ii. Why is the late payment fee so big?
The late payment fee may feel big, boss, because it’s meant to encourage on-time payments and cover the extra cost of managing overdue loans. If a payment is late, a fee of ₱500 or 5% of the loan amount (whichever is lower) may apply to your Product Loan or Cash Loan. For SkyroCredit, the late payment fee is ₱300.
This late payment fee can be charged every month until the overdue balance is fully paid, which is why the cost can add up. To avoid extra fees, it’s best to pay on time to keep your credit in good standing and unlock better offers from Skyro in the future, boss.