Once you’ve received your loan funds, you enter the repayment period. Depending on the terms of your loan, you may or may not have a grace period during which no payments are due. If you’ve borrowed an installment loan, the repayment period includes installment payments due on specified dates, often one per month. Your installment loan from a direct lender will also have a final due date by which you’re expected to have repaid your loan in full.
No problems there. It’s also customary for lenders to impose late fees for missed installment payments. Customers expect this and accept