The consequences of not (on time) repaying a mini loan
If Viloan is not allowed to receive payment from you on the due date of the mini loan, you will receive the first reminder with a payment period of 7 days. If after this still no payment for the repayment of the mini loan is made on your part, Viloan will send you a second reminder for the taken out mini loan, each with a payment period of 7 days.
If you as a credit customer have voluntarily used our additional services for a mini loan, which are associated with corresponding fees, you will be charged the following costs together with your small loan:
- 1st reminder: $ 5.00
- 2nd reminder: $ 5.00
- 3rd reminder: $ 5.00
As of the due date, you are in arrears with your short-term loan and from this point you owe Viloan the statutory default interest on the loan amount still to be paid until the day on which the loan amount has been fully repaid to Viloan. Viloan does not automatically renew your small loan. You are obliged to repay the entire amount of the small loan granted. Viloan is authorized to inform a credit information office that you are behind in payments on the short-term loan granted by Viloan. If the short-term loan is not repaid permanently, additional collection costs may arise.
Responsible taking out a mini loan
A Viloan mini loan is always a good loan alternative if a financial bottleneck needs to be bridged quickly and easily. However, your overall financial situation should also allow you to take out a small loan. So before you take out a Viloan short-term loan, please ask yourself whether it is also possible for you to fully repay the short-term loan granted on the key date of the loan repayment? Do you still have enough money left to live on? Only if you can answer these questions with a clear “yes” do you act responsibly towards yourself and Viloan. Whenever you take out a loan – be it a mini loan or an installment loan in general – you should be aware that ALWAYS you will be charged unnecessary extra costs for your loan if you fail to meet your loan obligations. For more information, please read our General Terms and Conditions Credit and General Terms and Conditions
If you take out a short-term loan of 300 USD for 30 days, the following loan amount must be repaid on time: loan amount: 300 $, term 30 days, effective annual interest rate 7.95% (fixed). The borrowing rate is $ 1.89, so that $ 301.89 has to be paid back at the end of the term.