Frequently asked questions

How is my monthly loan payment calculated?

Your payment is calculated using the standard amortization formula, based on your loan amount, interest rate (APR) and loan term. Each month a portion goes to interest and the rest reduces your principal.

What's the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. APR includes the interest rate plus certain lender fees, giving you a more complete picture of the loan's true yearly cost.

Does paying extra each month really save money?

Yes — extra payments go directly toward your principal, which reduces the balance interest is calculated on every month, shortening your loan and cutting total interest paid.