Starfin explained the difference between the first payment and full repayment on a 50 000 UAH loan. When considering a 50 000 UAH loan on a card, you need to determine what balance will remain after making the first payment.
Composition of the first payment
The payment schedule may list separate components: repayment of the loan principal, interest and a fee, so the total figure for the first date does not show how much of the principal you are paying back. It is therefore important to check which specific items are included in the amount due for the first billing period.
Under the described basic scheme of the product «Zirkovyi», interest is paid periodically, the fee for providing the loan is charged in the first billing period, and the principal is repaid at the end of the term, as explained in the article about the payment schedule. So if the first payment covers only interest and the fee, the principal debt will remain at 50 000 UAH.
Different meanings of the “amount to be repaid”
The phrase “amount to be repaid” can hide three different figures. The first shows the nearest impact on your budget, the second — how much will be paid in total under the scheduled plan, and the third — how much must be paid now to terminate use of the loan immediately.
Payments that have already been credited should be taken into account in the outstanding balance, but simply subtracting them from the original total cost is not enough to determine the early repayment amount. When calculating full repayment, the actual duration of funds usage changes, which affects the final sum.
Verifying full repayment
Before making a payment you should confirm the full repayment amount and the date for which it has been calculated. After the transfer, check that the funds have been credited, verify the outstanding balance and keep the payment receipt.
It is recommended to check the contract status after full payment, because the debiting of funds from a card alone does not yet confirm fulfilment of all obligations. The first payment shows how much you need to pay on the nearest due date; the decisive factor for answering “have I repaid the loan?” is the remaining balance after the funds have been credited.
