Frequently Asked Questions
Frequently Asked Questions
Getting Started: What can I use Amico for?
Amico does two things. Amico Document helps you formalise a loan between friends or family – turning handshake deals into signed, compliant agreements without the hassle of legal paperwork. Amico Repay goes further. It automates the repayment side of your loan through open banking, so payments transfer on schedule without anyone needing to remember, chase, or make manual bank transfers. Both the lender and borrower get real-time visibility of the loan balance and payment history. You can use Amico Document on its own to create an agreement. Or pair it with Amico Repay to manage the full loan from first agreement to final payment.
Getting Started: Is the loan agreement legally binding?
Yes. Your Amico contract is legally binding and can be downloaded at any time if you ever need it.
Getting Started: Is there a minimum age to use Amico?
Yes. You need to be 18 or over to use Amico.
Getting Started: Can I have more than one loan at a time?
Yes. You can manage multiple loans within your Amico account simultaneously.
Getting Started: Is there a minimum loan amount?
There is no minimum loan amount. Amico works for loans of any size.
Getting Started: Can I use Amico for loans I’ve already given?
Yes. If you have an existing informal loan arrangement, you can formalise it through Amico Document – creating a signed agreement that documents the terms going forward. If you want to also automate repayments on an existing loan, Amico Repay supports backdating, so you can enter the original loan date and reflect the full history accurately.
Getting Started: What if the borrower asks for unfair terms?
Amico requires both parties to agree to and sign the loan terms – so nothing is locked in without mutual consent. If you’re not comfortable with what’s being proposed, don’t sign. You can negotiate the terms until both parties are happy, or walk away. We’d also suggest having an open conversation about expectations before setting up the loan – clear communication upfront is the best protection for both sides.
Getting Started: What if the lender insists on unfair terms?
The same applies from the borrower’s side. You’re not obligated to accept any terms you’re not comfortable with. Take your time to read the agreement carefully before signing, and if something doesn’t feel right, say so. Amico works best when both parties feel good about the arrangement.
Getting Started: Can I loan money to someone in another country?
Amico Document is available in both New Zealand and Australia, so you can create a loan agreement between people in either country. Amico Repay is available in New Zealand at launch. Australian support is coming soon – register your interest through the app to be notified when it’s available.
Amico Repay: What is Amico Repay?
Amico Repay automates the repayment side of a loan between family or friends through open banking. Once set up, payments transfer automatically on the agreed schedule. Both the lender and borrower can see the loan balance, payment history, and upcoming transfers in real time. Rather than replacing trust between people, Amico Repay supports it – by removing the need to chase, remind, or manually transfer money each time a payment is due.
Amico Repay: What does Amico Repay cost?
Amico Repay charges a transaction fee of 0.75% per repayment, with a minimum of 30 cents, capped at $5. When you use Amico Repay, there’s no loan documentation fee — it’s included as part of the Repay setup.
Amico Repay: Does Amico help with setting up repayments?
Yes. Amico Repay handles repayments for you through open banking. Once both parties connect their bank accounts and confirm the loan terms, payments transfer automatically on schedule. Neither side needs to remember payment dates or make manual transfers. You can both check the loan balance and payment history at any time through the app. The fee is 0.75% per repayment, with a minimum of 30 cents, capped at $5.
Amico Repay: Is Amico Repay approved by my bank?
Yes. Amico Repay is approved by all major New Zealand banks and operates through an open banking framework. Your bank connection is confirmed via a push notification in your banking app – no sharing of passwords or login details required. Amico also uses biometric ID checks, government verification, and AML (anti-money laundering) safeguards as part of the setup process.
Amico Repay: Can I set up Amico Repay for an existing loan?
Yes. If you already have an informal loan arrangement in place – even one that predates Amico – you can add it to the platform and backdate it to reflect the original terms. This is one of the most common reasons people come to us.
Amico Repay: What happens if a repayment fails?
If a scheduled repayment fails (for example due to insufficient funds), both parties will be notified through the app. The payment history will show the missed transfer clearly, giving you an accurate record of the loan status. If a payment fails, it is retried daily for seven days before officially being flagged as failed. Once flagged, the loan term extends by one payment cycle and interest is recalculated. If this sequence happens for three consecutive cycles, the loan is halted so you can decide whether to terminate or forgive it and start anew.
Legal & Documentation: Is the loan agreement IRD compliant?
Yes. Amico loan agreements are structured to meet IRD requirements. The agreement documents the loan amount, interest rate, repayment schedule, and the identities of both parties. Everything the IRD expects to see when money moves between family members.
Legal & Documentation: What if the borrower doesn’t pay me back?
Amico gives you a legally binding loan agreement and, if you’re using Amico Repay, a complete timestamped record of every payment made or missed. This documentation is valuable if you ever need to pursue repayment formally. That said, Amico is designed for people who already know and trust each other. If a repayment dispute arises, we’d always encourage an honest conversation first – your agreement gives you the foundation to have that conversation clearly. For legal advice specific to your situation, we recommend speaking with a solicitor.
Legal & Documentation: What happens if we decide to cancel a loan agreement?
Both parties can agree to cancel a loan at any time. We recommend documenting this in writing and keeping a record for your own files. If you’re using Amico Repay, automated payments will stop once the loan is marked as settled or cancelled.
Legal & Documentation: Can I document a loan without the other party being present?
Both parties need to sign the agreement for it to be legally binding – that’s what makes it valid. Amico sends a signing invitation to the other party so they can review and sign in their own time. They don’t need to be present with you to do this.
Privacy & Security: Why do you need my personal details?
To keep things official, both parties’ identities need to be verified. This protects everyone involved and ensures the loan agreement is legally sound. For Amico Repay, we also carry out biometric ID checks, government verification, and AML (anti-money laundering) checks as required by NZ financial regulations. Your information is never sold or shared with third parties beyond what’s needed to operate the service.
Privacy & Security: How does Amico use my information?
We use your information only to operate the Amico service – verifying your identity, processing your loan agreement, and, for Repay, facilitating payment transfers through open banking. We don’t sell your data or share it with advertisers. For full details, see our Privacy Policy at amico.finance/privacy-policy.
Privacy & Security: Can I delete my Amico account?
Yes. You can request account deletion at any time by contacting us at hello@amico.finance. Please note that if you have an active loan agreement or ongoing Repay arrangement, you’ll need to settle or cancel those before your account can be fully closed.
Privacy & Security: Can I use Amico to find a lender or borrower?
No. Amico is designed for people who already know and trust each other. It’s not a platform for matching borrowers with lenders – it’s a tool for formalising and managing loans in relationships that are already in place.
Still have questions?
Contact us at hello@amico.finance and we’ll help point you in the right direction.
