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 are unacceptable for us. For Loans that are created before 05.09.2022 loan duration can be 30, 60, or 90 days. 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 is closed.
Calculation of "Extension Fee" (per day):
We will calculate 1% of 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.
The loan will be closed if:
The extension process lasted over 14 days;
Collateral for the loan cost less than the overdraft amount (by initial price rate).
We send an email alert 24 hours before a loan expires. In addition, we will inform our customers about the first and last extension day.
For Loans that are created after 05.09.2022 max loan duration is stated on the get loan page. The loan will be closed automatically with the Close Now operation once the term in the loan plan expired.
After repaying the loan, the customer receives 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.
If the loan is not repaid during the extension period, our system sells a part of the collateral to cover the repayment amount and the rest collateral will be deposited back into your balance.
Please be advised:
Turbocharge loans are closing right after their term expires. Learn more about Turbo Loans here.