Will I be charged if my payment is late?
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 a 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.