Loan Repayment

Make payments and manage your loan repayment.

Making Payments

Automatic Payments (Recommended)

Set up autopay:

1. Go to Lending → My Loans
2. Click Set Up Autopay
3. Choose payment source
4. Confirm

Benefits:

• Never miss a payment
• 0.25% APR discount
• Cancel anytime

Manual Payments

Pay anytime:

1. Go to Lending → My Loans
2. Click Make Payment
3. Enter amount
4. Confirm

Payment Sources

Pay from:

• ClapPay balance
• Linked bank account
• Debit card

Payment Due Date

• Monthly, on same day
• Set during application
• Can request date change (once per loan)

Minimum Payment

Each month you must pay at least:

• Your scheduled monthly payment
• Amount shown as "Due"

Paying minimum keeps you in good standing.

Extra Payments

Pay more than minimum:

• Reduces principal
• Saves on interest
• Shortens loan term
• No prepayment penalties

Making Extra Payments

1. Make normal payment
2. Then make additional payment
3. Applied to principal

Paying Off Early

Pay off entire balance:

1. Go to My Loans
2. Click Pay Off
3. See payoff amount
4. Pay in full

If You Can't Pay

Contact Us First

Having trouble? Contact us before missing payment:

• We may adjust due date
• Hardship options available
• Avoid late fees

Late Payments

If you miss a payment:

• Grace period: 15 days
• Late fee: $25 (after grace period)
• Reported to credit bureaus after 30 days

Impact of Late Payments

• Late fees
• Credit score damage
• Higher rates on future loans
• Potential collection action

Related Articles:

• Personal Loans
• Autopay
• Early Payoff