Repayment
After you review the offer and sign the contract, you'll be asked to select a payment method. You can opt to make your payments via:
Phone payments using your credit or debit cards
Mail checks to the LoanMart payment center
Automatic payments with your checking account
Online payments using MyAccount
Smart phone payments with the LoanMart app
Payment locations you visit in person.
Your loan agreement will include the starting payment date. It is generally 30 days after you receive money.
The in person payments allow you to visit partnering locations of MoneyGram.
Fees and penalties
Keep in mind that certain fees can be incurred under certain circumstances. One fee that you won't be able to escape is the origination fee. You will have to pay $75 no matter what. The fee of 5% will be applied to amortizing loans.
There's also a late payment fee of $10. So, in case you miss the payments, your loan cost will increase over time.
Early payoff
There are no financial penalties for paying off your loan earlier than originally scheduled. The faster you'll pay off your loan, the less interest you will have to pay on it.
If you make additional payments or contribute larger amounts, you ensure you won't default on the loan. Consider making contributions towards your loan if you get extra money.
