Loan Rates, Fees, Processing, Repayment & Disbursement Policy

Interest Rates

Interest rates are based on the approved loan term. The 3-month loan carries a fixed interest rate, while interest rates for 6, 9, and 12-month loans are determined following the applicant's credit assessment and affordability review.

For approved 6, 9, and 12-month loans, the final interest rate within the applicable range is determined following our credit assessment and affordability review. We consider factors such as your credit profile, verified income, affordability, repayment history (where applicable), and overall lending risk.

Your preferred loan term is subject to our credit assessment, affordability review, and lending criteria. If the requested loan term does not align with our assessment of affordability, credit risk, or overall lending criteria, we may offer an alternative loan term or repayment structure for your review and acceptance.

Fees

Processing fee	$3,000.00 (+GCT)
Early Settlement Administration fee (where applicable)	$6,500.00
Late Payment fee	$1,000.00
Default Interest	0.05% per day

Late Payment Charges

Where a scheduled loan repayment remains unpaid for more than three (3) calendar days after the due date, a Late Payment Fee of J$1,000.00 will apply.

Where a scheduled loan repayment remains unpaid for more than five (5) calendar days after the due date, Default Interest of 0.05% per day will apply to the overdue installment, where applicable.

Friend & Company Financing Ltd. reserves the right to review and amend its interest rates, fees, loan products, and lending policies from time to time based on factors including market conditions, changes in funding costs, regulatory requirements, changes in lending risk, operational considerations, and overall business needs.

Any changes will apply only to new loan applications received on or after the effective date of the revised policy, unless otherwise required by law or agreed with the borrower.

Application Processing Times

Friend & Company Financing Ltd. aims to process loan applications within the following timeframes after all required application forms, supporting documents, and information have been received.

• First-time borrowers: 2–3 business days
• Existing borrowers: 1–2 business days

Where additional documents, updated information, or clarification are required during the assessment process, the applicant will be notified as soon as reasonably practicable. The application assessment may be suspended until the requested information is received.

Once the outstanding requirements have been received, we will complete the assessment as soon as reasonably practicable, taking into account the work already completed, and the nature of the additional information requested.

Loan Term and Repayment Assessment

Your preferred loan term is subject to our credit assessment, affordability review, and lending criteria. In determining the approved loan term, we consider factors including verified income, repayment capacity, credit profile, repayment history (where applicable), and overall lending risk.

Where the requested loan term does not align with our assessment of affordability, credit risk, or lending criteria, we may offer an alternative loan term or repayment structure for your review and acceptance.

Early Loan Repayment Policy

Borrowers may request early settlement of their loan at any time, subject to the applicable conditions outlined below.

3-Month Loans

• The 3-month loan is approved based on a fixed three (3) month repayment commitment and is not eligible for early settlement before completion of the full loan term

6, 9 and 12-Month Loans

• Loans approved for six (6), nine (9), and twelve (12) months are subject to a minimum repayment commitment period of six (6) scheduled repayments.
• Where a borrower settles a 6, 9, or 12-month loan before completing six (6) scheduled repayments, an Early Settlement Fee of J$6,500.00 will apply.
• After completing six (6) scheduled repayments, borrowers may settle their loan early without an Early Settlement Fee.

Settlement Amount

To close a loan, the borrower must pay in full:

• The outstanding principal balance
• The full interest applicable for the current payment cycle;
• Any applicable Early Settlement Fee; and
• Any other fees, charges, or amounts due under the Loan Agreement.

Interest on Early Settlement

Interest is charged by payment cycle and is not calculated on a daily or prorated basis.

A new payment cycle begins immediately after the scheduled payment due date, regardless of any grace period. Accordingly, if a borrower settles a loan during a new payment cycle, the full interest for that payment cycle is payable.

The grace period, where applicable, is provided solely for late payment purposes and does not extend or alter the start of a new payment cycle or the interest applicable to that cycle.

Payment Cycle Examples

Scheduled Payment Due Date	New Payment Cycle Begins
15th of the month	16th of the month
25th of the month	26th of the month
Last day of the month (30th or 31st)	1st of the following month

Example

A borrower obtained a loan of J$250,000, with monthly payments due on the 25th of each month. After making several scheduled monthly payments, the outstanding principal balance has been reduced to J$100,000.

The borrower made the payment due on 25 October and later decides to settle the remaining balance in full on 10 November.

At the time the settlement amount is calculated:

• Outstanding principal balance: J$100,000
• Interest for the current payment cycle: J$9,000

Because the payment cycle began on 26 October and runs until the next payment due date of 25 November, the borrower must pay:

• Outstanding principal balance: J$100,000
• Interest for the current payment cycle: J$9,000

Settlement Amount Before Early Settlement Administration Fee is J$109,000

• Where applicable, an Early Settlement Administration Fee of J$6,500 will be added, resulting in a total settlement amount of J$115,500.
• Where the Early Settlement Administration Fee does not apply, the total settlement amount will be J$109,000.

Although the borrower settles the loan before the next payment due date of 25 November, the full interest for the payment cycle that commenced on 26 October remains payable. Interest is charged by payment cycle and is not calculated on a daily or prorated basis.

