We have different criteria for each loan type we provide. In saying that, we are Responsible Lenders and take a proactive approach to making sure the loan will fit your needs AND you can afford to make the repayments without unnecessary hardship or big changes to your lifestyle.

• Be at least 22 years of age
• Earn at least $500 per week after tax from permanent employment (not seasonal, temp work, or self-employed). We can consider loans for those solely on Benefit income, but note this is limited to a maximum of $1400 at this time, and is also subject to the minimum income above.
• Be able to comfortably afford to make your loan payments after deducting your rent/board and reasonable living costs
• You are not Bankrupt, No Asset Procedure or under a Summary Instalment Order (SIO)
• Your bank statement will show that you are currently spending less than you earn, with not too many dishonours or unpaid items. You also do not have excessive High Risk Transactions in your statements, ie. gambling, online gaming, foreign transfers
• You don’t have an unmanageable amount of other debts or high use of short-term loans
• You do not have a history of unpaid defaults on your credit report

You will need to have valid photo ID in the form of either a NZ Drivers licence, NZ Firearms Licence, or a Passport.

No you must be a NZ Citizen or Permanent Resident to apply.

You may apply for a loan of up to $1,400 if you are on a Permanent Benefit such as Domestic Purposes Benefit, and this is more than $500 per week.

We do not lend to those on Student Allowance or where the main income is IRD Family Support Payment.

Each loan application is assessed on its own merits, but if you have a history of unpaid debts on your credit report, you may not qualify for a loan from Teensy.

We take different factors into account when looking at defaults on a credit report, like:

• Who they were to, eg. were they a one-off like a phone bill, or was it an ongoing debt like loan or finance payments
• How much it was for
• If you have paid any or all of it off
• How many defaults there are

This and all other info on your loan application play a part in how we come to a lending decision.

Our process is designed to be fully paperless - we use digital loan documents for signing, and you can complete your direct debit on your mobile.

Some customers may not qualify for electronic documents. Generally, this happens if we can’t identify you properly from our online sources or if you didn’t provide your bank statements through our secure portal. In this case you may still qualify for a loan, but we would need to use a paper loan contract, and this will need to be witnessed by a qualifying person.

Yes absolutely. With Teensy, you can repay the loan at any time without penalty. You just need to repay the outstanding balance owing on that day.

To receive a loan settlement quote just drop us a line at info@teensy.co.nz

Your loan payments are made by direct debit through our partner company Flo2Cash. We will set the payments up to come out on the same day as your wages to take the stress out of managing your cash.

Setting up your direct debit is easy. We send you a link to the Flo2Cash online portal as part of the loan process, so you can complete it online without the need to print or post any forms.

If your bank account changes during the course of the loan, just contact us and we can arrange to have your direct debit updated

Yes of course. Just contact us at info@teensy.co.nz to request our bank account details. Please remember to add your name and loan reference number to any additional payments.

If you are not able to make a loan repayment the first thing to do is contact us via phone or email us at collections@teensy.co.nz so we can arrange for you to catch up.

If your scheduled payment fails for any reason, we’ll text you. You’ll also receive reminder phone calls and emails from our collections team if this remains unpaid or not under a repayment arrangement with us.

Please remember that reminder letters and collections activities do have fees associated with them that will be added to your loan account, and that the overdue amount attracts default (penalty) interest, so we encourage you to talk to us as soon as possible so we can help resolve this with you.

If your direct debit payments are irregular or it has been cancelled for any reason, we may look to load the Wage Deduction form with your employer. There is a small fee for this service which is detailed in your loan agreement.

Continued overdues or missed repayments may lead to more formal debt collection action including recovering the loan from you via the Courts. This can negatively affect your credit rating and your ability to borrow again in the future, and you will be liable for all of the costs associated with collection.

Teensy Payment Protection (TPP) is an optional product you can add to your loan to protect your loan repayments if you suffer from one of the covered events, such as redundancy, hospitalisation, disablement, etc.

TPP allows your payments to be 'waived' or ‘forgiven’ for a period of time if you need to make a claim.

The benefit of having TPP is that should you experience a covered event, your credit rating and payment history will be preserved. The regular repayments on your loan will be met by your TPP plan up to the limit of cover provided.

For our average sized Personal Loans the cost of TPP is equivalent to about a coffee per week ($3 - $4); a very reasonable price for peace of mind.

If you repay your loan early, you will be refunded the unused portion of your TPP calculated automatically for you at the time you request your early settlement quote. The policy is refunded using a Rule of 78 Calculation.

Policy exclusions do apply - please see the Teensy Payment Protection General Terms and Conditions open_in_new for a full schedule of these exclusions.

TPP does not cover existing loan arrears or balloon payments.

As we offer a range of loan sizes and terms, our interest rates range from 22.95% up to 49.95% per annum. Interest is calculated on a daily basis for all loan types, so should you elect to repay early you will only pay for the interest you have incurred up to that date.

For our short-term Little Loans of up to $900 we charge 49.95% per annum, with loan terms available of 6 to 26 weeks.

For our Cash Loans of between $1,000 - $1,400 we charge 39.95% per annum. If you have a qualifying vehicle for security, we offer a discount to this rate. Like the short-term Little Loans, these are designed to be repaid back over a relatively short time period (between 6 to 12 months).

Our Personal Loans (from $1,500 to $5,000) vary in interest rate from 22.95% to 29.95%. Our standard customer rate is 29.95%, however we provide a discount off the interest rate for homeowners, and also a reduction in your interest rate if you are able to provide a qualifying vehicle as security.

Yes. When your account falls overdue or is in default through a breach of one or more of the loan conditions you will be charged default (penalty) interest.

Default interest is charged only on the overdue amount, not the whole loan balance. So, if you are mostly up to date and miss one payment, you’ll only be charged the default rate on that payment.

If your loan falls overdue, we encourage you to contact us as soon as possible to set up a repayment plan to get your account back up to date over time and minimise default interest charges.

Like most lenders, we do charge fees for our loan products, to cover the costs of the initial setup for your loan, and for costs that occur during the course of the loan.

Fees on loans are subject to strict rules, and must represent the actual cost incurred by the lender for each activity.

The following credit fees and charges apply to Teensy loan products;

We may also charge to your account the following fees in relation to missed payments or contract defaults

The above fees may be subject to change. If this happens, you will receive at least 1 months notice of our intention to do so

We enjoy looking after our customers over the long term and we are often asked by them if they can have a further advance (or ‘top up’) on their current loan.

We are generally able to consider a ‘top up’ of your loan once you have completed six months of payments with us. As responsible lenders we will ask you to complete an updated application and send your recent bank statements to ensure the new loan total will continue to be affordable for you.

If you are interested in applying for a top up of your current Personal Loan with us, you can apply through your Client Portal.