Below is the expected timeline for our next steps after your last payment has been made on your Credit Builder Loan:
- Step 1: Your bank will let us know once your final payment has been successfully processed. This happens 8 business days post the final payment date.
- Step 2: After receiving confirmation, we will close your loan and send you an emailed payout statement. This statement contains the details of the credit owing to you. We try to get this email out to you as soon as possible, but it can take up to 5 business days from when the bank confirms the final payment. We appreciate your patience.
- Step 3: We direct deposit your saved funds into your bank account we have on file. This deposit takes 10-15 business days to reach you.
- Step 4: We report your loan as paid off and closed to the credit bureaus. This will be reflected on your credit report the following month.