If you're having trouble making your payments, please contact us immediately at email@example.com or call us at 844-227-5011.
We understand that life happens, so we give all our members a 15-day grace period to make payments with no penalty. Interest will continue to accrue on your loan daily, and any interest that accumulates from delaying your payment may result in an extra payment at the end of your loan term. If we haven't received payment within the 15-day grace period, we may charge a late fee.
As you know, we connect borrowers with investors through our online marketplace. As you pay back your loan, your investors are paid back. Depending on how late payments are, we may work with collection agencies to recover the money owed to them. Also remember that timely payments ensure we can continue to offer great loans to borrowers when they need money.
Reporting late payments to credit bureaus
We report both positive and negative account experiences to one or more of the credit bureaus. That includes on-time, late, and missed payments, as well as other defaults on accounts, which may be reflected in credit reports.