Loan Terms & Conditions
By checking the acceptance box and submitting a loan application, you ("the Borrower") agree to these Loan Terms & Conditions governing any loan issued by Pakimu Investment Limited T/A WanPaus Microfinance ("the Lender").
1. Loan Eligibility, Tier System, and Limits
1.1 Tier Structure and Loan Limits. Loan eligibility and maximum borrowing limits are determined by the Borrower's Tier, based on repayment history.
| Tier | Maximum Loan Limit |
|---|---|
| Bronze | K50 |
| Silver | K100 |
| Gold | K200 |
| Platinum | K500 |
| Emerald | K800 |
| Diamond | K1,000 |
1.2 All Borrowers begin at the Bronze Tier.
1.3 Tier Progression. Progression to the next tier requires three (3) consecutive on-time repayments at the current tier. Tier advancement is not gated by Trustworthy Status — all six tiers, including Diamond, are reachable through ordinary on-time repayment alone.
1.4 Tier Reset on Late Payment. Any repayment made after the loan's due date immediately resets the Borrower's tier to Bronze and their consecutive on-time repayment count to zero, regardless of whether the loan subsequently defaults. This is distinct from, and in addition to, the default consequences described in clause 6.
1.5 Trustworthy Status. Trustworthy Status is granted after fifteen (15) consecutive on-time repayments (tracked as a running total that resets to zero on any late repayment or default). Trustworthy Status:
- grants access to a reduced annual interest rate on new loans (see clause 2.2); and
- is informational and does not by itself increase a Borrower's tier limit, override the tier system, or influence loan approval decisions.
1.6 Loan limits, tiers, interest rates, and Trustworthy Status are not guaranteed and may change based on repayment behaviour and Lender risk controls.
2. Loan Term and Interest Calculation
2.1 Interest Method. WanPaus issues bullet-repayment loans: the full interest amount for the agreed loan term is calculated once, at the time the loan is approved, and added to the principal to form the Total Amount Due. Interest does not compound and is not recalculated during the loan term, including after a partial repayment.
2.2 Annual Interest Rate. The applicable annual interest rate depends on the Borrower's Trustworthy Status at the time of loan approval:
| Borrower status | Current standard annual rate |
|---|---|
| Standard | 400% per annum |
| Trustworthy Status | 300% per annum |
The rate applicable to a specific loan is disclosed and locked in before loan acceptance and does not change for the duration of that loan.
2.3 Administration / Transfer Fee. A flat administration fee (currently K1) is disclosed and applied at loan disbursement. This fee is separate from interest and is not affected by Trustworthy Status.
2.4 Example (Illustrative Only)
Annual Interest Rate: 400% per annum (standard)
Loan Duration: 90 days
Interest = K100 × (400% ÷ 365) × 90 =
K98.63Total Amount Due = K100 + K98.63 =
K198.63Plus administration fee: K1.00
2.5 The Borrower confirms they understand and accept the Total Amount Due, the applicable interest rate, and any fees before loan disbursement.
3. Loan Approval Rules
3.1 Loans may be automatically approved only when all of the following conditions are met:
- the requested amount does not exceed the Borrower's current tier limit;
- the Borrower has no active or overdue loan with the Lender;
- the Borrower's account is not suspended or closed;
- KYC verification is complete and verified;
- the Borrower does not have an unresolved recent default flag on file.
3.2 The Lender reserves the right to review, delay, or decline any loan application, and may apply additional risk or concentration controls at its discretion.
4. Repayment Obligations
4.1 The Borrower agrees to repay the Total Amount Due on or before the due date.
4.2 Repayment must be made via bank transfer, mobile money, or direct deposit to the account details provided by the Lender.
4.3 Partial Payment Allocation. Because interest is calculated once and added to the principal at approval (clause 2.1), a partial payment is applied directly to reduce the Total Amount Due outstanding on the loan. There is no separate "interest first" allocation — the remaining balance after a partial payment is simply the prior balance less the amount paid.
4.4 The Borrower is responsible for ensuring payments are completed on time, including during weekends, public holidays, or banking delays.
5. Reminders, Late Fees, and Overdue Status
5.1 Pre-due reminders. Reminders may be issued 7, 3, and 1 day(s) before the due date, and on the due date itself. Reminders do not extend the loan term or modify repayment obligations.
5.2 Overdue status. A loan that is not fully repaid by its due date is immediately marked OVERDUE. There is no grace period before this status applies.
5.3 Late fee. If a loan remains unpaid for three (3) or more calendar days after the due date, a one-time late fee equal to 10% of the original principal is added to the outstanding balance. Post-due notices may be issued at 1, 3, 7, and 14 days past due to keep the Borrower informed of escalating status.
6. Default and Credit Rebuilding
6.1 A loan is considered in default (DEFAULTED) if it remains unpaid for five (5) or more calendar days after the due date.
6.2 Upon default:
- account status changes to REBUILDING;
- tier resets to Bronze (K50 limit), or steps down one tier where a graded-demotion arrangement applies to the Borrower's account;
- Trustworthy Status is revoked;
- a recent-default flag is recorded, which restricts approval of new loan applications until cleared per clause 6.3;
- a default notice may be issued at 30 days past due.
6.3 Credit Rebuilding. While an account is REBUILDING, the Borrower may continue repaying an existing (recovered) loan to demonstrate reliability. Normal tier progression resumes through on-time repayments, and account status returns to ACTIVE after a set number of consecutive on-time repayments (currently five (5), and configurable by the Lender). A missed payment during the REBUILDING period resets this progress to zero.
6.4 Default handling is proportionate and designed to promote responsible borrowing. The Lender does not engage in harassment, intimidation, or unlawful debt recovery practices.
7. Financial Hardship
7.1 Borrowers experiencing genuine financial hardship are encouraged to contact the Lender before the due date at hi@wantekpng.com.
7.2 At the Lender's discretion, hardship support may include additional reminders, short administrative extensions, or temporary borrowing restrictions without immediate default classification.
7.3 Hardship consideration does not waive the obligation to repay.
8. Transparency and Fair Dealing
8.1 Borrowers have the right to clear disclosure of loan terms, to ask questions before accepting a loan, and to decline a loan offer prior to disbursement without penalty.
8.2 The Lender does not engage in misleading or deceptive conduct and does not charge any fee that was not disclosed before the Borrower's consent.
9. Data Protection and Privacy
9.1 The Borrower consents to the collection, use, and storage of personal information for loan assessment, repayment tracking, risk management, and regulatory compliance, as further described in the Privacy Policy.
9.2 Information may be shared with banks, payment processors, or regulators where required by law.
10. No Guarantee of Future Credit
Loan approval, tier progression, and Trustworthy Status are not guaranteed and depend on repayment behaviour and Lender risk controls, which may change over time.
11. Dispute Resolution
Complaints should first be raised directly with the Lender at hi@wantekpng.com. If unresolved, disputes may proceed to mediation or arbitration, and are ultimately subject to the laws and courts of Papua New Guinea.
12. Governing Law
These Terms are governed by the laws of Papua New Guinea.
13. Entire Agreement
These Terms constitute the entire agreement between the Borrower and the Lender regarding a specific loan and supersede all prior communications on that subject.
14. Modifications
The Lender may update these Terms from time to time. Material changes will be reflected in a new version of this document, and continued use of the platform after such changes constitutes acceptance of the updated Terms. Rates and thresholds already locked in on an existing loan (clause 2.2) are not affected by a later update to this document.