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Loan and Credit Rating

Once the credit has been granted, the customer can request a withdrawal from Loan and Credit to transfer the amount they wish to their bank account. At the time of the withdrawal, the customer can also define the repayment period of the loan as he wishes.

The minimum withdrawal is $ 50 and a 6% withdrawal fee is paid for each withdrawal. The credit will be repaid in monthly installments, which include the credit repayment, interest and withdrawal fee.

The nominal interest rate of Loan and Credit Flexible Credit is 68%. However, the actual annual interest rate will vary depending on the loan amount, the amount of drawdowns and the repayment period. With a drawdown of EUR 2,000, a drawdown with a single drawdown and a repayment period of 12 months, the effective annual interest rate is 119.6%. See the table for examples of loan costs when a loan is drawn in one installment.

Repayment of the loan

Repayment of the loan

The loan is repaid in monthly installments consisting of the loan repayment, withdrawal fee and interest. Each month, the customer receives payment information and balance on his / her credit account. The monthly installment can also be paid through the bank links provided by Loan and Credit.

When withdrawing credit, the customer defines the repayment schedule he / she wants. However, the schedule is flexible, as the customer can apply for repayment grace or pay larger loan repayments than originally intended.

The grace period is 5 to 30 days and must be applied for separately through Loan and Credit. There is a processing fee for the transfer of the due date in accordance with Loan and Credit’s price list.

The loan can also be repaid faster than planned

The loan can also be repaid faster than planned

Allowing the customer to save on the loan interest. In order for the repayment to be properly accounted for in Loan and Credit’s systems, the customer must contact customer service and make an additional or larger installment as instructed.

Please note that although modifications to the agreed repayment program may be made, they must always be agreed in advance with Loan and Credit Customer Service. Otherwise, for example, arbitrarily taking a loan repayment-free can be interpreted as a failure to pay a loan repayment, which can have unpleasant consequences.

If the customer has difficulty making the monthly payment, it is recommended that the customer contact customer service as soon as possible to resolve the situation. Failure to pay may result in, inter alia, the payment of interest on late payments and reminders, the transfer of a charge to a credit institution and the entry of a credit in the credit history. Losing credit information can make it more difficult for a customer to obtain credit from other lenders, for example, to obtain a rental home or to enter into contracts.

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