What is the minimum and maximum amount of time a loan can be active?

All loans taken out have a minimum of 30 days interest, this means, if you decide to close/repay your loan before the first month is up, you are paying the entire month in full.
That is why it is advised to just keep the loan active regardless if you initially wanted to pay within let’s say, 7 days, because you’d be losing “assets”.

As for how long a loan can be active for, there is no minimum. After 1 year, the “contract” automatically renews. You can repay/close the loan at any time.

August 21, 2022
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