Higher monthly payments reduce the loan fee
The credit line offered by Bank works much like the simplest credit card. Based on the ability of each borrower to repay the loan, Bank evaluates and determines the most advantageous and appropriate option, offering the maximum amount of credit available. For loyal customers who have already applied for and used the credit limit on a number of occasions, Bank lends up to USD 2,000, while new customers can borrow up to USD 1,000. For the first time borrower, the first 60 days of the loan are free of interest. To make your loan repayment easier, you can set up a monthly payment schedule that sets a specific repayment amount each month (starting from a minimum of USD 20). With this type of repayment, the first 60 days of the loan do not have a daily interest rate on the loan.
Minimum monthly loan payment from 20 USD
The credit line limit can be used in installments or withdrawn all at once, and the withdrawal itself is free of charge. When you repay a certain amount, the available credit limit is renewed and, if necessary, you can continue to borrow until the maximum amount of the credit line is reached.
Also, reducing the commission or loan term is quite simple. If the minimum monthly repayment amount is USD 20 (the amount of the monthly payment can vary depending on the amount withdrawn from the credit line), this does not mean that you cannot repay a larger amount in a single payment. However, it is possible to cover the entire credit line payment at once, if we are able to do so without setting up a monthly payment schedule. You may also be charged more than the minimum monthly payment amount in any given month. For example, instead of paying USD 20 a month, we can deposit USD 60 or USD 120 (depending on your options), which will reduce the loan term and the amount of the commission.
Additional sums of money can be withdrawn from the credit line, even if all the money previously taken has not been repaid. The key is to make the monthly minimum payments on time, which allows you to continue using your credit line. This is not a loan that needs to be repaid in one installment – the whole amount at once. But of course, as already mentioned, you can do it, but it is enough to pay the monthly minimum payment on time to slowly repay the loan.
Minimum payment after 30 days:
If the USD 600 is withdrawn, the PRCA is 58.53%, the annual interest rate is 47%, and the total repayment is USD 752.67 This example is based on the assumption that the loan will be repaid in 12 installments. There is no other additional interest on the loan. The example is based on the assumption that the credit is due on time. Borrow responsibly when evaluating repayment options!