A loan will be rolled over once before you are reported to the Credit Reference Bureau. Defaulters will be reported after the roll over period elapses. i.e. after the 5th day for 3day Loan, after the 14th day for the 7day Loan, and after the 37th day for the 30day Loan.
After the rollover period elapses a monthly default fee of 9% on outstanding balance will be applied.
3 days Loan
There will be a roll over fee of 2.75% on the outstanding Loan balance.
- Number of allowable rollovers on 3 day Bloom loan will be 1 for a maximum period of 2days, before you are reported to the Credit Reference Bureau (CRB) after the 5th day
- A monthly default fee of 9% on outstanding balance will be applied after the 5th day
Monthly default fee of 9%
Amount
borrowed
|
To pay on day 3 at 1.25%
|
2.75% roll over applied after nonpayment on day 4
|
Day 5
|
|
200
|
202.50
|
208.07
|
208.07
|
Forwarded to CRB
Monthly default fee of 9%
applied on outstanding balance.
|
7 days Loan
There will be a roll over fee of 4.75% on the outstanding Loan balance.
- Number of allowable rollovers on 7 day Bloom loan will be 1 for a maximum period of 7days, before you are reported to the Credit Reference Bureau (CRB) after the 14th day
- A monthly default fee of 9% on outstanding balance will be applied after the 14th day
Amount borrowed
|
To pay on day 7 at 2%
|
4.75% roll over applied after Non payment on day 8
|
Day 14
|
Day 15
|
200
|
204.00
|
213.69
|
213.69
|
•Forwarded to CRB
• Monthly default fee of 9% applied on outstanding balance.
|
30 days Loan
There will be a roll over fee of 5.5% on the outstanding Loan balance.
- Number of allowable rollovers on 30 day Bloom loan will be 1 for a maximum period of 7days, before you are reported to the Credit Reference Bureau (CRB) after the 37th day
- A monthly default fee of 9% on outstanding balance will be applied after the 37th day
Amount borrowed
|
To pay on day 30 at 7%
|
5.5% roll over applied after nonpayment on day 31
|
Day 37
|
Day 38
|
200
|
214.00
|
225.77
|
225.77
|
•Forwarded to CRB
•Monthly default fee of 9%
|