Interest
Interest:
- Accrues daily
- Compounds over time
- Is included in your total repayable amount
Early repayment fee
If you repay your loan too soon after borrowing, an early repayment fee may apply.
When does it apply?
An early repayment fee applies if you repay any amount within 30 days of:
- Opening a new loan
- Increasing your existing loan
How is it calculated?
If you repay early, you will still need to pay the interest that would have accrued over a minimum 30-day period.
This means:
- The system calculates how many days remain out of the 30-day period
- You are charged interest for those remaining days on the amount you repay
Example
- You take or increase a loan
- You repay part of it after 10 days
You will still be charged interest for the remaining 20 days on the repaid amount.
Why does this fee exist?
This ensures a minimum borrowing period and helps maintain stable rates for all users.
Important notes
- The early repayment fee only applies to the amount you repay early
- After 30 days, you can repay without this fee
- All fees are shown before you confirm your transaction