Everyday things you can change
| What you want to do | How | Cost |
|---|---|---|
| Set up or cancel autopay | In your account, or by calling us. Cancelling needs to be in writing. | Free, and autopay cuts your APR by 0.25 points |
| Change your due date | Call before the next payment is drafted. Usually available once per loan. | Free |
| Make an extra payment | Any time, any amount. It goes entirely to principal. | Free, and it reduces your total interest |
| Get a payoff quote | Call or request it in your account. Valid to the date stated on it. | Free |
| Update your bank account | At least three business days before the next payment date. | Free |
| Get statements or your agreement again | Available in your account at any time. | Free |
Paying early
There is no prepayment penalty, and extra payments go entirely to principal. Because interest accrues on the balance you still owe, removing principal early removes every future interest charge that would have accrued on it. Even $25 a month makes a visible difference over a year.
If you want to clear the loan completely, ask for a payoff quote rather than guessing from your statement. The balance shown on a statement does not include interest accrued since it was produced, so paying that figure usually leaves a few dollars outstanding.
Model it before you commit
The amortization schedule shows exactly how many months an extra payment removes and how much interest it saves at your amount, rate, and term.
If a payment is going to be difficult
Call before the due date. Nothing is triggered by asking, it does not affect your rate, and it does not go on your credit file. What matters is timing: options that exist before a payment is missed are narrower afterwards.
- Tell us what changedReduced hours, a gap between jobs, an unexpected bill. We are looking at what is realistic, not building a case.
- We look at the options togetherDepending on your situation that may mean moving the due date, a short deferral, or a modified schedule.
- Anything agreed is confirmed in writingBefore it takes effect, so there is no ambiguity about what you now owe and when.
Our approach is set out in full in the responsible lending policy. If the underlying problem is broader than one payment, a nonprofit counsellor through the NFCC at nfcc.org offers free sessions and can talk to creditors on your behalf.
If a payment is missed
- A 10-day grace period applies before any late fee
- After that, a $15 late fee, charged once for that payment rather than repeatedly
- If your bank returns a payment, a $15 returned payment fee may apply
- Missed payments may be reported to the major credit bureaus
- We do not roll your loan into a new one, add fees you were not shown, or increase your rate
Any contact from us about a past-due balance follows the Fair Debt Collection Practices Act. We do not call your employer, discuss your debt with your family, or contact you at unreasonable hours.
Credit reporting
We report to the major credit bureaus monthly. On-time payments build positive payment history, which is the largest single factor in most scoring models, and a completed loan stays on your file as a closed account in good standing. Missed payments are reported too. If you believe something we have reported is wrong, contact us and the bureau holding it; under the Fair Credit Reporting Act we must investigate and respond, normally within 30 days.
When the loan ends
Your final payment is usually a few cents different from the others because of rounding across the term. Once it clears, the account closes automatically, autopay stops, and we report the loan as paid in full. You will receive written confirmation, which is worth keeping.
Questions about managing your loan
Due dates, early payoff, missed payments, and credit reporting.
Contact usCan I change my payment due date?
Usually once per loan, at no cost. Call before the next payment is drafted rather than after, since a date cannot be moved once a payment has already been taken.
How do I pay my loan off early?
Request a payoff quote, which includes interest accrued to the date stated on it, then pay that figure. Paying the balance shown on a statement usually leaves a few dollars outstanding because interest has accrued since it was produced.
Is there a penalty for extra payments?
No. Extra payments go entirely to principal and reduce your total interest. There is no prepayment penalty on any TrueLink loan.
What happens if I miss a payment?
A 10-day grace period applies before a $15 late fee, charged once for that payment. Missed payments may be reported to the credit bureaus. We never roll the loan into a new one or raise your rate.
Will you contact my employer or family?
No. We communicate only with you about your loan and follow the Fair Debt Collection Practices Act in every contact, including limits on when we may call.
How do I cancel autopay?
In writing, through your account or by email, at least three business days before the next payment date. Cancelling means the 0.25 point autopay discount no longer applies to remaining payments.
When is my loan reported as paid off?
After the final payment clears. The account closes automatically, autopay stops, and we report the loan as paid in full to the credit bureaus at the next monthly reporting cycle.