For Employers: First Circle will be sending you a Statement of Account every payroll. Once received, please pay the outstanding balance and upload the proof of payment in the form provided in the email.
For Employees: Your monthly amortization will be deducted every payroll.
Additional FAQs:
1. What happens to the repayment of outstanding balance if the employee dies?
We deduct from their final pay and any remaining outstanding balances will not be shouldered by the SME/company. Possible route would be to go after the estates of the deceased employee (real estate, car, etc), but this is subject to assessment of the Collections team.
2. Can the employee apply for another loan while he/she is paying for the current loan?
No. Current loan must be paid in full first.