Repaymen of loan
You start making repayments from your next pay deposit and reimburse your loans in 3, 6, or 12 payments based on the frequency of your payments.
The repayment period could be 3-5 months. Payments are arranged automatically, by direct debit.
A Direct Debit is an instruction from you to your bank which authorizes the lender to collect the money from your account. You have already agreed to the amount and terms of installments by signing the online agreement. You can pay early or pay off the entire loan penalty-free. There aren't any hidden costs. A surety fee is applicable on the loans. The APR is fixed for the duration of the contract — approximately 23%, beginning of the date it is signed. There is a withdrawal charge of $0.50 for each withdrawal made from the borrower's bank profile (not for residents of Manitoba). If a payment is returned, it is subject to an administrative charge of $48.00 which will be added to the debt of the borrower. The late payment fee is $28 and occurs if the borrower asks to postpone repayment. It's also added to the debt. (This service is not available for residents of the province of Manitoba). In case of default, the interest rate on the remaining loan is 1,74% per month.
All other remaining fees owed to Eastern Loans should be paid on the date of the last repayment.
For example, you borrow with Eastern Loans for the first time. The available amount is $500. Your salary is paid twice a month.
It means the following: net capital: $500.00. Interest: $ 17.51. Total credit costs: (for the term) $17.51. Total obligation: $517.51. Annual Interest Rate: 23.00%.
Conditions of loan extension
If you couldn't make the repayment on time, you should call or email and ask for a deferral at least 48 hours before the repayment date. Note: the service is not available for residents of the province of Manitoba. Late payments are fined $28. In the case of a deferral, the interest rate will accrue to the unpaid amount and be deferred to the back end of the contract. If your bank rejects an automatic payment, an NSF fee of $48 is charged. This could occur if there's not enough money in the balance to cover a loan installment, it has been closed, or it's suspended or inaccessible.
The reasonable idea is to call or email Eastern Loans to ask for an extension, it's better than stopping making repayments. The NSF fee is more than the late payment fee. And a lot of NSF transactions give your loan file a poor score which affects your chances of approval for future loans.
Early payoff
You may pay back early or pay an entire loan for free, and there are no prepayment penalties.
The paid amount will be deducted from the total balance of your loan. Once the repayment has cleared, your term will automatically reduce.
Paying off your debt early is an excellent opportunity to relieve a financial burden and forget your monthly payments for good.
