"Easy Start is optional, and loan applicants can choose whether or not it would be beneficial to them. It enables borrowers to pay less on their first repayment, if they wish, by adding a payment at the end of the loan term. Reduced first instalments ensure that borrowers have more time before fixed monthly repayments begin. There is no interest added to the additional month, so the extended period does not incur any extra cost."
"Borrowers can toggle Easy Start on and off when comparing repayment values and total repayable amounts. They can also review the impact clearly when selecting the loan they wish to apply for, with transparent calculations that show the loan duration and interest charges. Using Easy Start does not affect any other terms or conditions of the loan, including the free early settlement option, and borrowers whose finances allow them to repay early will continue to pay less interest overall."
Cashfloat has introduced Easy Start to allow borrowers to delay part of repayments by adding a payment at the end of the loan term. The option is optional and enables lower first instalments without adding interest to the extended month. Borrowers can toggle Easy Start when comparing repayment values and view transparent calculations showing loan duration and interest charges. Easy Start does not alter other loan terms and remains compatible with a free early settlement option that avoids penalties. Cashfloat also offers free digital affordability checkers, loan calculators, and a zero-cost early-repayment solution. The product aims to ease timing pressure for borrowers using short-term loans.
Read at London Business News | Londonlovesbusiness.com
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