What's wrong with MCredit installment payment? Penalty how much?

MCredit financial company is the choice of many customers who need installment loans to serve the needs of life. However, when borrowing money at MCredit, you should pay attention to the payment term to avoid late payment of MCredit. Join Banktop to find out the penalty fee for late payment at MCredit right here.

About the financial company MCredit

MCredit is a financial company owned by MB Bank and Shinsei Bank (Japan). MCredit specializes in providing cash loans without collateral. With a limit from 2 to 100 million VND and installment terms from 6 months to 36 months.

MCredit financial company is the first choice for customers who need a quick loan. When borrowing money at MCredit, customers will enjoy a reasonable interest rate with simple loan conditions, meeting the financial needs of many customers quickly.

What is the late fee for MCredit installment loans?

Late penalty fee for MCredit installment loan is an extra amount charged when the borrower violates the payment regulations stated in the contract. Specifically, borrowers are late for payment of installment loans and must pay a late penalty fee calculated based on the overdue interest rate.

The MCredit overdue interest rate is calculated based on the percentage of the remaining principal balance and the number of days past due. MCredit's overdue interest rate starts to be calculated when customers do not finalize the contract or pay late compared to the specified time. According to MCredit's regulations, the late payment interest rate will be applied at the following 3 levels:

Interest is calculated on the principal according to the maturity period.

Interest on the principal outstanding balance that is overdue.

Interest is charged on overdue interest.

The late fee for MCredit installment loans will be specified in the credit contract. Therefore, to understand the information, when signing a credit contract, you need to carefully read the terms in the contract.

MCredit . installment penalty calculation formula

To find out how much late fees you have to pay, you can apply the following formula:

Late penalty fee = Late payment interest on principal balance + Late payment interest on interest

Among them:

Late payment interest on principal balance = (Principal amount of late payment x 150% x Interest rate in due date)/365 x actual number of days overdue.

Late payment interest on interest = (Amount of late payment x 10%)/ 365 x Actual number of days of late payment

Note: The number of days of late payment will be calculated according to the number of days overdue of the contract. Customers will not be charged late payment days in the first 5 days of the contract's overdue, but if it is overdue to the 6th day, they will be fined.

MCredit loan extension guide

Extension of an MCredit loan is a matter where when the payment is due, the borrower does not have enough financial capacity to repay the loan. At that time, the borrower will ask MCredit to extend it to extend the repayment period.

Borrowers can request an extension of the principal or interest, or both. If you only extend the principal amount, you will still have to pay interest in full by the due date. If you only extend the interest, you still have to pay the full principal when it is due.

If customers want to extend their MCredit loan, they need to contact MCredit's debt processing department at the hotline number. 1900 63 67 69 for assistance. Please provide the information according to the instructions and wait for the results from MCredit.

Can I borrow money from MCredit with bad debt?

There are many customers with bad debt and what they care about is "Can I borrow money at MCredit?". MCredit approves loans or not depends on the level of bad debt of the customer.

Bad debt group	Debt period	Possibility to borrow at Mcredit
Group 1	Less than 10 days	You can borrow but you have to pay a penalty fee
Group 2	From 10 to 30 days	Inability to borrow, must wait 12 months to clear the debt on CIC to be considered.
Group 3	From 30 - 90 days	Reject the loan, must wait until the bad debt is cleared on CIC.
Group 4	From 90 - 180 days	Without loan approval, it takes 5 years to clear bad debt from CIC.
Group 5	Over 180 days	Without loan approval, it takes 5 years to clear bad debt from CIC.

Thus, it can be seen that whether bad debt can borrow money at MCredit or not depends on what group of bad debt you are in. However, when you have bad debt, the probability of not getting a loan at MCredit is 90%.

Borrowing experience to not be late for MCredit's installment payment

Late payment of MCredit loans will cause you not only to pay penalty fees but also have many bad consequences. Here are some loan experiences to not be late for MCredit installment payments that you can refer to:

Carefully consider your own financial ability to calculate the ability to pay the MCredit loan, to ensure safety, you should balance the monthly installment amount about 35% of your income.

Look up MCredit loans regularly to know the specific repayment period and payment term.

It is recommended to pay the loan 2-3 days before the due date so that MCredit can update the situation and catch up on your loan in time.

Actively set a reminder to pay MCredit loans to avoid the situation of "goldfish brain" forgetting the payment date.

If you have enough money, you should pay the contract before the due date, although you will be charged an extra fee, it will avoid the late payment of MCredit's installment payment.

Instructions on how to set a reminder for MCredit loan payment

To avoid late payment of MCredit installment loans due to forgetting the payment date, it is best to set a reminder to pay the loan 2-3 days in advance. Here are a few ways you can apply:

Set a note or reminder on your phone so that when the payment date is near, your phone will notify you.

Register for the debt reminder service at MCredit so that every payment period, MCredit's staff will call you to notify you of the amount and date to pay.

Create an automatic payment order so that when the payment is close to the due date, the money will be automatically transferred to MCredit's account to repay the debt.

Use financial management applications such as Mint, Check, Timo, Manila, Daily Cost... to help you manage your personal finances effectively and remind you to pay your loan when it's due.

Conclusion

So when the customer late payment of MCredit Late payment interest and late fees will be charged. It can be seen that you will have to simultaneously incur 2 more fines at the same time which is quite high. Therefore, please pay attention to the repayment time if you do not want to incur more penalties and be considered for bad debt if the payment is over 10 days late.

The article was edited by: Banktop.vn