Managing loan repayments can be challenging, so we’ve created a streamlined process to keep things simple and clear. This guide covers everything you need to know about your repayment options, from setting up automatic payments to handling missed payments and late fees. Let’s get started!
How Repayment Works
At Kravings, our repayment process is designed to be straightforward and flexible, allowing you to choose payment methods and set up schedules that work for you.
Repayment Frequency: Your loan repayments can typically be made on a monthly basis, aligned with your chosen loan term. This frequency makes budgeting simpler and ensures that payments are spread evenly across your loan period.
Due Dates: Your payment due date is usually set during the loan agreement process. We’ll confirm your exact due date before your first payment is due, and you’ll receive reminders ahead of time to help you stay on track.
Payment Methods:
Direct Debit: This is our recommended payment method, as it automates your repayments, ensuring they’re always on time. Direct debit payments are automatically taken from your bank account on the agreed-upon date each month. When you accept the loan you will initially be set up with a Direct Debit.
Bank Transfer: You can make payments directly from your bank account by transferring funds to the Kravings account. Be sure to use your unique Loan ID as the payment reference.
Changing Payment Dates
We understand that sometimes life changes, and so do finances. If you need to adjust your payment date, we’ve made it easy to request a change.
How to Request a Date Change: Log into your Kravings account, go to the “Repayment Schedule” section, and select “Request Date Change.” You’ll be asked to choose a new date, and our system will show the earliest available options based on your request.
Policy on Date Changes: Kravings allows one payment date change during an 18 month period as a courtesy. Additional requests may require approval based on your payment history and financial situation. Changing your payment date may also impact your overall interest, so please reach out to our team if you have questions about how it might affect your loan terms.
Missed Payments and Late Fees
We know that unexpected expenses can sometimes cause a missed payment. Here’s what to expect if this happens and how we can help you get back on track.
What Happens If You Miss a Payment: If your payment is missed, we’ll send you an email and in-app notification. We encourage you to make the payment as soon as possible to avoid additional charges.
Late Fees: We do not charge late fees, though if your contractual payment has not been received you will incur interest charges.
Getting Help with Missed Payments: If you’re unable to make a payment, please contact our customer support team as soon as possible. We may be able to offer assistance, such as a temporary payment arrangement, to help you manage your loan while navigating a challenging time.
Frequently Asked Questions
Can I make additional payments?
Yes, you can make extra payments at any time without penalties. Simply log into your Kravings account, select “Make a Payment,” and enter the amount. Extra payments reduce your principal balance, which may lower the total interest paid over the life of your loan.
How do I check my repayment balance?
You can view your balance anytime by logging into your Kravings account. The “Repayment Overview” section shows your current balance, upcoming payments, and a breakdown of principal vs. interest.
Can I pay off my loan early?
Absolutely! You can pay off your loan early with no prepayment penalty. Early repayment reduces the total interest owed, so it’s a great option if you’re able to do so.
Will missed payments affect my credit score?
Yes, late or missed payments can impact your credit score, especially if they’re not resolved within 5 days. Setting up direct debit and contacting us if you anticipate difficulties are two effective ways to protect your score.
With this clear overview of Kravings' repayment process, we hope you feel empowered to manage your loan confidently. If you have any additional questions or need assistance, don’t hesitate to reach out to our support team—our goal is to support your financial success!