Once your loan listing receives a full number of bids and bidding closes successfully we manage the loan settlement process and organise transfer of funds from the lenders into your bank account (less the loan settlement fee).
Type of Loan
Your loan is structured as a personal loan of 36 months duration with equal monthly repayments. Each repayment includes both a principle component and an interest component which also known as an amortising loan. You can quickly see the repayment schedule and monthly repayment amount based on a selected loan amount and interest rate using our Loan Calculator.
How to Make Monthly Repayments
Reapyments are made directly from your nominated bank account via a Direct Debit agreement. We use EzyPay to manage the recurring monthly direct debits from your account. You will need to ensure that you have sufficient funds in your account each month otherwise the direct debit may not be fullfilled and you may be charged a late payment fee (see Lending Hub Fees for further information).
How Many Repayments are Required
As your loan is fixed interest rate and fixed monthly repayment loan your loan will be fully repaid at the end of the life of the loan (36 months is the current default of all loans).
Do I Need to Interact with Lenders to Make Repayments?
You will never need to communicate with the person who lent money via Lending Hub to you. Your profile is anonymous at loan listing time and also during the life of the loan. Your repayments are paid to Lending Hub and we manage the regular forwarding of funds back to the individual lenders.
What if I am Late with Repayments?
If you are unable to make a repayment you should notify us immediately using the support and communication page. Your loan is a legally binding agreement and must be repaid on time each month as per the loan repayment schedule. It is advisable to notify us early if you foresee any problems or if your automatic direct debit repayments fail to be completed for any reason.
Other Repayment Methods
At the moment the only method for making your regular repayments is via automated Direct Debit.