Yes, borrowers may permanently change the day of the month when their loan payments are due. When borrowers obtain a loan through our platform, their payment due date is automatically set to the day of the month that the loan was issued. For example, if a loan was issued on the 10th day of the month, the borrower payment due date would be the 10th day of the month.
Sometimes this due date is inconvenient for borrowers or, borrower circumstances may change. For example, a borrower might get a new job that pays them on the 15th of the month instead of the 10th of the month. This might lead the borrower to request a change to their payment due date. Borrowers are permitted to move their payment due date by up to 15 days before or after the original due date. For example, if their original due date was the 10th of the month, the farthest forward borrowers could move their due date would be the 25th of the month.
We allow due date changes as a convenience to borrowers. We also believe this policy is a benefit to investors as it may make it more likely that borrowers will be able to make their payments on time.