How quickly you repay
If you wish to keep the total interest to a minimum, you should repay as quickly as you can. We charge NO prepayment penalties.
The first repayment date will be the first payday (when you receive your pay cheque) falling at least 8 days from the date of approval of the loan. The second repayment date is your immediate payday (next pay cheque) following your first repayment date. Based on the number of cycles, successive repayment dates will follow this pattern.
For example, if the loan is approved on the 21st of March and your first payday following this date is April 1st, then April 1st is your first repayment date. Your second repayment date, therefore, will be May 1st. If your loan follows the 4-cycle plan, the third repayment date is June 1st and the fourth (and final) repayment date is July 1st.
However, if your loan is approved on the 25th of March and the first payday is April 1st (which falls less than 8 days from the date of approval of the loan), your first repayment date will be May 1st, second repayment date will be June 1st, and so on.
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