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.
When you prepay a loan, the loan balance will be reduced, but the next due date remains the same. 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 are looking to permanently alter your monthly payment due date, you would need to formally request a loan modification. If you want to make a large payment and would like to reduce the loan balance, we will approve and modify the payment amount. In some cases, it may require a "refinance into a new CEO loan," but we can advise based on a case-by-case instance.
For our credit-building ladder loans, the loan schedule is set, so you could 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.
Submit a loan repayment modification request
If you are considering any loan repayment modifications above, please send us a request or contact us.