All borrowers have the statutory right to:
- withdraw from the loan agreement within 14 days from the issue date of the loan;
- repay the loan early; or
- repay part of the loan early.
The borrower is required to pay interest for the period that the principal was outstanding, regardless of whether they repay the loan early or withdraw from the loan agreement. If the latter, the contract fee paid to Bondora is refunded.
Borrowers using B Secure can adjust their repayment schedules to:
- take a principal payment holiday;
- lengthen or reduce the loan schedule; or
- change the monthly payment date.
The borrower has to make at least one full monthly payment according to his or her active schedule before being able to modify it again. If the borrower has unpaid fees, interest or other debts outstanding when making changes to the repayment schedule–which can include changing the monthly payment, taking the payment holiday or amending the length of the repayment schedule–they must pay all overdue amounts along with the first payment of the modified repayment schedule.
Loan modifications are all borrower-initiated and executed through Bondora’s self-service portal. They enable borrowers to adapt to changing financial circumstances and avoid defaults. When a borrower defaults, the local courts or bailiffs can enforce loan modification terms that are considerably less lender-friendly than the modifications agreed with borrowers directly.