Payroll Deduction After Early Settlement

Where a borrower settles the outstanding loan balance directly with Friend & Company Financing Ltd., any existing Salary Deduction Authorization will remain in effect until Friend & Company Financing Ltd. provides written confirmation to the employer to discontinue further deductions.

Friend & Company Financing Ltd. will make reasonable efforts to notify the employer promptly following confirmation of full settlement. However, where settlement occurs close to a scheduled payroll processing date, a deduction may still be processed due to payroll timelines or administrative processing requirements.

Where a salary deduction is received after the loan has been fully settled, Friend & Company Financing Ltd. will verify the account status and either refund the amount or apply it against any other amount properly due under the Loan Agreement, as applicable. Any refund due will be processed within fourteen (14) calendar days after confirmation that the amount is refundable.

First Repayment Due Date

Each borrower will be assigned a Scheduled Repayment Date based on the employer's payroll schedule. The Scheduled Repayment Date will be established at the time the loan is approved and will remain the borrower's recurring repayment date throughout the term of the loan unless otherwise agreed by Friend & Company Financing Ltd.

The first repayment date will be determined before the loan is disbursed and will be recorded on the Salary Deduction Authorization.

Minimum Notice Period

To allow sufficient time for payroll processing and repayment administration, the first Scheduled Repayment Date must be at least:

• Fourteen (14) calendar days after the loan approval process is completed for monthly repayment schedules.
• Seven (7) calendar days after the loan approval process is completed for fortnightly repayment schedules.

Where the applicable minimum notice period cannot be met, the first repayment will commence on the following Scheduled Repayment Date.

Examples

Administrative Provision

The first repayment date will be established by Friend & Company Financing Ltd. in accordance with this policy and recorded on the Salary Deduction Authorization before the loan is disbursed.

Any delay in completing, returning, or processing the Salary Deduction Authorization shall not automatically change the established first repayment date unless Friend & Company Financing Ltd. approves an alternative repayment commencement date.

Loan Approval & Disbursement Process

Loan Approval

Once a loan application has been approved, Friend & Company Financing Ltd. will advise the borrower of:

• the approved loan amount;
• the approved interest rate;
• the approved repayment term and repayment amount;
• any changes to the requested loan term or repayment structure (where applicable); and
• any other applicable terms and conditions.

Where the approved loan terms differ from those originally requested, the changes will be based on Friend & Company Financing Ltd.'s credit assessment, affordability review, and lending criteria.

Acceptance of the Loan Offer

If the borrower wishes to proceed, they must confirm acceptance of the approved loan terms.

The borrower will also be asked to:

• indicate whether the processing fee will be paid before disbursement or added to the loan balance;
• select the preferred method of disbursement (bank transfer or manager's cheque); and
• provide the required bank account details where funds are to be disbursed by bank transfer.

Where no instruction is received regarding the processing fee, the processing fee will automatically be added to the loan balance and repaid as part of the scheduled loan repayments.

Loan Agreement and Salary Deduction Authorization

Following acceptance of the approved loan terms, Friend & Company Financing Ltd. will email the borrower copies of the following documents for review:

• a copy of the Loan Agreement; and
• a Salary Deduction Authorization Form.

Before loan disbursement, the borrower must:

• review the Loan Agreement;
• attend an in-person appointment to execute the Loan Agreement (Friend & Company Financing Ltd. will provide the hard copy of the Loan Agreement for signing)
• present the identification document previously submitted for verification, or provide updated identification where required;
• complete and sign the Salary Deduction Authorization Form; and
• arrange for the employer's authorized representative to sign and stamp the Salary Deduction Authorization Form.

Loan funds will not be disbursed until the executed Loan Agreement and the completed Salary Deduction Authorization Form have been received and accepted by Friend & Company Financing Ltd.

Signing Appointment

The Loan Agreement must be signed in person.

Borrowers may either:

• attend an appointment at the Friend & Company Financing Ltd. office; or
• request an appointment at another agreed location, subject to availability and confirmation by Friend & Company Financing Ltd.

Appointments are scheduled through Friend & Company Financing Ltd.'s online booking system following loan approval.

Loan Disbursement

Disbursement timeframes commence only after Friend & Company Financing Ltd. has received and accepted:

• the executed Loan Agreement; and
• the completed Salary Deduction Authorization Form.

The following disbursement timeframes apply:

• Bank Transfer: Funds will ordinarily be transferred to the borrower's nominated bank account within one (1) business day.
• Manager's Cheque: The manager's cheque will ordinarily be available within two (2) business days.

Disbursement Confirmation

Once disbursement has been completed or the manager's cheque is ready for collection, Friend & Company Financing Ltd. will notify the borrower using the contact information provided in the loan application, including email, WhatsApp, or telephone communication where applicable.

• For bank transfers, the borrower will be notified once the transfer has been processed. Borrowers should allow the normal processing time of their financial institution for funds to appear in their account.
• For manager's cheques - Where disbursement is made by manager's cheque, the borrower will be notified when the cheque is available for collection and advised of the collection arrangements. The cheque will be released only to the borrower or an authorized person approved by Friend & Company Financing Ltd., and the borrower will be required to provide appropriate identification at the time of collection.

Friend & Company Financing Ltd. reserves the right to delay disbursement where additional verification or documentation is reasonably required.