We encourage borrowers to pay off loans as quickly as possible in a financially responsible way to help them save on interest. Most lenders have the opposite approach and want borrowers to keep the money for as long as possible
When you make payments that are slightly higher than your monthly installment, they are applied toward your remaining principal. This will help you save money on future interest.
For e.g., if you make a payment $10 higher than your monthly installment, this $10 will be applied to your outstanding principal and will reduce your loan balance and the amount of interest you will have to pay overall.
*We don't charge any prepayment fee and make it fast and easy to pay off the loan with just 1 click.
For more information on how our repayment process has recently changed, click here.