How is the repayment amount calculated?

Edited 2 years ago

The financing fees for your repayment are a percentage of the total loan amount you choose to take out for a project, based on the term you choose and pre-set rates determined by your application.

For net terms, the fees are paid on the due date along with the loan principal. For example:

• Loan amount is $1000
• You select a short-term financing plan of net 60 days, for a fee of 4% (equivalent to 2% monthly fee / 24% APR)
• The fee for the total loan amount is $40
• On the due date, your repayment would be $1040
• If you prepay the entire loan at Day 30, your prorated fee will be 2%, so you’ll only need to prepay $1020

For installment terms, the total fee / repayment amount calculation is similar, except spread evenly across multiple installments.