The world is changing more quickly than ever, and so are your needs.In a volatile, uncertain, complex and ambiguous world, you can count on one thing – your partner in credit, Lending Bee.Just like an industrious bee, we are committed to helping each and every customer access credit – quickly, easily and seamlessly.The smooth functionality of our Lending Bee website is now encapsulated in our mobile app.With our Loan Management app, you can keep track of your repayments or retrieve statements and receipts – wherever you are, whenever you want.The minimum period for repayment is 2 months (at least 61 days) and the maximum period for repayment is 36 months (3 years).The full loan repayment period is more than 60 days.Maximum annual percentage rate is up to 48% per annum, in a principle reducing balance method.Here is a representative example of the total cost of the loan, including the principle and all applicable fees (for example, sample monthly payment, sample interest calculation):Under the Moneylenders Act 2008, we charge:- Administrative charges that amount to no more than 10% of your principal amount – deducted from the loan principal when the loan is disbursed- Up to 4% nominal interest rate per month for loans- A late interest rate of no more than 4% per month- A late repayment fee of no more than $60 per month- The monthly interest rate, late interest rate and administrative fee not exceeding the loan amountExample:Assuming that a borrower takes up a $5,000 loan, payable in 12 months:Loan principal = $5,000Permitted fees (under Rule #12 of the Moneylenders Rules 2009):Administrative charges of 10% = $500Interest rate (per month) = 3%Late interest rate (per month), if any = 3%Late repayment fee (per month), if any = $60Repayment allocation is as follows:-----------------------------------------| # | Payment | Principal | Interest |-----------------------------------------| 1 | $502.31 | $352.31 | $150.00 |-----------------------------------------| 2 | $502.31 | $362.88 | $139.43 |-----------------------------------------| 3 | $502.31 | $373.77 | $128.54 |-----------------------------------------| 4 | $502.31 | $384.98 | $117.33 |-----------------------------------------| 5 | $502.31 | $396.53 | $105.78 |-----------------------------------------| 6 | $502.31 | $408.42 | $93.89 |-----------------------------------------| 7 | $502.31 | $420.68 | $81.63 |-----------------------------------------| 8 | $502.31 | $433.30 | $69.01 |-----------------------------------------| 9 | $502.31 | $446.30 | $56.01 |-----------------------------------------| 10 | $502.31 | $459.69 | $42.62 |-----------------------------------------| 11 | $502.31 | $473.48 | $28.83 |-----------------------------------------| 12 | $502.29 | $487.66 | $14.63 |-----------------------------------------Total Interest = $1,027.72Total Payment = $6,027.72---------------
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