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- Repayment Schedule:
Borrowers are expected to strictly adhere to the predetermined repayment schedule meticulously
outlined in the loan agreement. This schedule outlines instalment amounts, due dates, and all
related terms relevant to the repayment process.
- Consequences of Non-Repayment:
In the event of non-repayment on the agreed-upon date, additional financial charges may be
incurred by the borrower. These could include, but are not limited to, interest, late fees,and service
charges.
- Communication Requirements:
Borrowers are obliged to promptly communicate and notify Pingfin or any changes to banking details
and any foreseen difficulties in meeting the stipulated repayment obligations. Failure to
communicate in a timely manner may result in additional fees and could have repercussions on the
borrower’s credit history.
communication may be done via email provided and or whatsapp number.
- Collections Process:
In cases of non-repayment, our dedicated collections team will diligently make reasonable attempts
to engage with the borrower. The primary objective is to discuss the situation, explore viable
resolutions, and ensure a collaborative approach to resolving outstanding matters.
- Accrual of Additional Charges:
Continued non-repayment may lead to the accumulation of additional charges and interest on the
outstanding balance, heightening the financial obligations of the borrower.
- Involvement of External Collections Partner:
If exhaustive efforts to recover the outstanding amount prove unsuccessful, the account may be
referred to an external legal collections partner. Any costs incurred during this process will be borne
by the borrower.
- Credit Reporting Impact:
Persistent non-repayment poses the risk of having outstanding debt reported to credit bureaus,
potentially impacting the borrower’s credit history.
- Trust Rating and Future Borrowing Eligibility:
Repeated defaults may have an adverse effect on the borrower’s trust rating and eligibility for future
loan applications with PingFin Pty ltd
- Consideration of Settlement Offers:
In cases where the borrower faces substantial financial challenges, earnest efforts will be made to
present reasonable settlement offers or explore alternative arrangements for repayment.
- Encouragement of Financial Counselling:
During periods of financial hardship, borrowers are strongly encouraged to seek the assistance of
financial counselling services. This guidance can offer valuable insights into managing their financial
situation more effectively.
- Reserved Right for Legal Action:
PingFin reserves the right to initiate legal action to recover the outstanding amount, with any
associated legal costs becoming the responsibility of the borrower.
- Right to Amend Terms:
Pingfin retains the right to amend these terms and conditions with reasonable notice
provided to the borrower.
By accepting the loan, the borrower expressly acknowledges and agrees to adhere to these
comprehensive terms and conditions regarding non-repayment.
