The interest is calculated daily. Annual rate us 7%. Terms are normal other than the rate. Normally loans are at 90 day bank bill rate plus 2% for low to medium risk loans. Current rate is approx 3%. So anything over 5% is deemed high risk and I'm my view, 8% is punitive. However, given the state of bpg, it is high risk. Gotto be a family member I reckon.