Repayment of loan
There are various options for loan repayment. It includes the following;
Bi-weekly repayments;
Monthly repayments;
One lump sum installment, plus interest and fees on some loans;
Separate loan repayments through automatic digital payments from a bank account or a credit card;
Loan repayment by cheque.
Loan extension
Suppose you have chosen the option to make repayments by automatic direct deposits or payments from another source. In that case, your loan will automatically extend if you cannot pay your balance in full when due. Once the extended term has ended, the remaining balance will be transferred to a new loan. Ensure that any payment plans offered with your loan include extending the terms if you need longer than initially planned to pay off your credit.
Early repayment
You can make early loan repayments at any time. There are no penalties applied.
