The late interest rate is the additional interest charged to a borrower if they fail to make scheduled repayments on time.
Key Points:
- The late interest rate is not fixed — it varies depending on the specific loan and borrowing company.
- It is typically higher than the standard interest rate to compensate for the increased risk and delayed payments.
Where to Find It:
You can view the applicable late interest rate for each loan by:
- Clicking on the Loan ID in the Marketplace
- Reviewing the Loan Details Page or the Key Investment Information Sheet (KIIS)
If you have further questions about loan terms or risk, contact us at support@afranga.com.