Applying for a personal loan is a financial option that helps borrowers gain immediate financial liquidity, whether for urgent loans or online borrowing. However, it is crucial to understand the interest rates and potential fees, especially in cases where payments cannot be made as scheduled. This article delves into the details of the interest rates for loans from Siam Digital Lending (SiamDL) and explains additional costs that might arise in the event of a missed payment.
Interest Rates on SiamDL Personal Loans
Standard Interest Rate
Loans from SiamDL offer transparent and fair interest rates with a fixed annual percentage rate (APR), which allows easy calculation of expenses.
Example:
- Loan amount: 100,000 THB
- Interest rate: 25% per year
- Repayment period: 12 months
- Monthly installment: 9,504.42 THB
The monthly installment will include:
- Principal: 7,381.13 THB
- Interest: 2,123.29 THB
Payment Flexibility
SiamDL accommodates various payment methods, including on-time payments, early payments, and delayed payments. Each case will affect how interest is calculated and the additional costs involved.
On-Time Payment
If you make the payment on time, there will be no extra charges. The amount you pay will be allocated as follows:
- Principal: Reduces the loan amount immediately
- Interest: Calculated based on the due date
Example:
- Amount paid: 9,504.42 THB
- Principal: 7,381.13 THB
- Interest: 2,123.29 THB
- Remaining principal: 92,618.87 THB
Early Payment
Paying before the due date allows you to reduce the interest you owe since interest is calculated based on the number of days you use the borrowed money.
Example:
- Payment made: 9,504.42 THB (paid on April 13 instead of April 15)
- Principal: 7,381.13 THB
- Interest: 1,986.30 THB
- Remaining principal: 92,481.88 THB
Advantages:
- Reduces accumulated interest over time
- Builds a positive credit history
Late Payment
If the payment is made after the due date, additional fees, known as penalty interest, will be incurred at a specified rate.
Example:
- Payment made: 9,504.42 THB (paid on April 17 instead of April 15)
- Principal: 7,381.13 THB
- Interest: 2,123.29 THB
- Penalty interest: 136.98 THB (for a 2-day delay)
- Remaining principal: 92,618.87 THB
The penalty interest will be included in the next payment, which will increase the total amount due.
Default Payment
If you fail to make a payment within 4 days after the due date, SiamDL will begin the debt collection process, which incurs additional charges.
Collection fees:
- First payment reminder: 50 THB
- Subsequent payment reminders: 100 THB per reminder
Consequences:
- Your credit rating may be negatively affected
- Legal action may be taken if payment is not made over an extended period
How to Avoid Additional Costs
- Pay on Time
- Set up reminders before the due date
- Use automated payment services
- Make Early Payments Whenever Possible
- Helps reduce interest and settle the loan faster
- Contact Customer Service if There Are Issues
- If financial problems arise, reach out to SiamDL for advice or to negotiate for a payment extension.
Why Choose Personal Loans from Siam Digital Lending?
- Transparent Interest Rates: Clear and predictable, so you can plan your payments in advance.
- Quick Approval: Receive funds within 15 minutes.
- Convenience: Apply easily via the SiamDL application.
- Legally Regulated: The loans are legally sound and regulated by the Bank of Thailand.
Conclusion
Applying for a personal loan from SiamDL is a convenient and transparent choice. The interest rates and fees are fair and comply with legal standards. To avoid additional charges, such as penalty interest or collection fees, it’s important to make timely and consistent payments. If you’re looking for a fast, legal, and safe loan, SiamDL meets all your financial needs.
Download the App and Start Today!
Ready to apply for a legal personal loan with Siam Digital Lending? Download the app from Google Play or the App Store to experience the simplicity and convenience of the entire application process.
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Download Now:
Full-Fill All Your Needs with SiamDL’s Unsecured Personal Loans
No collateral or guarantor required. Get an approval amount of up to 5 times your average monthly income, or up to 200,000 THB, with repayment terms of up to 30 months.
- Instant quick loans with approval within 15 minutes
- Fully online services: Apply, check balance, pay bills, view repayment schedules, etc.
- Legally regulated and compliant with data protection laws
- Transparent services with fair interest rates at 25%, plus debt management advice
- Available for applicants with monthly income starting from 12,000 THB
Apply for SiamDL Personal Loans via Android or iOS
- Android: SiamDL Android App
- iOS: SiamDL iOS App
Contact Us
Siam Digital Lending Co., Ltd. provides financial services with personal loan products that meet customer needs while facilitating access to legal loans. This aligns with the Bank of Thailand’s mission to address borrowing from informal sources and reduce household debt levels.
We are committed to enhancing our service capabilities and delivering the best financial experience to our customers. For any questions, issues, or complaints, feel free to contact us, and we will respond promptly.
- Address: 8th Floor, Dr. Gerhard Link Building, 5 Soi Krungthepkritha 7, Hua Mak, Bang Kapi, Bangkok 10240
- Phone: 02 016 9300
- Working Hours: 08:30 AM – 5:30 PM
- Email: [email protected]
Find Us Online
- Line: @siamdlloan
- Facebook: Siamdl Finance
- Instagram: siamdlloan
- YouTube: siamdlloan
- TikTok: siamdlloan
