Contract Terms

The purpose of this page is to ensure that you understand your legal obligations if you decide to borrow from us.

Following are the standard terms of our loan contract.

Creditor: The Creditor is the company providing you with credit (i.e. Chequers Finance Limited).

Debtor: The Debtor is the person responsible for making payments to the Creditor. This would normally be the person receiving the loan proceeds.

Initial Unpaid Balance: This is the amount you owe as at the date you sign the loan contract and receive your loan proceeds. It includes the Cash Advance (i.e. the amount of money advanced to you), amounts refinanced from existing loans (if any), plus the Establishment Fee. A Same Day Payment Fee may also be charged for customers who cannot come to one of our branches to receive their loan proceeds and request the Cash Advance to be credited into their bank account on the same day.  A Bank Statement Fee, Electronic Signing Fee and Electronic ID Verification Fee may also be charged if applicable.

Cash Advance: $100 to $1000, as agreed with the customer.

Establishment Fee: $14.99 for loans issued over the counter at one of our branches, or $22.22 for loans issued to customers who cannot come to a branch.

Same Day Payment Fee: $8.52.

Electronic Bank Statement Fee: $5.48 per enquiry, and represents the sum of (a) the third party fee charged by the Creditor’s electronic bank statement supplier and (b) an administration fee charged by the Creditor to recover its costs of arranging the supply and handling of Debtor bank statements.

Electronic Signing Fee: $1.50 per document signed, and represents the third party fee charged by the Creditor’s electronic signing supplier.

Electronic ID Verification Fee: $1.61 per enquiry, and represents the third party fee charged by the Creditor’s electronic ID verification supplier.

Timing of Payments: As agreed with the customer; usually six weeks, in line with the customer's pay days.

Amount of Each Payment: As agreed with the customer; usually the same amount each payment period.


Annual Interest Rate: 440% p.a.

Method of Charging Interest: Interest charges are calculated by multiplying the unpaid balance at the end of the day by a daily interest rate. The daily interest rate is calculated by dividing the annual interest rate by 365. Interest is charged to your account daily.

Credit fees and charges

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

Account Maintenance Fee: $0.40 per day, added to the Loan at the end of each day while any part of the Loan remains outstanding.

Continuing disclosure

The Creditor may be required to provide you with regular statements. The statements will give you information about your account. Statements will be provided every 6 months, or as otherwise allowed by the Credit Contracts and Consumer Finance Act 2003.

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. In all Events of Default or the enforcement of the contract, the default fees specified below are payable. Default interest is equal to the annual interest rate (i.e. no premium is added) and will be added to your account daily. The following default fees apply.

Dishonored Payment Fee: $3.96 for each dishonored bank payment, added to the Loan on the date of each dishonored payment.

Default Notice Fee: $14.36 for each notice that the Creditor shall elect to prepare and mail or deliver to you in respect of any Event of Default, added to the Loan on the date of each such notice.

Visit Fee: $35.00 for each visit by the Creditor, or its agent, to the Borrower to remedy or attempt to remedy any Event of Default by the Borrower under this contract, added to the Loan on the date of such visit.

Full Prepayment Fee: If you choose to pay the unpaid balance in full before the final payment is due, you are required to pay all interest accrued up to the date of your prepayment.  No additional fees will be added to your loan if you make a prepayment.

Right to cancel

You are entitled to cancel the consumer credit contract by giving notice to the creditor.

Time limits for cancellation: If the disclosure documents are handed to you directly you must give notice that you intend to cancel within 5 working days after you receive the documents. If the disclosure documents are sent to you by electronic means (for example, email) you must give notice that you intend to cancel within 7 working days after the electronic communication is sent. If the documents are mailed to you, you must give the notice within 9 working days after they were posted. Saturdays, Sundays, and national public holidays are not counted as working days.

How to cancel: To cancel, you must give the creditor written notice that you intend to cancel the contract by: (a) giving notice to the creditor or an employee or agent of the creditor; or (b) posting the notice to the creditor or an agent of the creditor; or (c) emailing the notice to the creditor’s email address; or (d) sending the notice to the creditor’s fax number. You must also, within the same time, return to the creditor any advance and any other property received by you under the contract.

What you may have to pay if you cancel: If you cancel the contract, the creditor can 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.

What to do if you suffer unforeseen hardship

If you are unable reasonably to keep up your payments or 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 the creditor for a hardship variation. To apply for a hardship variation, you need to (a) make an application in writing; and (b) explain your reason(s) for the application; and (c) request one of the following: (i) an extension of the term of the contract (which will reduce the amount of each payment due under the contract); or (ii) a postponement of the dates on which payments are due under the contract (specify the period for which you want this to apply); or (iii) both of the above; and (d) give the application to the creditor. Do this as soon as possible. If you leave it for too long, the creditor may not have to consider your application.

