How do loan payments work?

In order to maintain the health of your loan and avoid runaway interest costs, you must make monthly payments on loans greater than 1 month in duration. Each month, you'll be asked to make a payment equal to the minimum amount required to service the interest on your loan. You can always pay more to further reduce your loan cost.

If you miss this payment, your loan will not be closed, but you will be charged a late fee until the payment is made. The late fee is 0.2%, assessed on your loan balance weekly until you make your payment.

In the final month of your loan term, the remaining balance will be due, or you will have the option to extend your loan. To learn more about repaying your loan, see this article.