What is the recovery and collection process?

We adopt a proactive approach in our recovery process in order to minimise delays on loan repayment. As part of our standard collection process, automated repayment reminders are sent via SMS and email before the loan is due. Borrowers are given a grace period of up to seven days to make payment. We employ early warning trigger alerts and automated monitoring systems to enable our Collections team to better identify abnormal payment patterns and pursue early collections efforts, or proactive follow-ups on repayment.

As soon as a delay occurs, our collections team makes contact with the borrower via text messages, emails and phone calls, and field visits directly to the borrower’s office premises or places of residence of the personal guarantors.

Where appropriate, we initiate legal recovery processes to urge borrowers to settle outstanding debts, which could include issuing a Letter of Demand, Writ of Summons, Statutory Demand, Bankruptcy Application and Company Wind Up proceedings.

During the entire collection process (which can sometimes take a few months), our team is in close contact with the borrower and will evaluate the next best course of action to take in order to recover the outstanding loan amount.