How does it work?

Jabac adopts a simple and transparent method of lending.  

We charge a fixed rate of interest per annum throughout the life of the loan.  

This is calculated on the capital balance remaining on the account and is charged on a daily basis. The interest shows up on the account as a monthly figure.

 The calculation is formulated on a daily basis, and any payments made towards the loan are first applied to any interest that's due. After that, any surplus will further reduce the capital sum, thus reducing the overall balance on the account.

We prefer monthly repayments but you can opt to increase this frequency or adjust the monthly amount (subject to discussing it with the team first) at no extra cost, because interest is calculated on the balance showing on the account.

What could be easier and more transparent !

This is the good bit. 

There is no set up fee, no upfront fee, no admin fee and no late payment fee or postponed payment fee. 

There is no redemption fee, no early redemption fee, no late redemption fee.

  There is no fee for taking a ‘holiday' from repayments, no fee for altering the repayment frequency and no fee for amending the amount of the repayment.    

Quite simply, with Jabac you can accelerate monthly payments or settle the account at any time with no additional fees or charges for doing so, because interest is only charged on the outstanding capital balance.  

Yes, that's correct, the only charges made for the loan facility by Jabac is for the interest accrued on the outstanding capital balance.*  

(* Please note that any charges made by our solicitors for creating charges against land/property/assets are external costs and will be passed on to the client.)