How Is Interest Calculated on My Loan?

Interest accrues daily on your outstanding principal at the annual rate shown in your final terms, and is billed on the same date each month. Because interest is calculated on the balance you actually owe, partial repayments reduce the interest charged from the following day.

Example

A $50,000 loan at 10% per year accrues roughly $13.70 of interest per day, or about $417 per month. Repaying $10,000 of principal lowers the daily accrual to roughly $10.96.

Rates shown in the loan calculator are indicative. Your rate is confirmed in the final loan terms.