CashNow is a short-term credit facility (the Loan) offered to fulfil your financial needs, particular for short term and small amount. This product is an instalment loan with term no more than 12 months. This KFS provides you with indicative information about interest, fees and charges of this product. Kindly refer to the application details before you confirm the application for the final terms of your instalment loan.
By providing your digital acceptance, you acknowledge that you have read and understood the features and benefits, applicable fees, interest charges and the Terms of Use, Credit Agreement, and Privacy.
The Loan is a short-term credit provided to expatriate customers who are residents of the United Arab Emirates to be repaid in equal, fixed monthly instalments over an agreed term not exceeding 12 months
The Loan is available in conventional variant.
In order to apply for the Loan, you must: (a) be at least 18 years old; (b) be an expat residing and working in the UAE with an valid Emirate ID; (c) have a minimum salary of AED 2,000; (d) has valid mobile phone number registered under your name; (e).
Up to AED 30,000
Min. 14 days and Max. 12 months
AED
Your loan repayment is on Equated Monthly Installment (EMI) basis and is fixed for the entire loan period for fixed EMI is calculated by adding the principal loan amount and total interest and dividing this total by the loan period in months. This is done using a reducing balance method which means that as your loan balance reduces, with every Equated Monthly Instalment (EMI) payment, the interest portion of your EMI will reduce.
The due date of your instalment will fall on the same day following months based on the date of loan disbursal. If any of your future due dates will not exist due to shorter days of the month, the due dates will be moved to the 1st day of the next month.
Repayment hierarchy under this Loan is as below
Late payment fee of Overdue
Interest component of installment/ Overdue
All other Charges
Principal component of installment/ Overdue
6%~12% of the loan amount inclusive of VAT.
Processing fee will be deducted from the loan proceed disbursed, and will be only charged if the Loan is approved and disbursed.
Fixed interest rate starting from 0% up to 12% on reducing balance per month. The rate will remain unchanged for the loan period.
Starting from 16% up to 310%. APR is a reference rate, which includes applicable interest, fees and charges of the product, expressed as an annualised rate.
AED 20 (inclusive of VAT) is billed when the monthly repayment is not received in full by the due date. Plus, a 0.4% of unsettled term principal per day will be added to the late payment fee until the monthly repayment is settled fully. A cap of AED 150 applies per term per month.
When a borrower has difficulty to repay the monthly instalment, user may choose to extend the loan for another 7/14/21/28 days. In order to complete an extension request, the borrower needs to pay for any interest or late fee which are already posted to the bill with another extension fee as follow:
No. of days extended
Extension fee (inclusive of VAT)
7 days
AED 5 + 3% * unpaid principal
14 days
AED 5 + 5% * unpaid principal
21 days
AED 5 + 7% * unpaid principal
28 days
AED 5 + 9% * unpaid principal
Conditions under which the above charges can be changed.
We may vary the charges set out above in the future.
These changes may be based on a number of factors. Such factors might include behaviour on your lending products that suggests that you are becoming a higher-risk customer.
Other valid reasons include where there is a change in our funding costs or if there is a change (or we reasonably expect a change) in law, regulatory or industry code requirements.
Due to the nature of short-term credit, full early settlement or partial early settlement is not allowed.
You are entitled to cancel the Loan within 5 business days of signing and submitting the Application and we cannot advance the Loan until this period expires. To cancel the loan, you must inform us within this period in our Application or in letter, and if you do cancel, you will need to pay us the loan processing fee disclosed in the Facility Documents / application form.
You can waive the right to the cooling off period to be able to disburse the loan immediately by clicking the checkbox for the waiver of cooling off.
If you fail to make a payment or otherwise breach the Loan terms, this will be a default and we will be entitled, among other things, to:
(a) Cancel the Loan and demand full repayment immediately;
(b) Report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating;
(c) Bring legal proceedings against you.
The Terms and Conditions shall be implemented in line with this Key Facts Statement.
We reserve the right to make changes to the applicable terms and conditions after you have signed them: (a) immediately where we are required to do so under Laws or applicable Regulations; or (b) by providing you with 30 days’ advance notice if the change is for one of the specified reasons set out in the relevant terms, for example, to reflect a change in industry code or market practice, a change in the way we do business (e.g. introducing new or changing existing technology or the platforms on which our services are provided), changes to our product or services features (including how we operate them), changes to our internal policies, changes which are beneficial to you or which make the terms clearer for you. We may also make changes to eligibility criteria, terms and conditions, fulfilment and scope of the benefits, rewards and loyalty programs offered in CashNow Application. We’ll send you notice in our Application where these are managed solely by us. In other cases, (including where they are managed in part by third parties) we’ll provide you with notice where it is reasonably practicable for us to do so. We’ll treat your non objection or continued use of our product as your acceptance of the changes.
Interest is not charged on accrued interest
For any enquiries, assistance, or complaints, contact the CashNow “Get Help” via the app
You accept and authorise us to collect financial data relating to you and your financial obligations to create a credit record and credit information report. We will inform you immediately and without charge if your credit application is rejected on the basis of the credit information collected.
WARNING!
If you do not meet the monthly repayments on your loan, your account will go into arrears and incur late payment fee, and it will affect your credit score and limit your ability to access loan in the future.
WARNING!
When you extend or restructure your loan, it may take longer to pay off than your previous loan. It may also result in paying more interest.
WARNING!
CashNow reserves the right to decline any customer application at its sole discretion.
By proceeding the application submission, you acknowledge and agree that:
To avail of Cash Now services you must irrevocably and unconditionally declare that you have read the above Key Facts Statement and clearly understand all the information and references provided herein
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