When do I start getting repayments?
At the time of applying, borrowers choose their monthly repayment date. If you lent money to a borrower on the 15th of June and their chosen repayment day was the 28th of each month, the borrower would make their first repayment on the 28th of July. You would then receive this a few days later once the payment had been processed. Since this first payment is made more than a month after the borrower took out their loan, it would be slightly higher than subsequent monthly payments.
You can view your borrower's chosen repayment day of the month in My Loan Book.
Last Updated: 22 April 2016, 05:01pm