LOAN BASICS

Loans are created as a 1 month contract (with a minimum of 7 days before the loan can be redeemed) however can be extended on a month to month basis as required.
Interest is charged per calendar month or part thereof, so whether you borrow for 2, 3 or 4 weeks, it is a flat rate charge.

At the end of the loan term (or earlier) your options are

1. To redeem your goods by repaying the initial loan amount borrowed plus all accrued interest.

2. To renew the loan by paying the previous month’s interest charge which will extend the loan for another calendar month.

If you are unable to do either of the above, contact us as soon as possible, and we can try to come to a workable arrangement to help you maintain your credit history with us an prevent your loan being forfeited.

If you do nothing and do not contact us, we will hold the goods for a period of grace, after which we will forfeit your loan and sell the goods to redeem the funds owed.

LOAN BASICS

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