DISCLOSURE STATEMENT &AMORTIZATION TABLE
Term of Loan (Days) | Annual interest rate | Interest (Loan term Interest & Interest Delayed) | Service Fee | Penalty Fee | Late Payment Fee |
365 | 24% | 2% per month |
2%
(Deducted one time) |
1% per day |
3% per month
(Deducted one time) |
The principal amount of loan | 3000-100000 |
Rate of interest(Loan term Interest & Interest Delayed) of the loan | 2% per month |
Service or processing fee | 4% |
Amortization schedule | Please Refer on the table below |
Any penalty charge for late amortization payment | Please Refer on the table below |
Collection fee | 0 |
Notarial fee | 0 |
All other fees in connection with the loan transaction | hidden fees:0 |
Description of the collection and lien enforcement Procedures |
Description of the collection procedure : Phone calls, sending SMS , demand letters
Lien: Not Applicable (Unsecured Loan) |
Method of calculating the total amount of obligation in case of default | Principal Amt + interest(Loan term Interest & Interest Delayed) of loan(1% per day) + One time late charges (3%) + Penalty Per day (1% per day) |
Principal Amount of Loan | 10000 |
Term of Loan (Days) | 365 day |
Interest(Loan term Interest & Interest Delayed) annual interest rate:24% (365 days loan=24%) | 2400 |
Total Amount of Loan to be Paid On Time | 12400 |
Less | |
Service Charge (4% of the principal) | 400 |
Amount to be Received | 9600 |
Total Amount of Loan to be Paid On Time | 12400 |
Add number of days delayed (2 days delayed) | |
interest of days delayed (2 X 1% of the principal) | 200 |
Penalty per days of delay (2 X 1% of the principal) | 200 |
One time late Charges (3% of the principal) | 300 |
Amount payable (2 days late) 12400 + 200 + 200 + 300 | 13100 |