What happens if I miss a repayment on my new Instalment Loan?
If you miss a repayment on your new Instalment Loan, late interest charges will be applicable. These charges vary based on how late your repayments are.
Pro-tip: It is crucial to make timely repayments to avoid any negative impact on your credit score.
Late interest charges has been increased from 18% p.a. to 28% p.a., chargeable from 3 days past the repayment date. The 2 day grace period will continue to remain in effect. This has taken effect on 1 November 2024.