Repaying your loan

To help make repaying your loan as simple as possible, during the loan application process, we set up direct debits to be taken from your nominated bank account on the night you get paid. You will need to ensure on each payment date there are sufficient funds in your account to cover the payment amount.

Your first repayment is due on your first pay date after your loan is approved. From this date, your repayments are scheduled on the same weekly, fortnightly or monthly pay date or day until your loan is fully repaid.

Bear in mind, if your pay date falls on a public holiday, that payment will be scheduled for the business day prior or business day after your original pay date. 

SMB has adopted comprehensive credit reporting, which means that we can report repayment history to the Equifax credit bureau. If you are consistently making your repayments on time, then this positive history reported to the bureau will in turn have a positive impact on your credit score.

If you’re having trouble, we’d like to help.

We want to ensure our customers have the best borrowing experience possible, and have a number of options available to you to keep you on track and help you manage your loan repayments.

We understand that unexpected situations can arise and we encourage all our customers who are experiencing any repayment issues to contact us before you miss a payment and keep in touch so we can work with you to get your loan back on track.

If you think you won't be able to make your repayment, please contact us prior to the payment date. We may be able to adjust your repayment up until 4:00 pm on your repayment date. After this time, we will be unable to stop the direct debit, as the request will have already been sent to your bank and you may incur default fees to both us and your bank.

By contacting us, we can discuss your options, which may include extending your loan, entering into a concessionary repayment schedule and/or a payment plan. Our repayment solution specialists are here to help. Please call us on 03 288 2562 or email repayments@smb.nz. 

In certain circumstances, you may qualify for financial hardship, which is offered by SMB to customers who are experiencing a documented and verifiable unforeseen financial hardship. In most cases, this would include the following:

• loss of employment;

• illness or injury;

• the end of a relationship; or

• the death of a partner or spouse.

If you would like to learn more about the payment options we can offer you, please call us at on 03 288 288 25 62 or email repayments@smb.nz. 

If you don’t meet your repayments, default fees and interest may apply, depending on your circumstances and reason.

Click here for more information on financial hardship.

We don’t believe in continuously charging interest like other lenders might.

Click here for more information on our interest and fees.

Our costs will only change from our initial calculation if you don’t keep to your original arrangement.

If any of your payments are dishonoured, one of our repayment solution specialists will contact you to arrange repayment.

Please be aware there may be additional fees and interest added if the unpaid balance of your loan (excluding fees and capitalised interest) remains higher due to the missed payment.

If we don't receive your loan repayment on time, a default fee will be applied towards the cost of a failed collection, plus interest costs on the unpaid balance.

If we don’t hear from you after you have missed your loan repayment, We will try to contact you to discuss the situation and arrange a new repayment schedule. If your circumstances have changed significantly, we will do our best to offer a solution and come to an arrangement that helps you get back on your feet. If, after a set time period, we still have had no response through any of our efforts to contact you, we will look at recovering payments by other means.

Please remember, if your situation does change and you need our help to rearrange payments, we will do so if you communicate with us. If you have doubts over whether you will be able to repay a loan comfortably, please act responsibly by not applying. We use the information and technology available to us to make the best lending decisions possible, but we urge you to consider the serious nature of the commitment you are making before you apply.

If you are unable to make up the missed repayment and are not willing to work with us to establish the best outcome, then you may be charged a default fee, plus interest costs on the unpaid balance. The best thing to do is give the repayment solution specialists a call on 03 288 2562 or email repayments@smb.nz to discuss your options and figure out what will work best for you.

If you think you are going to be late on any payment, please contact us immediately.

Please see here for more information on our interest and fees.

Yes, we can help!

If you're facing challenges with your loan repayments, the best step is to contact us to explore your options. Log in to your account to submit a request, call us on 03 288 2562 or email us at repayments@smb.nz

Please note that skipping a loan repayment is not guaranteed and is at our discretion.

We understand that unexpected situations can arise. If you’re struggling with repayments or want to make additional payments, please reach out to us. We’ll work with you to create a plan to repay your loan.

If you’re unable to make an upcoming payment or are experiencing financial hardship, please contact us as soon as possible.

See here for more information on financial hardship.

Yes.

We do not have any payment penalties or fees for early repayments, unlike some lenders in the market. At SMB, we want you to have the flexibility to borrow money when you need it and pay it back when you don't. By making extra payments, you will save on interest and repay your loan faster.

Please call the repayment solution specialists before making an extra payment so this can be applied to your loan promptly. If you make an extra payment the day you are scheduled for a direct debit, please call us on  03 288 2562  before 4:00 pm so we can reschedule or stop the direct debit.

The cut-off time for rescheduling or making changes to upcoming payments, depending on your chosen payment method, is 4:00 pm weekdays (excluding public holidays).

When your loan is approved, you will be sent an approval email outlining your confirmed pay date(s) and repayment amount(s).

You can also view the status of your loan, how much you’ve already paid and how much you have left to pay via My Account

Please email us at repayments@smb.nz or call us on 03 288 2562 if you would like us to resend this information.

If you are experiencing financial difficulties and cannot pay, please contact us immediately. If you are unable to pay, we may be able to work on an alternative payment plan that will avoid additional fees or penalties.

Click here for more information on financial hardship.

Yes, we may report any adverse payment behaviour, delinquencies or defaults to credit bureaus, however we wish to work with you to rectify the situation prior to this.

Comprehensive credit reporting is the reporting of all repayment data (positive and adverse). Therefore, any late payment history will have a negative impact on your overall credit score.

Absolutely. If you repay early and in full you will save on interest and repay the loan faster.

You may request an early repayment at any time without penalty,

Please call the repayment solution specialists on 03 288 2562 before making an extra payment so we can provide you with the exact balance to pay and adjust your repayment schedule if necessary.

By making extra or unscheduled repayments, you repay your loan faster and save on interest. Also, if you have missed a payment and need to make it up, you can make up the payment manually. Please call the repayment solution specialists on 03 288 2562 so we are able locate the payment and apply it to your loan balance once received. If you have a payment due, call us if you wish to make an early repayment so we can stop the direct debit and reschedule.

Our bank account details are as follows:

SMB Money Limited
Bank of New Zealand
02-0820-0132463-003

Use your application number as the reference for the payment so we can reconcile your payment to your account.

Please call our repayment solution specialists on 03 288 2562 if you need any help.

Yes, you can change your bank account details we hold. If you need to make a change, please call our repayment solution specialists on 03 288 2562 and they will be able to assist you with the process.