Your loan will be repaid in monthly, semi-monthly, or bi-weekly payments over a maturity period of approximately six months. Your payment amount and due dates will be clearly communicated in your loan agreement upon approval. You may also login to your member area to view your payment schedule at any time.
Your payment schedule is detailed in your loan agreement and can also be viewed in your member area at any time. We will send you electronic notifications to remind you of the upcoming due dates. Your payment is automatically withdrawn from your bank account on those dates. If your payment is returned because of insufficient funds, we will automatically re-present the payment. In most states, a $25 fee is associated with a returned payment. If you are having trouble making payments, a customer service representative can work with you to create a payment plan that is affordable to you. You may also call in to make a payment using your debit/credit card, ACH or RCC e-check.
We understand that you may have trouble making your payment on time. During the term of your loan, you are given a grace period on every loan payment, which varies by state. If no payment is made within the grace period, a late fee will be assessed. If no payment is made within 30 days of your due date, you will be in default according to your loan agreement and our terms of service. If you are having trouble making payments, a customer service representative can work with you to design a payment plan that is affordable to you – they are there to help.
Yes, absolutely! There is no penalty associated with an early payment.
Yes. In most states, a fee of up to $25 is charged for any returned checks of insufficient funds.
If you do not communicate with us and still cannot make a payment, we may be forced to take the following actions:
- Suspend your access to our lending service
- Involve outside collection agencies
- Take legal action (if applicable)
- Report your account delinquency to credit bureaus
We want to work with you to avoid this situation and the associated consequences. Please contact your loan manager directly as soon as possible to devise a workable repayment plan.
Yes! PocketFund may report information about your loan account to credit bureaus and consumer reporting agencies. Late payments, missed payments, or other defaults on your loan may be reflected in your credit report. On time payments can help boost your credit score!