You have applied for a quick online cash loan and the maturity date is about to come. Do you know the different loan repayment options? The lending institutions usually offer several options for easy and convenient payment. Explore different repayment options for quick online cash loan in the Philippines in the article below.
Fixed monthly installment is the popular payment form of quick online cash lender in the Philippines. The total loan amount you apply will be broken down into equal amounts for each month and you will have to pay this amount on a fixed date each month, which is called the maturity date.
Paying the loan on a fixed date every month
Lenders allow you to choose a maturity date close to your salary payment date so that you will not run out of money before paying off your loan. However, keep in mind that you must repay the loan by the due date. If you miss the deadline, a significant late payment fee may incur and even your credit score is damaged.
Flexible repayment terms include repayment deadline to payment methods. Most quick online cash loans offer flexible installments, ranging from 3 to 6 months. If you have a stable source of income and are comfortable in paying the loan, you may choose a short term of 3 months to minimize the interest. On the contrary, if you are facing financial difficulties, you may choose a period of 6 months. The amount to be paid each month will be smaller and you may relief financial pressure.
Flexible terms and repayment methods
Quick online cash loan offers not only flexible terms but also a variety of payment methods. You may choose to pay via e-wallets including GCash, PayMaya, ShopeePay, Coins.ph; pay through counters at convenience stores such as 7-eleven, or via bank cards.
It’s great to repay your personal loan in full prior to its maturity. However, some lenders charge a penalty fee for paying off the loan prior to its maturity. This is called early repayment fee, early termination fee, prepayment fee, the installment acceleration fee, or the closing processing fee. Some lenders encourage customers to pay earlier than the maturity date to avail of discounts, pay lesser.
Be aware of prepayment fee
If you think you can pay off your quick cash loan in the Philippines earlier than the due date, you should choose a loan with no early repayment fees from the outset.
When paying off a loan, you should not only pay attention to the interest rate, but also investigate the automatic deductions or hidden costs of the loan. Reputable lending institutions often clarify these costs.
Some lending institutions will require you to pay the processing fee and stamp duty tax. These costs are usually deducted from the loan amount. Other fees to be taken into account are disbursement fees, late repayment fees, and even judicial and attorney fees, in case you default on your loan.
Learn about automatic loan deductions
As one of the leading lending institutions in the Philippines, MoneyCat enables customers flexibly pay quick online cash loan in the Philippines. MoneyCat’s repayment terms range from 14 to 28 days and customers may freely choose payment methods via e-wallets, transaction counters and banks. MoneyCat also allows you to early repay, or extend the loan term as long as you pay 50% of the current loan amount and fees. If you have any questions or encounter difficulties during the payment process, you may contact MoneyCat 24/7 for advice.
Repayment of quick online cash loan is an extremely important step and you need to repay the loan amount in full and on the due date if you don’t want additional penalty fees or even bad credit score. Hopefully, this article may provide you with useful information on how to repay your loan. Contact MoneyCat if you need to apply for a quick online cash loan in the Philippines.