Are there any late payment or default penalties?

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.