What happens if I miss a loan payment?

If you miss a loan payment, your account will become frozen and we will alert you. We honor a 7-day grace period to make the payments to bring your account back to current and to avoid impacting your credit score.

If you don't make the payment within that grace period you will incur the following penalties:

A late payment fee (2% of the missed payment)
Inability to borrow additional loans until 10 days after the payment is made (We call this a "cool-off" period.)
Forgo any rewards earned in that 30-day period

If your payment is returned due to insufficient funds, there is a $10 fee.

If you become delinquent, you will see a delinquent message in your app, and we encourage you to reach out to us to us to make a payment before it impacts your credit or your savings.

All information on this site is provided for educational purposes only and does not constitute legal or tax advice. The Beans, Inc. and Let's Get Set, Inc. are not liable for how you use this information. Please seek a tax professional for personal tax advice.
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