We understand how displeasing it is to see the late fee accruing on your loan.
However, by our Terms of Use, it is stated that if you pay late, you will be paying your original repayment amount and late penalty fee (1% charged once every month on due installment(s).). The system is automatically programmed to read the fixed late fees once we do not receive full payment on the due date.
Subsequently, we advise that you pay your outstanding loan balance as scheduled or extend your loan before the due date so you avoid getting further debits.
Note: To clarify the 1% late fee charge, please note that it is triggered on the third day after the full payment is due, and then again one month later (not at the beginning of every following month). If two or more installments remain unpaid, the 1% late fee will be calculated based on the total outstanding principal, including the first and second installments.