(D) pertaining to loans that are precomputed

(D) pertaining to loans that are precomputed

(1) Loans will be repayable in considerably equal and consecutive equal payments of principal and interest combined, except that the installment that is first may surpass 30 days by no more than fifteen times, as well as the very very first installment re re re payment quantity could be bigger than the rest of the re payments because of the quantity of interest charged when it comes to additional times; and supplied further that month-to-month installment payment dates can be omitted to support borrowers with regular earnings.

(2) Payments might be used in to the combined total of principal and precomputed interest until readiness associated with the loan. A licensee may charge interest following the initial or deferred maturity of a loan that is precomputed the price or prices supplied in unit (A) with this area on all unpaid principal balances for the time outstanding.

(3) When any loan agreement is compensated in complete by cash, renewal, refinancing, or perhaps a brand new loan, 30 days or higher ahead of the last installment deadline, the licensee shall refund, or credit the borrower with, the full total for the applicable costs for all completely unexpired installment durations, as originally scheduled or as deferred, that follow a single day of prepayment. The nearest scheduled installment due date shall be used in such computation if the prepayment is made other than on a scheduled installment installment due date. 자세히 보기