There is a seven (7) day grace period for late payments.
After the seven (7) grace period has lapsed, a late payment fee of 1% per day for the number of days overdue will be levied on the monthly repayment amount subject to a minimum of RM30.
If the Issuer does not settle their repayments after 30 days, then it is considered that the Issuer is in Default. We may attempt to restructure the repayments to minimize any loss to P2P Investors. Failing that, we will outsource the debt collection to a third-party Debt Collection Agency and if there is still no resolution then we will be forced to take legal action as a last resort.
CTOS and other credit agencies will be notified of your default. This may hinder your chances of borrowing funds in the future from microLEAP, banks or any other entity that uses credit agencies .