Interest Rate Charges

Interest-rates are fixed for an individual loan, but can vary across different loans. Interest is charged at 0.1% per day for loans with initial duration less than or equal to 20 days. Interest is charged at a lower rate per day for loans with duration between 20 and 30 days, such that the total interest-rate over the duration is equal to 2%. When a loan is fully repaid, the interest is calculated to complete a full 24-hour cycle.