Can I refinance/rollover my loan? How can I do it?

As an alternative to sending funds, or if you are unable to do so in time, you can "roll-over" a loan, pending availability, by obtaining a new loan from a lender based on offered terms.

1 week before the loan maturity date, your collateralized parcels locked for the loan will be unlocked for you to use them as collateral to take a new loan from the P2P platform. You will be able to look for a new loan up until 1 hour before the Loan Start Date.

Ideally, one week before your loan maturity date you should begin looking for a new loan to cover your existing loan amount, interest, SB admin fee, and any outstanding fees.

If your new loan is unable to cover your existing loan amount, you would have to either pledge more collateral parcels or send funds to offset the remaining amount. This is to avoid the late payment penalty fee (see Schedule of Charges) when your funds in the P2P account are insufficient when the existing loan matures.