An interim loan statement is a temporary or mid-term statement provided by Kravings that gives an update on the current status of a borrower’s loan account. We only provide this if asked, we do not send monthly statements as you can view all your transaction in the app, anytime.
It provides details about the loan balance, payments made to date, interest accrued, and any fees charged over a specific period. Unlike an annual or end-of-term statement, an interim statement is typically issued upon request to help borrowers keep track of their loan's progress. This can be requested via the in app chat.
An interim loan statement generally includes:
Outstanding Balance: The remaining loan amount that needs to be repaid.
Interest Accrued: The interest charged since the last statement, helping borrowers understand the impact of interest on their balance.
Payments Made: A summary of all payments made within the statement period, including principal and interest portions.
Fees and Charges: Any fees or charges added to the account, such as late fees, service fees, or administrative costs.
Interim loan statements are useful for borrowers who want a snapshot of their loan’s status between formal annual statements or at key points in their repayment schedule. They can also be helpful for budgeting or reviewing loan performance if planning to make additional payments or adjustments.