How do you calculate the loan repayments?
We calculate your monthly repayments by applying a fixed interest rate to the total amount you have borrowed. We'll then divide the total amount you'll need to repay across the term of your loan.
Each of your monthly repayments will consist of both the interest and the principal part of the loan. As you continue to make payments, you'll start to pay less interest as the principal loan amount decreases, and pay off more towards the remaining principal balance.
This monthly repayment amount will be shown in-app and in your statements, along with any fees and charges.
If your scheduled repayment day falls on a non business day, we will collect the repayment on the next business day.