Posted inJapanese Laws
Understanding Loan Interest and Penalty Fees: The Importance of Meeting Repayment Deadlines
Question from a reader:
I have a question about loans. I borrowed 1 million yen at an annual interest rate of 5%, and the due date is July 31. I believe the interest until the due date is calculated at an annual rate of 5%, but will a penalty of 20% apply after July 31? I would appreciate your guidance.
