect your interest rate and you may be charged a default fee.  Information regarding the ways interest may be varied and default fees can be found in the relevant sections above (see Annual Interest Rate and Credit Fees and Charges).

PPL will make all reasonable attempts to contact you and inform you of your defaulting payments as well putting a new payment arrangement in place. However, after 2 consecutive defaults PPL will attempt to take the principal amount of the loan 1 business day before your usual repayment cycle.

Debtor’s right to cancel

The Credit Contracts and Consumer Finance Act 2003 gives you a right for a short time after the terms of this contract have been disclosed to you to cancel the contract.

How to cancel

If you want to cancel this contract you must give written notice to PPL.
You must also return any advance and any other property received by you under the loan agreement to PPL.

Time limits for cancellation

If the disclosure documents are handed to you directly you must give notice that you intend to cancel within five (5) working days after you receive the documents.

If the disclosure documents are sent to you by electronic means (for example, e-mail) you must give notice that you intend to cancel within seven (7) working days after the electronic communication is sent.

If the documents are mailed to you, you must give the notice within nine (9) working days after they were posted.

Saturdays, Sundays, and national public holidays are not counted as working days.

What you may have to pay if you cancel

If you cancel the contract the creditor can PPL may charge you—

(a) the amount of any reasonable expenses the creditor had to pay in connection with the contract and its cancellation (including legal fees and fees for credit reports, etc); and

(b) interest for the period from the day you received the advance until the day you repay the advance.

This statement only contains a summary of your rights and obligations in connection with the right to cancel. If there is anything about your rights or obligations under the Credit Contracts and Consumer Finance Act 2003 that you do not understand, if there is a dispute about your rights, or if you think that the creditor is being unreasonable in any way, you should seek legal advice immediately.”

Debtor’s right to apply for relief on grounds of unforeseen hardship

If because of illness, injury, loss of employment, the end of a relationship, or other reasonable cause, you are unable to meet your obligations under the loan agreement.  You may be able to apply for relief on the grounds of unforeseen hardship.

How to Apply

Must Expect to be Able to Meet Obligations

To apply you must reasonably expect to be able to meet your obligations under the loan agreement it one or more of the following terms of your loan agreement are changed:

  • Extending the term of the loan agreement and reducing the amount of each payment due under the loan agreement accordingly (without a negative change being made to the interest payable)
  • Postponing, during a specified period, the dates on which payments are due under the loan agreement (without a negative change being made to the interest payable)
  • Extending the term of the loan agreement and postponing the dates on which payments are due under the loan agreement (without a negative change being made to the interest payable)

Method of Applying

Applications for relief on the grounds of hardship must be:

  • In writing
  • Given to PPL
  • Specify the reasonable cause of the hardship

Making Multiple Applications


Under the act, you are not permitted to make multiple applications for relief on the grounds of hardship for the same loan agreement unless:

  • the application is made 4 months or more after the previous application or,
  • PPL agrees to consider the application or,
  • the reasons for hardship are materially different from the reasons given in the previous application
Continuing disclosure statements

You will receive continuing disclosure statements at least every 6 months for the duration of your contract

Consent to electronic communications

You may contact us electronically, simply click on the contact us link on our website www.prettypenny.co.nz

Dispute Resolution

If you have a dispute, please contact the PPL Internal Dispute Resolution Department (IDR Department).  The trained staff will attend to your dispute in a friendly and professional manner and work with you to find a fair outcome for you and PPL.  The contact details for the IDR Department are:

Phone: 04 830 3487

Email: complaints@prettypenny.co.nz
Fax: 
09 523 6772

Post: The IDR Department
Pretty Penny Loans
PO Box 11360, Palm Beach,
Papamoa, 8540, NZ

If the IDR Department fails to find a solution to your dispute, you can further refer your dispute to our External Dispute Resolution (EDR) Scheme.  PPL is a member of the EDR scheme, Financial Services Complaints Limited (Member Number: 5902).  Their contact details are as follows:

Phone: 0800 347 257
Email: complaints@fscl.org.nz
Fax: (04) 472 3728

Post: PO Box 5967
Wellington, 6011
Address: Level 4, 101 Lambton Quay
Wellington, 6145

Registration under Financial Service Providers (Registration and Dispute Resolution) Act 2008

PPL is registered under the register of financial service providers as:

Registration Number: FSP526046
Registration Name: Quadsaa (Pty) Ltd

Collection of Repayments: Engagement of a Third Party Collector

  1. Quick Collect

PPL engages the services of a 3rd party collections company called Quick Collect (Quickle NZ Pty Ltd, Company Number:  6852756) to assist in facilitating the direct debit and other repayment processes.

 

You hereby understand and agree that your details will be provided to Quick Collect insofar as required to facilitate repayments under the Loan Agreement.  You also agree to Quick Collect Terms and Conditions that can be found by clicking here.

 

  1. Direct Debit Provider Service Agreements

Quick Collect and PPL may use 3rd party direct debit providers as part of facilitating a direct debit from your bank account in accordance with the Loan Agreement.

 

You hereby agree and request the Direct Debit providers listed here as well as any other service provider or direct debit facility that PPL may employee in the future (collectively the ‘providers’) to debit your bank account in intervals and amounts in accordance with all Loan Agreement’s entered into between yourself and PPL. You also confirm that you have read and agree to the standard Direct Debit request terms and conditions for the providers which can be found by clicking here.