A payoff quote is the exact amount needed to close your loan on a specific date. It is not the same as your remaining balance, because interest accrues daily, so the figure changes depending on when the money reaches us.
How to get one
- Call Contact us or email [email protected].
- Tell us the date you intend to pay. Quotes are normally issued good through a specific date.
- We send the figure in writing, broken into principal, accrued interest and any fee already incurred.
- Pay the quoted amount on or before that date and the loan closes.
Why the number changes
Interest is charged on the balance you still owe, for each day you owe it. Pay three days after the quote date and three more days of interest have accrued. On a $2,000 balance at 99% APR that is a little over $5 a day, which is exactly why the quote is dated.
After you pay off
- Any remaining scheduled ACH debits are cancelled.
- You receive written confirmation that the balance is zero.
- For installment and personal loans, the account is reported to the credit bureaus as closed and paid.
- For a title loan, the lien on your vehicle is released and the title returns to you. Timing depends on your state's motor vehicle department.
If you can only pay part of it
Extra payments are welcome at any time and go straight to principal. A lump sum such as a tax refund reduces the interest on every remaining month, even if it does not clear the loan.
Related
Frequently asked questions
What is a payoff quote?
The exact amount needed to close your loan on a specific date, broken into principal, accrued interest and any fee already incurred. It differs from your remaining balance because interest accrues daily.
Why does my payoff amount change?
Interest is charged for each day you hold the balance. Paying a few days after the quote date means a few more days of interest, which is why quotes are issued good through a specific date.
Is there a penalty for paying off early?
No, on any product. Interest stops accruing the day the balance reaches zero, so paying early always lowers your total cost.
When do I get my vehicle title back after a title loan?
We release the lien once the payoff clears, and the title returns to you. How quickly depends on your state's motor vehicle department.
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