What are the terms of the loans?
Loans have either 3-year or 5-year terms that are generally amortized over 36 or 60 monthly payments, respectively. Regular monthly payments include both interest and principal.
For example, if a loan has a principal amount of $5,000 for a 36-month term at an interest rate of 6.03%, the borrower would be scheduled to make 36 monthly payments of $152.18. If a loan has a principal amount of $15,000 at an interest rate of 7.90%, the borrower would be scheduled to make 60 monthly payments of $303.43.
Please note that amortization schedules may change based on multiple factors, such as prepayments or changes to payment due dates. Learn more here.