How to repay a loan?
You can choose one of the loan repayment options.
- Payments every two weeks. Twenty-six times a year, that is, precisely every two weeks, you will repay the loan.
- Semi-monthly payments. Although it may seem the same as the two-week payouts, there is a difference between the two methods. With a half-month repayment schedule for the year, you will make two fewer payments than with a two-week plan. Often this means a more considerable amount of each regular payment, with the same loan amount.
- Loan repayments on a specific date of each month. You will need to make only 12 payments per year. And although the amount of each payment will be more significant, you can easily control your finances with such a repayment scheme.
Your regular loan payments will be debited from the same bank account to which you received the loan at Borrowell.
Conditions of loan extension
It may be possible to get a loan extension on your short-term loan. As Borrowell works with a network of lenders, each of them has its own set of policies on loan extensions. However, you can always turn to Borrowell’s team for help. You might receive a loan extension if your credit score is high and if your account is in good standing. Remember that loan extension-related fees may arise.
Early repayment
If you want to repay the loan in full earlier than specified in the contract, Borrowell allows the clients to do this without any extra fees or penalties. You need to inform the company by sending an email to service@borrowell.com. At the same time, it should be understood that the balance will differ from the one in the original payment scheme.
Please also note that due to the covid-19 pandemic, the company's physical offices are currently closed, so it is recommended to use cheques sent by mail instead of bank transfers of verified cheques. For more information, you can visit the official website of Borrowell.
