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What is the Duration of a Loan?
MoneySwitch is designed to give borrowers access to real-time loans on a short-term basis. The average duration of the loans is typically expected to be between 5 and 10 days.
When a loan request is made, borrowers must specify the duration of the loan. The maximum duration for a loan is 30 days.
Borrower can partially or full repay loans early. Borrowers will also have an option to extend a loan for an additional 7 days maximum.
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