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Interest rates and commissions |
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The interest rate is of 18% declining balance and is calculated based on a 360 days year, according to the principal outstanding of the loan. Our loan officers may propose lower interest rates for clients, based on the following criteria
At the second loan: the interest rate may be of 17% declining balance if the applicant did not have major delays (over 7 days) in reimbursing the first loan, and has a credit history with Express Finance (Including CHF International Romania) of at least 12 months. Starting with the third loan: the interest rate may be 16 % declining balance, if the applicant did not have major delays (over 7 days) in reimbursing the first two loans, and has a credit history with Express Finance (Including CHF International Romania) of at least 24 months. The interest rate for newly established businesses is up to 3% higher than the interest rates mentioned above, according to the applicant’s capability and experience and to the business' potential of growth.
The commission is of 2 or 3% calculated at the loan amount, according to the amount approved, and for loans not exceeding 12 months. The following commissions are applied:
| Approved amount ($ sau €) |
Commission ( % ) |
| €/$ 1.000 – 7.500 |
3 |
| € 7.501 – 25.000 |
2 |
| $ 7.501 – 30.000 |
2 |
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For applications that exceed 12 months reimbursement period, for each year is to be added a 1% additional commission. For example:
- for a loan of € 10,000 - for a period up to 12 months - the commission calculated is 2%
- for a loan of € 10,000 - for a period between 13 months and 24 months - the commission calculated is 3% (2+1)
- for a loan of € 10,000 - for a period between 25 months and 36 months - the commission calculated is 4% (2+1+1)
The commission is deducted from the loan, at disbursal.
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For the Short-term loan, the interest is 0%, and the upfront commission is 6% from the loan approved, no matter the amount of this.
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Express Global bears an interest rate of 22-23% declining balance (loans in lei) or 18-19% declining balance (for loans in hard currency). The commission is of 3%.
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For Express My Home, the effective annual interest rate starts from 26.2%.
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