Repayment of loan
The company offers several types of repayment options, including but not limited to: mailed-in checks, via the web, via the app, over the phone, and wire transfers. Most borrowers report using the automatic payment option in order to ensure that their payments are never late.
Paying off a personal loan with an automated payment is as easy as it gets. The process only requires you to set up your automatic transfer. It's a convenient system that, coupled with other adjustments, can shorten the repayment period.
Early Payoff, LendingPoint Personal Loan Default
Unlike other lenders, LendingPoint does not charge a fee for early payoff. The additional monthly payment can be made at any time via any method you choose.
If you fail to renegotiate the loan terms and end up defaulting on it, you will have to face severe consequences. Your credit score will take a hit and your default will be reported. Moreover, there's a very real possibility of dealing with debt collectors and being sued.
In order to avoid this, you should make sure you follow the repayment plan and avoid any unnecessary expenses. It's imperative that you, the borrower, have a plan on how to pay off the existing loan. There are many tips as to how to pay off early, including making additional monthly payments, increasing the monthly payment amount, refinancing, finding a side job, selling unwanted items, etc.