Interest on loans taken are owed once loan is provided to the member.
Loan & Loan Interest types
$10,000jm 10% per week on the outstanding principle. (Maximum 40% for the month)
$20,000jm 10% per week on the outstanding principle. (Maximum 40% for the month)
Interest portion of loans must legally be paid even if entire principle is not paid. Interests are calculated on the reducing balance of Loans outstanding.
Along with the required documentation, member must consent to give video recording that loan is being taken prior to money being disbursed.