Loan repayment modifications

Postpone payment

Clients can request a postponement of their loan payments at any time if they encounter any hardship or unforeseen challenges in life.

Change payment amount

We can always accommodate your request to change your monthly payment amount. However, this action will impact the loan term. Increasing the monthly payment amount will decrease your loan term. Conversely, decreasing your monthly payment amount will extend the loan term. Please consider this option only if it is necessary.

Pre-Payment

The loan balance will be reduced when you prepay a loan, but the next due date remains unchanged. For instance, if you prepay for three months, your next autopay will not be until the fourth month. However, we can modify the next due date by request for any client who wishes to make a one-time large payment.

If you want to alter your monthly payment due date permanently, you need to request a loan modification formally. We will approve and modify the payment amount if you want to reduce the loan balance. Sometimes, it may require a "refinance into a new CEO loan," but we can advise based on a case-by-case instance.

Early Payoff

The loan schedule is set for our credit-building ladder loans so that you can benefit from the on-time payments for credit building. A minimum of six months must pass in between credit-building ladder loans. However, paying off the CBL loan earlier would not necessarily increase the client's credit score.

For other interest-bearing loan products, such as auto or personal loans, you should decide whether an early payoff is a logical step for your finances. We suggest consulting with your financial coach to confirm if this is a logical step.

For fee-based loan products, fees are non-refundable even if a loan is paid off early; there is no financial benefit to making larger monthly payments to pay off the loan early.