What happens if I pay more than my next Pay Monthly payment due?

Any amount paid in excess of the payment amount due will be applied to your outstanding loan balance. If your loan is not paid in full, monthly payments are still required.

For example, assume you have an outstanding loan balance of $1,000 USD and a $100 USD monthly payment is due on 10/5. If you pay $300 USD on 10/5, $100 USD would be applied to the payment due that day and the extra $200 USD would be applied to the outstanding loan balance, which may reduce your final payment amount or result in fewer monthly payments and less interest over the loan term.

It’s important to note that in this example, the excess payment did not pay off the loan so you would still be required to make monthly payments in accordance with the payment schedule for your Pay Monthly loan. The extra $200 USD paid on 10/5 would not be considered an advanced payment for 11/5 or 12/5. $100 would still be due on 11/5, and $100 would still be due on 12/5.