We do not have a skip payment option. If you skip a payment, there are serious ramifications that will occur.
The loans are given at really low rates with the expectation of getting funds back on-time with consistent monthly payments.
Missing payments could result in:
- Late fees, if you miss a payment you will be charged a late fee
- Negatively impact your credit history
- We have to report payments to all major credit bureaus as part of the Fair Credit Reporting Act
- This will affect your credit score
- Could impact your ability to get a loan in the future
- Additional interest on the outstanding balance for the number of days your payments have been delayed.
If a payment gets returned due to insufficient funds:
- Insufficient fee charges
- Late payment fees on top of monthly payment
It is important to make on time, in full, payments to ensure that you do not tarnish your credit history. Missed payments will significantly impact your credit history very negatively.