In response to the ongoing shifts in the macroeconomic environment,, LOOP has announced that it will be raising its short-term lending rates. , LOOP has adjusted their Base Lending Rate to 16.7%, starting from the 17th of November, 2023.
Here’s how this change will affect your current loan facility:
- Increased Base Interest Rate: The base interest rate on all facilities, both existing and new, will be adjusted to 16.7%. We understand the significance of this change and assure you that it has been made after careful consideration of the prevailing economic conditions.
- Risk-Based Pricing for New Loans and Overdrafts: All new loans and overdrafts will now be subjected to risk-based pricing. This means that the interest rates on these financial products will be determined by evaluating individual risk factors. This approach allows us to offer personalized rates based on your unique financial circumstances.
- Continued Stability in Other Terms and Conditions: While the interest rates are undergoing adjustments, we want to emphasize that all other terms and conditions of your existing facilities will remain unchanged. Your repayment schedules, loan tenures, and other associated factors will remain as agreed upon.
Stay tuned to LOOP’s channels for more updates.
Read: LOOP introduces its Revamped Super App – Here is how to download and Get started