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That's really sad. It sounds like Alliant may have imposed a 12-month maximum period on how far they permit prepayment. DCU has a similar cap at three months.
Would you mind summarizing your experience in a single post? I.e.....
Date you opened the unsecured loan
Original Amount of the loan
Original Term of the Loan (12 month, 36 month, 60 month, etc.)
Original monthly payment amount required (prior to making the big payment)
Date you made the big payment and the amount of the payment
How the Due Date changed after the big payment
The amount of the next payment due
BTW, are you absolutely certain that the loan term was 60 months? Even if that's what you applied for, the fine print in the loan agreement might say it was for 12 months or 24 months (say). If you can examine the final loan doc that would help.
I just checked my ssl..
10/20/2017 | New Loan |
12/30/21 - next payment Due Date
Nothing changed..
@SouthJamaica wrote:
@Chelow wrote:
As far as last time I checked(02/26), Yes it is. They actually state that on their home page. Paying early is a thing.What exactly do they say that makes you think they won't accelerate the loan if it is paid down early?
This is from their home page :
- "Can I pay off my loan quicker than the payment schedule?
Yes. At Alliant, there are no prepayment penalties for paying off your loan faster than your payment schedule. In fact, it’s a great way to save on interest over the long run. "
- "Terms and amounts
Personal loan amounts are available from $1,000 to $50,000. Available terms include one-year, two-year, four-year and five-year loans, and we won't penalize you if you pay your loan off early."
I wasn't trying to imply that the payments were going to be pushed as far as the whole term of the Loan, because i clearly don't have that information. I just meant you could pay early. I am sorry if i implied otherwise. I was basing myself on this info. Now reading again, i think accelerating the loan is kind of a penalty isn't it ? Then again, they say " pay your loan off early ".
I am still really hoping for OP to come back with the info CGID asked, crossing fingers the original term of the loan was acctually shorter than what we thought ( 60 Months ). Leaving us some hope.
@Chelow wrote:
@SouthJamaica wrote:
@Chelow wrote:
As far as last time I checked(02/26), Yes it is. They actually state that on their home page. Paying early is a thing.What exactly do they say that makes you think they won't accelerate the loan if it is paid down early?
This is from their home page :
- "Can I pay off my loan quicker than the payment schedule?
Yes. At Alliant, there are no prepayment penalties for paying off your loan faster than your payment schedule. In fact, it’s a great way to save on interest over the long run. "
- "Terms and amounts
Personal loan amounts are available from $1,000 to $50,000. Available terms include one-year, two-year, four-year and five-year loans, and we won't penalize you if you pay your loan off early."
I wasn't trying to imply that the payments were going to be pushed as far as the whole term of the Loan, because i clearly don't have that information. I just meant you could pay early. I am sorry if i implied otherwise. I was basing myself on this info. Now reading again, i think accelerating the loan is kind of a penalty isn't it ? Then again, they say " pay your loan off early ".
No, it doesn't mean that at all. A prepayment penalty is a financial deduction made when you pay off a loan prematurely. It used to be common in mortgages, it's now probably less common.
Ok, I just checked my loan document from them,
unfortunately for me, I didnt check the terms of it, I did apply for a $1,000 loan at 60 months, but when they sent the document to be signed, it does state that it was a $1,000 loan at 12 months. Bad news for me but I guess if you apply for a larger loan the 60 months would be able to be used.