What happens if I can't pay my credit builder account?
If you believe that you will be unable to make future on-time payments, you have the option to close your credit builder account early.
If a loan payment is more than 15 days past due, you will be charged a late fee equivalent to 5% of the scheduled monthly installment amount. For example, a credit builder account with a 12-month term will incur the following late fees:
- $550 credit builder account will incur a late fee of $2.43
- $1,100 credit builder account will incur a late fee of $4.85
- $2,200 credit builder account will incur a late fee of $9.70
If a loan payment is more than 30 days past due, the payment will be reported as "late" on your credit report. If you default on the loan, you will be reported to the credit bureaus, and the credit builder account will be closed, with any remaining funds returned to you after paying off remaining loan principal, interest and fees.
If you cannot make your payment on time, please contact email@example.com as soon as possible to discuss your options.