So, in our system, thefiniko.com, there is a section “pay off a loan for 35% of outstanding balance”. Moreover, despite this program has a name “pay off a loan”, it is suitable for the repayment of any balances you might have. For instance, you may have some tax arrears. If you are an entrepreneur, you might have accumulated revenue, but have not met the deadline to pay the tax. It often becomes a problem.
Another common scenario is when you have not repaid your loans. As a result, those debts become registered with a court, a bank, or collectors. Or maybe you have current obligations, which you want to pay off at a cheaper rate. Or you may have debts on housing and public utilities. You can also repay it with our program. Even if you just have a receipt from people who have lent you money, we also accept it. You can pay it off and save relationships with your friends.
So, how does the system work? Let’s imagine that the rest of your debt is here. We will start paying off your loan for 35% of the debt balance. How does it work? Let’s assume that you have an unpaid balance of $12,900. Finiko’s offer is the following: for example, let’s imagine that this $12,900 is not overdue, and you pay, for example, $450 per month according to the schedule. You make monthly payments every 17th day of the month. How does the system work? You deposit $4,500 to the system, plus a 1%, let’s say office fee.
In Finiko, we have people acting as advisors and explaining how to use our system to others. Thus, the advisors make their living by teaching people how to use our product. The 1% office fee, which I have mentioned before, slightly affects the amount you pay but allows the system to develop. Next, you pay 165 CFR for the maintenance of the contract. After that, the next mechanism turns. Once again, you have a debt of $12,900 and pay $450 every 17th day of the month.
Now you deposit $4,500 plus an additional amount, which I have mentioned before. Then, the company pays out 1,500 CFR to your account five days before the required deadline, i. e. on the eleventh or the twelfth day of the month. What will happen next? You will have to withdraw the money from your account and pay off your debts. How will it go?
Let’s assume that this $4,500 is a current payment, which includes 35% in it. Therefore, the outstanding balance is $900, and this is an early repayment of the debt. Since the debt balance decreases, each subsequent payment will also decrease due to that. In other words, the repayment rate remains constant, of course, but the reverse recalculation mechanism turns on. And in nine to ten months, the debt will be fully repaid. That said, when you have a liability of $12,900, you deposit $4,500 to Finiko and get monthly payments of 1500 CFR five days before your due date. This way, any of your debts, or a loan, in this case, will be fully paid off in nine to ten months. That is how the program works.