What happens if I can't make a payment?
There is a 15-day grace period from your payment due date. If you successfully make your full payment before the end of the 15-day grace period, you will not be charged a late fee.
If a loan payment is more than 15 days past due, you’ll be charged a late fee equal to 5% of the scheduled monthly installment amount. For example, if payment is late on a Credit Builder Account, you would incur the following late fees, based off your loan amount:
$1.25 late fee for the $525 Credit Builder Account
$2.40 late fee for the $545 Credit Builder Account
$4.45 late fee for the $1,000 Credit Builder Account
$7.50 late fee for the $1,700 Credit Builder Account
If your payment is more than 30 days late, it will be reported to the credit bureaus as a late payment. If you’re experiencing financial hardship and believe your next payment will be more than 30 days past due, consider canceling your account or contacting our Customer Success team to discuss your options.