bob2014
Member of DD Central
Posts: 54
Likes: 3
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Post by bob2014 on Feb 16, 2015 15:06:51 GMT
When is the monthly 1% interest paid? Anniversary of my purchase, or initial loan, or ...
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Post by MoneyThing on Feb 16, 2015 15:44:58 GMT
Afternoon,
Interest is paid on the monthly anniversary of the loan start date.
e.g. if the loan start date was the 16th January, then the 1st interest payment would be credited on the 16th February, then the next on the 16th March, etc.
Kind regards,
Ed
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baz657
Member of DD Central
Posts: 499
Likes: 187
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Post by baz657 on Feb 20, 2015 1:41:29 GMT
I wondered why the odd 3p had shown up after just a few days - without reading it all I'd imagined that we'd have to wait until the end date and get all the interest in one lump sum. MoneyThing I haven't properly tested it yet as I initially added £50/loan but what is the minimum amount for funding a new loan once the interest starts to add up? Perhaps that could be added to the FAQ. I've tried my accrued 3p but apparently it's insufficient
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Post by MoneyThing on Feb 20, 2015 8:44:25 GMT
Morning,
Just to let you know that the monthly interest from loan CS7 has been credited to users accounts this morning.
Interest is credited each month on the monthly anniversary of the loan start date. For example the above loan ends on the 20th March and therefore an interest payment was credited today (20th February).
Minimum investment however is set at £1 otherwise a 1% monthly return will equate to fractions of pence. In terms of the interest, it is already set to round up to the nearest 1p which would only take effect (in terms of rounding), on part-month's worth of interest.
I would be happy to discuss with the forum members how best to use the <£1 accrued interest. An option would be to wait until the accrued interest reaches £1 to be able to reinvest it or make a further deposit to round the account balance to whole £1s.
Happy to explore the best route that suits.
Kind regards,
Ed
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