As a company, we are trying to keep our client approach as friendly and straight through as possible.
However, like any e-commerce organization, we have financial obligations to our customers and partners. Violations of these obligations is unacceptable for us.
If the customer does not have the opportunity to repay a loan in time, the loan will be extended up to 14 days max before it will be closed.
Сalculation of "Extension Fee" (per day)
- We will calculate 1% from the loan overdraft amount. It can be seen in the details of the loan in the "Actual loan balance" field.
- Convert it to the loan collateral currency by initial price rate.
- Deduct this amount from the loan collateral.
Loan will be closed if
- The extension process lasted for 14 days.
- Collateral for the loan cost less than the overdraft amount (by initial price rate).
We will send an email alert 24 hours before a loan expire. In addition, we will inform our customer about each extension day and loan closing.
After repaying the loan, the customer will receive all collateral, that is left over after the Extension Fee deduction.
If the loan is closed without repayment, all borrowed funds will be kept by the customer and the rest of the collateral will stay within the YouHodler platform.