Terms of Use
1. Parties and Agreement
These Terms of Use ("Terms") form a binding agreement between you ("Borrower", "you") and Pakimu Investment Limited T/A WanPaus Microfinance ("Pakimu", "we", "us"). By registering for the WanPaus Microfinance platform ("the Platform") or accepting a loan offer, you agree to be bound by these Terms and our Privacy Policy and Acceptable Use Policy.
Pakimu is incorporated under the Companies Act 1997 (PNG) and operates as a microfinance lender in Papua New Guinea. These Terms are governed by and construed in accordance with the laws of Papua New Guinea.
2. Eligibility
To use the Platform and access loans, you must:
- (a) be at least 18 years of age;
- (b) be a resident of Papua New Guinea;
- (c) hold a valid government-issued identification document;
- (d) provide accurate, complete, and current personal and financial information; and
- (e) pass the identity verification (KYC) process required by Pakimu.
By accepting these Terms you represent and warrant that you meet all eligibility requirements. Providing false information is a breach of these Terms and may constitute fraud under Papua New Guinea law.
3. Loan Product — Mandatory Disclosures
Pakimu offers bullet (flat-rate) microfinance loans. Before any loan is disbursed, you will be provided with the following information in writing:
- (a) Principal amount;
- (b) flat interest rate for the loan term;
- (c) all fees (including transfer fee);
- (d) total amount repayable (principal + interest + fees);
- (e) loan issue date and due date;
- (f) repayment schedule;
- (g) consequences of late payment or default;
- (h) your right to a 5-business-day cooling-off period (see clause 4).
Interest is charged as a flat rate applied to the full principal for the entire loan term, pre-baked into the total repayment amount at approval. There is no post-origination interest accrual on the outstanding balance. Example: a loan of K100 at 30% flat for 14 days results in a total repayment amount of K130 due on the due date.
4. Cooling-Off Period
You have a right to cancel a newly approved loan within five (5) business days of disbursement without penalty, provided no funds have been drawn down or the full disbursed amount is returned in one payment.
To exercise this right, contact us at hi@wantekpng.com within the cooling-off period. Cancellation after this period, or after funds have been partially used, is not available under this clause.
5. Borrower Obligations
You agree to:
- (a) repay the total amount due on or before the due date stated in your loan agreement;
- (b) keep your contact details up to date on the Platform;
- (c) notify Pakimu within 48 hours of any event that materially affects your ability to repay (loss of employment, serious illness, natural disaster);
- (d) not apply for a loan you know you cannot repay;
- (e) use loan funds only for the purpose declared in your application.
6. Late Payment, Overdue Status, and Default
A loan is in arrears if any amount remains unpaid after the due date. The following three-stage escalation applies:
(a) Grace period — days 1 to 5 after the due date. No late fee is charged during this window. If the loan is repaid within the grace period, no streak impact applies. This is a late-payment tolerance window, not a waiver of the obligation to repay.
(b) Overdue — from day 6 after the due date. If the loan is not repaid within the grace period, a late fee equal to 10% of the original principal is applied. Your consecutive repayment streak resets to zero and your tier returns to BRONZE. Your loan status moves to OVERDUE. An overdue loan can still be repaid before default is declared.
(c) Default declaration — day 14 after the due date. If the loan remains unpaid 14 calendar days after the due date, the loan is declared in default. This is a separate and later threshold from the grace period expiry. Consequences of default include:
- (i) your account status changing to DEFAULTED;
- (ii) reporting of the default to any credit bureau or registry as permitted by law, with your consent as provided in our Privacy Policy;
- (iii) suspension of access to new loans until the default is recovered and a recovery repayment streak is established;
- (iv) referral to external collections if the loan remains unpaid after a reasonable period.
We will contact you before and after default to discuss repayment options. If you are facing hardship, contact us immediately at hi@wantekpng.com — early communication is the best way to avoid default consequences. See also our Collection Policy and Responsible Lending Policy.
7. Your Rights as a Borrower
- (a) You have the right to receive a written loan statement on request at no charge.
- (b) You have the right to make early full repayment of your loan at any time; no early repayment penalty applies.
- (c) You have the right to raise a complaint about any lending decision, fee, or conduct of our staff.
- (d) You have the right to access your loan history and repayment records through the Platform at any time.
8. Platform Access and Accounts
You are responsible for the security of your login credentials. You must not share your password or OTP codes with anyone. Pakimu staff will never ask for your OTP by phone or email.
We reserve the right to suspend or terminate your platform access where:
- (a) you breach these Terms or our Acceptable Use Policy;
- (b) we have reasonable grounds to suspect fraud or identity misrepresentation;
- (c) required by law or regulatory direction.
9. Limitation of Liability
To the fullest extent permitted by the laws of Papua New Guinea, Pakimu Investment Limited and its directors, officers, and employees shall not be liable for any indirect, incidental, consequential, or punitive damages arising from your use of or inability to use the Platform, including but not limited to loss of data or loss of income.
Nothing in these Terms excludes liability for death or personal injury caused by our gross negligence or fraud, or any liability that cannot be excluded by law.
The Platform is provided to facilitate loan management. Lending decisions are made by Pakimu acting as principal lender. Pakimu is fully responsible for all lending decisions made through the Platform.
10. Force Majeure
Neither party shall be in breach of these Terms for failure to perform obligations due to circumstances beyond their reasonable control, including natural disaster, civil unrest, pandemic, power outage, or government-imposed restriction. The affected party must notify the other within 48 hours.
Force majeure does not excuse a borrower from the obligation to repay principal and accrued interest; it may be grounds to negotiate extended terms. Contact us at hi@wantekpng.com to discuss.
11. Dispute Resolution
If you have a complaint or dispute, please contact us first at hi@wantekpng.com. We will acknowledge your complaint within 2 business days and aim to resolve it within 10 business days.
If informal resolution fails, both parties agree to attempt mediation in good faith before commencing court proceedings.
These Terms are governed by and construed in accordance with the laws of Papua New Guinea. Any legal proceedings shall be brought exclusively in the National Court of Papua New Guinea, and both parties submit to that jurisdiction.
12. Severability
If any provision of these Terms is held invalid or unenforceable by a Papua New Guinea court, the remaining provisions continue in full force and effect. The parties shall negotiate a replacement provision that achieves as closely as possible the original intent of the invalid provision.
13. Amendments
We may update these Terms from time to time. We will notify you by email at least 14 days before material changes take effect. Continued use of the Platform after the effective date constitutes acceptance. If you do not agree to updated Terms, you must stop using the Platform and contact us to close your account.
14. Contact
Pakimu Investment Limited T/A WanPaus Microfinance
Email: hi@wantekpng.com
Papua New Guinea