Loan terms

Loans provided by Paraloan are subject to the following terms.

 

1. Repayable on demand

All loans are repayable "On Demand".

 

Although loans are repayable "on demand", such demand will not be made if the borrower fulfils their obligations and there is no material change in the borrower's personal or financial circumstances.

 

Loans become fully repayable if the person with the disability to whom the loan was made ceases to live in the property, no longer uses the motor vehicle for their own transport, or ceases to operate the business for which the loan was given.

 

2. Interest

Interest is calculated monthly at rates set by the Trustees.

 

3. Reviews

The terms and conditions of each loan are reviewed every three years. Paraloan takes applicants' circumstances into account when reviewing loans. Interest rates and instalments may be adjusted accordingly.

 

4. Repayments

Repayments are made by regular monthly, fortnightly or weekly instalments. Where possible, repayments are paid by automatic payments to Paraloan's bank account.

 

See also

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www.paraloan.org.nz