What are the charges if I default on my payment?

In the event of a payment default, the following charges and actions will apply:

1. If you fail to make your payment on time, a late interest charge of 8% per annum will be applied to the total loan amount for the number of days in arrears. This charge is intended to cover the additional costs and risks associated with late payments.
2. If you default on your payment, we reserve the right to appoint a Debt Collection Agency to collect the outstanding payment from you. The agency will act on our behalf to recover the debt.
3. Any fees incurred during the debt collection process, such as collection agency fees or legal fees, will be charged to you. These fees are necessary to cover the costs associated with the collection efforts.