FAQs
Q: How soon can I see a rate reduction?
A: After you make on-time payments for 6 consecutive months, your interest
rate will automatically be reduced by 2% points.
Q: Is the interest rate drop permanent?
A: Yes. Every time you complete 6 consecutive months of on-time payments, your
interest rate will be permanently lowered by 2% points.
Q: Will my payment go down?
A: Yes. The lower interest rate will be reflected by a lower payment. You are still
welcome to make the original, or higher, payment if you would like to pay down your loan
faster.
Q: What if I have trouble making a payment?
A: We want to see your financial success. If you have trouble making a payment, please
contact one of our friendly representatives.
Q: How many times can my interest rate be reduced?
A: With consecutive on-time payments, you can reduce your interest rate every 6 months for the duration of your loan. Your interest rate will not be reduced below the program minimum interest rate of 24%.
Q: What is an on-time payment?
A: A payment is considered on time if we receive it on the due date. If your payment is late, it will not affect any interest rate reductions you’ve already earned. Once you receive a rate reduction, it becomes permanent—even if you make a late payment later.
Q: What happens if I make a late payment?
A: A late payment will not affect any rate reductions that have already been applied to
your loan. However, with a late payment, the clock starts over for qualifying for the next rate reduction as there must be 6 months of consecutive on-time payments.
Details
The number of consecutive on-time payments required to complete a full 6 month period
will depend on your payment schedule. The number of payments per schedule are as
follows: Bi-Weekly payments = 13 payments, Semi-Monthly payments = 12 payments, and
Monthly payments = 6 payments.
The rate reduction program is applicable only to loans with an APR greater than 35.99%
and with loan repayment terms greater than 6-months. Your interest rate will not be
reduced below the program minimum interest rate of 24.00%.
The effective date of rate reduction is the day after the last eligible on-time payment.
The APRs vary for each loan depending on a variety of factors such as loan amount, term,
number of days between disbursement and first repayment date, origination fees, etc.
Maximum APR is dependent upon the program in which you are participating. If applicable,
please see your mailer for additional details and pertinent information.