What happens if I cannot pay my SkyroCredit on time?

If you cannot pay your SkyroCredit on time, you will be charged a 7% interest rate, boss. This will apply to the outstanding balance until it is paid off.

To stay on track, make sure to pay at least the minimum amount due shown on your Skyro app home screen every month.

The 7% interest is charged every day without a grace period. This means interest applies every day, even between your billing date and due date.

Your interest is computed daily using this formula:

Monthly interest rate (from your disclosure statement) X 12 ÷ 365 (or 366 in a leap year) X unpaid principal balance X number of days it was borrowed

The same calculation is applied to any unpaid balance within the billing period.

If no payment is made for your SkyroCredit bill, a ₱300 Late Payment Fee will be charged. Learn more SkyroCredit’s late payment fee here. {link}