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In Response To:
Thread Starter: Anonymous
Title: Re: Charging interest on interest

We are launching the Line of Credit product and are designing an interest calculation process. We will offer a flat 15% ARP line with No Fees, No Charges.

Question: Are we allowed to charge interest on interest? If the customer did not make a minimum monthly payment - did not pay the interest charged for the past month, then in the following month, are we allowed to charge interest not only on outstanding but also on this unpaid interest from the previous period?