Will you impose any fees on me, the Issuer (SME) if the repayment is late?
In the event of late repayment, the following fees apply:
1. $500 one-time late payment fee or 3% of arrears, whichever is higher, payable to MoolahSense
2. 30% p.a. (calculated on daily rest basis) late payment interest on the arrears will be payable to the Investors. This will start to accrue one day after the due date.
3. In instances where there are arrears that not settled after being due for more than 30 days and a third party debt collection agency is engaged, an administration fee for the cost of recovery will also be imposed.
When will my repayment begin?
For Business Loans, the commencement of your repayment is dependent on the type of note structure selected prior to listing. The repayment schedule can be found on the contract note and on the Issuer Dashboard. For financed invoices, you will have ...
Do I, the Issuer (SME), have to make repayment to each individual investor on my own?
No. You only have to make one payment to MoolahSense before each repayment date and MoolahSense will disburse it to the Investor accounts.
What are the fees payable?
MoolahSense charges an application fee and/or a success fee to issuers who wish to raise capital on its platform as below: Invoice Financing: Annual Application fees – $1000; Success fees – 1% per month calculated on a pro-rated basis (minimum ...
How do you classify a loan as being doubtful and what is the next course of action taken against me, the Issuer (SME)?
A note is considered doubtful if an Issuer does not make any repayment for a period of 120 consecutive days or more and/or when the Personal Guarantor(s) of the Promissory Note has been declared a bankrupt. Technically, an event of default may be ...
How do I make the repayment?
A reminder will appear on the Dashboard prior to the scheduled repayment due date. You will also receive an email reminder 1 week before due date. You can transfer the repayment amount to MoolahSense by internet banking, GIRO or via cheque.