Overview
Loan repayment involves making scheduled monthly payments until your loan balance, including the principal balance and finance charges, is fully paid. Your repayment terms depend on the loan type and term length you selected at origination.
When Does Repayment Begin?
✔ Your first payment is due approximately 20-40 days after loan origination.
✔ Your specific due date is listed in your promissory note and can also be found in My Account.
Payment Obligations
✔ Your loan may be secured or unsecured, depending on the loan type. Auto-refinance are secured by collateral, while personal loans are typically unsecured. Auto-secured personal loans also require vehicle collateral. All loans require full repayment of principal and accrued interest.
✔ Loan terms vary by product type and lending partner. Your specific repayment term will be detailed in your loan agreement, but the average repayment timeline is 36 to 84 months (3 to 7 years).
✔ You may prepay your loan at any time without being charged any fees or penalties.
✔ Failure to make on-time payments may result in negative credit reporting, which can impact your credit score.
How to Make Payments
✔ AutoPay – Enroll in automatic payments through My Account for hassle-free repayment.
✔ Manual Payments – Make one-time payments online via My Account or by mailing a check.
✔ Additional Payments – You can make extra payments at any time to reduce your balance faster. However, these payments do not replace your scheduled monthly payments, which will still be required on their due dates.
Next Steps
To stay on track with repayment, monitor your due dates and payment history in My Account. If you have questions about your repayment schedule or need assistance, contact customer support.
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