Choosing your repayment plan
When you create a loan in Zirtue, you set the Payback Period, the schedule for when and how repayments are made. This schedule becomes part of the loan agreement between you (the Borrower) and your Lender.
Available Payback Options
You can choose between two repayment types:
1. One-time Repayment
Make one single payment to settle the entire loan.
You can schedule your repayment for any date up to 36 months from the day your loan is created.
The first repayment will automatically begin 30 days from the date the loan was accepted.
2. Monthly Repayments
Split your repayment into equal monthly installments across a period of 2 to 36 months.
Your first monthly repayment will automatically start 30 days from the date the loan was accepted.
Example...
Let’s say you create a loan on Friday, November 7, and your lender accepts it on Thursday, November 13.
Your first repayment will be scheduled for 30 days from Friday, November 7, not Thursday, November 13.
This is because all loan terms are based on the date the borrower submits the loan request, not when it’s accepted. This ensures both borrower and lender are aligned on the original agreement as if it were a signed contract.
Monthly payback period:
Onetime payback period:
