What is Daily Simple Interest?

Interest on a daily simple interest loan is calculated by using the daily simple interest method. This means that interest accrues on a daily basis on the amount of the loan (current outstanding principal balance) from the date the interest charges begin until you repay the loan. The daily simple interest method counts the number of days between the date your last payment is received and the date your current payment is received.  To avoid paying additional interest, you should regularly and consistently make your standard monthly payment amount on or before your payment due date.

For more information, download a comprehensive review of how daily simple interest works.  Included is the calculation used to determine the interest on a daily simple interest loan and various examples to illustrate how different payment patterns can affect unpaid accrued interest.

You just clicked on a link to a third-party website providing a product or service. OneMain Financial makes no warranties or representations of any kind with regard to the information or services provided by or through the third party websites that may be accessed by the links on this page, express or implied, arising by law or otherwise including without limitation any implied warranties of merchantibility and fitness for a particular use or purpose.