Dispute resolution

Name of 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 disagreements you have with the creditor.

Contact details of dispute resolution scheme:

Phone: 0800 347 257


Business address: P.O. Box 5967, Wellington 6011

Creditor Registration Name: Chequers Finance Limited

Registration Number: FSP16601

Other Terms & Conditions

The Act: This contract is governed by the Credit Contracts and Consumer Finance Act 2003.

Advances: The Creditor agrees to lend the Initial Unpaid Balance (which together with any Fees and all Interest (whether accrued or compounding) shall be referred to as the “Loan”) to the Debtor. The Debtor may draw down the Cash Advance upon signing of this contract. The Establishment Fee and Same Day Payment Fee (if applicable) will be deducted from the Loan on the date of this contract.

Payments: The Debtor covenants to repay the Loan in the amounts and on the dates set out in the Repayment Schedule. Interest will accrue on the unpaid balance at the annual interest rate. Interest will be calculated at the annual interest rate on a daily basis from (and including) the date the Creditor advances the Initial Unpaid Balance, will be debited to the Loan daily in arrears, and will compound daily. Payment of any part of the Loan shall be made on the Due Date: (a) in person, at any of the Creditor’s branches during normal business hours, or (b) electronically by direct debit, automatic payment, direct credit, internet bank transfer or any other electronic means agreed to by the Creditor, paid into a bank account nominated by the Creditor. The Debtor may prepay all or part of the outstanding balance of the Loan, provided the Debtor also pays the Full Prepayment Fee (as appropriate).

Events of Default: If, at any time and for any reason, whether or not within the control of the Debtor, an Event of Default occurs then the outstanding amount of the Loan as at the date of the Event of Default shall (if not already due) be due and payable immediately. An Event of Default occurs if: (a) any part of the Loan is not paid on the Due Date, (b) the Debtor fails to observe, perform and comply with any of its obligations contained in this contract, (c) the Debtor commits, or any steps are taken which might lead to, any act of bankruptcy, (d) the Debtor dies, or (e) any representation or warranty made or otherwise given in the Debtor’s loan application or as otherwise contained in this contract, is found to be incorrect.

Debtor: Where the Debtor is more than one person, or any part of the Loan has been advanced, or made available, to or for the benefit of two or more persons (including the Debtor), each person shall be jointly and severally liable without limitation for the repayment of the Loan, and notice to one shall be deemed to be notice to all (subject to the provisions of any legislation existing).

Indemnity: The Debtor indemnifies and holds the Creditor (and all persons employed by them) harmless against, and will reimburse the Creditor for, all costs, losses, expenses, registration and Court filing fees and legal expenses (on a solicitor/own client basis) and any liability incurred by the Creditor to recover any outstanding amount owed. Any amount expended by the Creditor in recovery of an outstanding amount may be added to the Loan.

Personal Information: The Debtor authorises the Creditor to approach the Debtor’s landlord, employer, bankers, legal advisors or other advisors for the purpose of obtaining all financial and other information the Creditor may require, both now and at any time during the term of this contract, and irrevocably authorises and requests such parties to provide to the Creditor any information the Creditor requests. The Debtor authorises the Creditor to use any information received by the Debtor (whether now or in the future) for any purpose in relation to the business activities of the Creditor including, without limitation, assessing the credit-worthiness of the Debtor and to assist in recovery of the Loan, and to disclose such information to any person providing credit support to the Creditor, any potential assignee of any assets of the Creditor, such individual agencies and public registers (as deemed in the Privacy Act 1993) which the Creditor deems necessary, and any third party for the purpose of enforcing its rights, powers and remedies under this contract. If the Debtor fails to meet any obligations under this contract, the outstanding amount of the Loan may be listed with a debt collection agency. This may affect the Debtor’s ability to obtain credit in the future and the Debtor will be liable for all collection costs incurred by the Creditor in recovering any outstanding amounts. Any personal information about the Debtor held by the Creditor may be accessed and corrected by the Debtor under the Privacy Act 1993.

Notices: The Debtor consents to the Creditor sending commercial electronic messages (as that term is defined in the Unsolicited Electronic Messages Act 2007) to the Borrower using any address that has been provided by the Debtor to the Creditor. Notices may be sent to either party, at any of the addresses listed in this contract, or any other address notified by one party to the other party in writing.

Marketing: The Debtor authorises the Creditor to use any information held about the Debtor to market the Creditor's goods and services to the Debtor.

Assignment: The Creditor may assign its rights and obligations under this contract to any other person.