What does end of loan action mean?
The end of loan action is the chosen action that occurs when your loan comes due. It is initially set by you when you apply for a loan. • To change your End of Loan Action, you can log into your profile, click on “loan history”, click on the “loan details” link, and click on the “End of Loan Action” dropdown box and select the action you would like to occur. You can change the End of Loan Action up to the business day before your due date. • If loan extensions are available and the end of loan action is set to extend, the loan will extend on the due date, extension fees will be deducted and the loan principal plus a new fee will carry to the new due date. Once extensions are exhausted, loans will be paid in full. • If the end of loan action is set to pay in full, the loan will be paid in full on the due date. Even if the end of loan action is set to pay in full, customers may log into their account and request an extension.
When you apply for a loan, you will be prompted to choose one of the two “End of Loan Action” options. If you choose “Pay In Full,” you will pay both the loan principal and the loan fee in full on the due date. If you choose “Extend,” you will pay the loan fee on the due date, and you will be deemed to have submitted a request for an extension of your loan, with or without partial payment of the loan principal on the due date. Your extension request will be processed as described in the answer to the question “What if I need to extend my loan?” You may change your “End of Loan Action” at any time by logging inot your membership account, except that a change from “Pay in Full” to “Extend” must be made by 5:00 PM CST two business days before the due date of your loan. For example, if you have chosen “Entend” at the time of your loan application, you may change to “Pay in Full” at any time. If you have chosen “Pay in Full” at the time of your loan application, and your due date is Friday,
The end of loan action is the chosen action that occurs when your loan comes due. It is initially set by you when you apply for a loan. • To change your End of Loan Action, you can log into your profile, click on “loan history”, click on the “loan details” link, and click on the “End of Loan Action” dropdown box and select the action you would like to occur. You can change the End of Loan Action up to the business day before your due date. • If loan extensions are available and the end of loan action is set to extend, the loan will extend on the due date, extension fees will be deducted and the loan principal plus a new fee will carry to the new due date. Once extensions are exhausted, loans will be paid in full. • If the end of loan action is set to pay in full, the loan will be paid in full on the due date. Even if the end of loan action is set to pay in full, customers may log into their account and request an extension.
