Kiyo Bank announced that it would standardize the late-payment damages rate for unsecured personal loans at 18% for contracts signed from 26 October. The change applies to contracts signed thereafter and changes the billing standard for late payments.
Kiyo Bank announced that it would standardize the late-payment damages rate for unsecured personal loans at 18% for contracts signed from 26 October. This will unify the standard for late-payment interest.
The measure applies to unsecured personal loans; the article does not state that it applies to other types of loans.
The article indicates that application will begin with contracts signed on or after 26 October.
The article contains no further updates or details of specific procedures.