Borrowers are given 7 days grace period from the date the repayment is due. If the borrower fails to make the full repayment within 7 calendar days, a late interest of 0.1% of the outstanding principal per day (from due date) is applied and distributed back to investors for the delay. We also charge a late penalty fee to deter borrowers from paying any later than 7 days from the due date.
Are there any late payment or default penalties?
Penalties apply for late repayment after the grace period of 7 days
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Written by Borrower's Assistant (Jason)
Updated over a week ago
Updated over a week ago