Repayment of loan
Repayment is made monthly by direct debit. The borrower is aware of the repayment schedule and must ensure sufficient funds to cover the installments and avoid NSF charges.
Full early repayment is possible if the outstanding balance is paid to the borrower and the next installment.
Note: Partial repayment is not available if you want to pay more than the regular installment but are not willing to repay the entire amount.
If a borrower has cash flow difficulties and cannot make the repayment on time, the lender must be informed in advance, and negotiations will be held to find a solution.
Conditions of loan extension
If a borrower realizes there are problems with monthly payments, it is essential to contact the lender and look for solutions together.
Lending Loop is willing to negotiate and take steps to get borrowers back on track. This may mean updating the payment plan or taking other steps as part of the individual process.
Willingness to negotiate helps avoid collection fees to offset the lender's costs.
Early payoff
No fee is charged for early repayment.
