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This is the amount set by the lender a multiple of the original loan amount, to cover potential charges associated with defaulting or late payment by the bo...

Yes, a borrower can re-use a mandate by selecting the already existing mandate while applying for a new loan.

No, a guarantor can not re-use a mandate as each loan is tied to a unique guarantor mandate.

An active mandate can last for as long as the user specifies or configured by the lender.

We keep trying to charge the user’s account for as long as the mandate is active or the loan is repaid; whichever comes first.

Remita attempts to charge a user’s bank account via the debit instruction three to four times a day.

A mandate can be used many times as far as it is still active.

No, users can only take a loan that falls within the range of the mandate they wish to use. If a user would like to take a higher amount of loan, they will ...

To activate a mandate the user or guarantor have to follow the steps below: Download the mandate form Sign the mandate form Take the signed form to...

Guarantors get charged when a borrower defaults in paying back a loan and the system is not able to charge the borrower.