Scheduled Loan Payments

Scheduled Loan Payments. All contractual monthly payments shall be substantially equal. The threshold for variance between the initial (or final) payment and remaining payments should be no more than five dollars ($5.00.) The determination of compliance with this threshold shall not take into consideration any variance in the final payoff amount that is the result of one or more late fees incurred during the loan term. Approval of payment variance may be requested by writing to the Director of Consumer Finance at DBCF. There is currently no prohibition on an account holder making multiple payments in any given Month or agreeing with the Licensee to make payments on a higher rate of frequency than monthly. See below regarding Bi-weekly late fees.