27/02/2021
Planning to apply for Cash Loan but wanna know first how we do the computation?
Find below our sample for your understanding 😉
FLA Client BTS wants to apply for a cash loan amounting to PHP 10,000.
Loan approved dated Feb 25, 2021 and transferred to BTS the same day.
Payment Terms of 3 months :
Equal payments
Due dates: Every 25th of the month until fully paid by May 25, 2021
5% interest
Grace period of 10 days
10% penalty from amount lended if not paid on time
Cash loaned of PHP 10,000 × Interest of 0.05 = 500
Interest of PHP 500 x 3 (months to be paid) = PHP 1,500
Interest therefore is 1, 500 and Total amount to be paid by BTS in 3 months is PHP 11, 500.
Equal payments on March, April and May 25 is PHP 3, 833
If agreed is 4 months, then just multiply the interest of 500 (5% of 10k) to 4 which will total to interest of PHP 2,000. Total amount to be paid is PHP 12, 000 and payments every 25th is PHP 3,000
Still have questions? Do send us a message so we can accomodate you. 😇
