Interest-Free Credit Lines Terms and Conditions

 

Welcome to our Interest-Free Credit Lines Service

OMNI Kredi is a service provided by OMNI NOVAS Groups, LLC, with a dedicated subdivision designed to offer cash advances as credit lines without charging interest. The terms cash advance and interest-free credit lines are used interchangeably and are considered to be the same according to our terms. Below are the detailed terms and conditions for utilizing OMNI Kredi’s cash advance services:

OMNI Kredi - Cash Advance Terms 

    1.    Maximum Cash Advance Amount: The maximum amount a user can request is $20,000.
    2.    Transaction Fee: A 4% transaction fee is applied on approval of the cash advance to process the transaction.
    3.    Payment Due Date: Users must repay the cash advance within the agreed period, as specified in the app at the time of the transaction.

Penalties for Late Payment

    1.    Late Payment Penalty: If a user fails to repay the cash advance on time, a penalty of $0.50 per $100 per day will be applied. This penalty can accrue up to a maximum of 15% of the total amount of the cash advance.
    2.    Maximum Penalty: The total penalty will not exceed 15% of the initial cash advance amount.

Example Calculations

    •    Example 1: For a $1,000 cash advance:
    •    Transaction Fee (4%): $40
    •    Total Amount to Repay: $1,040
    •    Late Payment Penalty: $0.50 per $100 per day
    •    Maximum Penalty: $150 (15% of $1,000)
    •    Example 2: For a $5,000 cash advance:
    •    Transaction Fee (4%): $200
    •    Total Amount to Repay: $5,200
    •    Late Payment Penalty: $0.50 per $100 per day
    •    Maximum Penalty: $750 (15% of $5,000)

Annual Percentage Rate (APR)

OMNI Kredi does not charge interest on the cash advance, and thus there is no APR for the service. The only fees involved are the initial transaction fee and any applicable late payment penalties as outlined above.

User Commitment

By utilizing OMNI Kredi’s cash advance services, users agree to:

    •    Repay the cash advance by the due date.
    •    Understand and accept the transaction fee and potential penalties for late repayment.

Responsible Cash Advance Utilizations 

We encourage users to use our cash advance responsibly and ensure they have the means to repay the cash advance within the agreed period. If you have any questions or require assistance, please contact our support team at cas[a]omnikredi.com.

Contact Information

OMNI NOVAS Groups, LLC
Address: 66, West Flagler Street, Suite 900, Miami, Florida, USA, 33130
Email: cas[a]omninovas.com