• Drawdowns default to a 6 months term, with monthly repayments. Given that there is a fixed monthly repayment date, the repayment schedule will be between 6 and 7 months if you make multiple drawdowns.

    Example 1:

    • First Drawdown Date: 1st Jan

    • Drawdown Amount: $12,000

    • Annual percentage rate: 12%

    • Loan Term (in days): 181

    • Daily Interest: $12,000 * 12% / 365 = $3.95

    • Daily Principal: $12,000 / 181 = $66.29

    • Remaining Fraction: $12,000 - 66.29 * 181 = $12,000 - $11,998.49 = $1.51 (added on first repayment)


Example 2:

  • Second Drawdown Date: 20th Jan (note that repayment date is still 1st of every month)

  • Drawdown Amount: $12,000

  • APR: 12%

  • Loan Term (in days): 192

  • Daily Interest: $12,000 * 12% / 365 = $3.95

  • Daily Principal: $12,000 / 192 = $62.50

  • Remaining Fraction: $12,000 - 62.50 * 192 = $12,000 - $12,000 = $0