Repayment of loan
As the client engages in the repay process, funds are still available for as long as the client does not exceed the credit limit. Interest rate is only being charged over the number of funds that are used at a particular time, not on the full credit amount. It is important to consider that the repayment period for the credit limit varies depending on the lender.
Therefore, in the majority of cases, the repayment period is weekly, monthly, or another schedule over a certain period of time which is decided before the client receives their line of credit.
Early payoff
Payoff due date and rates are negotiated with the lender, as well as terms over which period it must be returned. Depending on the specifics, no penalty may be imposed.
