Late Payment Policy for MyMulah Loans

We collect payments by way of debit order in terms of the payment instruction given by You to Us at anytime from 00:00 AM on the Payment date therefore You must ensure there are sufficient funds in the account to cover payment by 00:00 A.M. on the Payment Date. If we are unsuccessful in collecting the full Settlement Value on the Payment Date, We may try to debit your account at a later stage and on more than one occasion after 00:00:01 A.M. on the Payment Date for all or any part of the Settlement Value to us as we determine necessary until the full Settlement Value is paid.

Consequences of Late Payment

Prompt payment is essential. If you are late in paying, you will pay us interest on the amount due from when it is due until it is actually paid at the rate of interest shown in the Quotation.

Your payment to Us will be credited by Us on the day it is received and allocated firstly toward payment of interest, then to payment of fees and charges, and finally to payment of the Principal Debt (being the Loan Amount plus any fees, interest and/or charges included as part thereof as set out in the Quotation).

Our Approach to Late Payments

Our ultimate goal is to obtain a mutually beneficial agreement to settle the loan. We will try our best to resolve the situation in a matter beneficial to both parties and to prevent the mounting up of charges by continuous attempts to get the money. However if all attempts in making an arrangement or recouping the outstanding amounts fail, Your account will be handed over to external collectors.

Please see the Non - Payment section on the How it Works page to view the implications of a Default payment.