Hello! I made some dumb decisions in college and racked up about $15k+ in credit card debt and was approved for a Lending Club loan for about $480/ month. I had a few questions for anyone that may have had a LC loan before.
1. If I make $800 worth of payments in a month, would that count towards my next payment? Or would it just lower my principal balance?
2. If I make an extra payment online that’s more or equal to my monthly bill, will that “cancel” my auto-pay for the month or will it still take the $480 on that day.
Well, you’re still making dumb decisions because you’re still trying to take out loans you can’t afford to pay back.
Credit cards don’t work like installment loans. If you pay extra now it will be applies to the principal balance and not to the next month’s payment. Thus, the next month’s payment will likely be reduced because of the lower balance, but the extra amount you paid earlier will not count as part of the minimum payment.
Regarding your second question, I’ve seen credit card companies do it both ways. You should call and ask them.
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