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Thank you for your kind interest in BigPay Later! ✨

Check this article to have your enquiry about loan interest or late interest charge clarified.

**About Loan interest:**

- Our loan interest is a fixed interest charge, usually in % which will be informed in your BigPay app before you undertake the loan offer.
- We charge the loan interest with monthly
**Simple Flat Rate Interest (SFRI)**model.Formula: (

*Principal * Loan interest rate * Loan duration in months /12*)

**About late interest charge:**

- Late interest charge is accrued on a daily basis, and its calculation is solely based on your outstanding principal sum.
- We don't charge interest-on-interest.

If you need any assistance, kindly chat with us by tapping the circle on the top left of 'Home'> Get Help> Chat with us, and we are ready to assist you further.