Every qualified applicant must fill-up the form prescribed for the loan type applied form. This can take the form of an electronic form if done through the online services of the CFI or through a printed form which the applicant may submit directly through a CFI office or through any outlet of Mlhuillier. All the blank fields in the form must be filled up. Otherwise, the application will be denied.
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Payment Due Date
For loans payable by installment, the first installment is due on the 8th day of the month following the date of approval of the application. For example: if the loan was approved on February 15, the first installment payment is due on March 8.
A borrower has thirty ( 30) days from the due date to pay the amount due for the month.
Past Due or in Arrears
A loan is considered past due or in arrears if the amount due for the current month is not paid within a period of 30 days from the due date. In such an eventuality, any amount considered past due will incur a penalty equivalent to 2% for every month of delayed payment.