Short-term loans should be precomputed and payable in significantly equal installments consisting of major, charges, and interest. a precomputed loan was a loan when the financial obligation was just a sum comprising the main quantity and also the number of charges and interest, computed ahead of time from the presumption that most planned re re re payments is supposed to be made whenever due.
The amount due is fixed and final (and will not vary depending on the borrower’s payment history), and the payment terms should be clear to borrowers in other words.