Repaying early means that you are repaying some or all of your outstanding balance before the end of your repayment plan(s).
You can schedule an early repayment directly from your dashboard and the amount will be added to your next scheduled debit. There is no prepayment penalty and we will waive the remaining fees for the weeks you did not use.
A third party payoff means that a third party is paying off your entire outstanding balance.
If a third party is paying your outstanding balance, you’ll want to ask for a payoff letter. The balance listed on the payoff letter includes the total outstanding principal, one week of fees, and two weeks of additional fees while we wait for the payoff. (If the payoff is received in less than 2 weeks, we will refund some of the fees.)
Payoff payments are generally sent to us in the form of a wire or physical check. If your lender would like to send us a check, please let us know at firstname.lastname@example.org and we’ll be happy to provide you with information on that process.
Please note, that for the payoff period, we will suspend your account to keep the balance accurate in preparation for receiving the payoff.