OnePay Credit Builder Loan Payments

When is my first payment due?#

Your first payment is due one month after you enroll in Credit Builder Loan. You can see your payment due date in the OnePay app.

How do I make payments?#

You can pay via internal transfer with OnePay (Money movement within your OnePay account i.e. Pocket to Pocket transfers) by going to Credit Builder Loan in the OnePay app. If you have autopay on, you're all set. Your payment will be processed on your due date.

To schedule a one-time payment, you'll see an option to ‘Pay’ on the Credit Builder Loan screen. Tap this, select a payment method and then tap 'Pay'.

Can I change the due date on my monthly payments?#

No. Your payment will be due on the same day each calendar month as the day of your first monthly payment (unless such day does not occur in a particular month, in which case your monthly payment will be due on the last day of that particular month).

How do I pay off my Credit Builder Loan?#

You can pay off Credit Builder Loan by making your monthly on-time payments. Additionally, you can cancel Credit Builder Loan at any time and any contributions you’ve made to Credit Builder Loan savings will be returned to you; however, the program is designed to last over 12 months to help you build credit and prematurely terminating a loan account may have an impact on your credit score.

Can I pay off OnePay Credit Builder Loan early?#

While you can pay off the remaining balance of your loan any time with the help of an agent, the easiest way to terminate the program is to cancel your OnePay Credit Builder Loan. The remaining loan balance will be paid from the funds in your OnePay Credit Builder Loan locked account, and all your previous contributions will be paid out to your OnePay Savings. However, the program is designed to last over a 12 month period to help you build credit and prematurely terminating a loan account may have an impact on your credit score.

What if I missed a payment?#

If you miss a OnePay Credit Builder Loan payment, there’s no late fee. Ensure you make your next payment by the due date, or your OnePay Credit Builder Loan may be closed. Closing a loan account early could affect your credit score. 

You can easily make a one-time payment from the app by tapping the Credit Builder Loan card on your home screen.

Can I make my monthly payment using Fee-Free Overdraft?#

No, your monthly payment cannot be made using Fee-Free Overdraft Protection.

Can I make Credit Builder Loan Payments with my debit card?#

If you would like to make a Credit Builder Loan payment with your debit card, please ensure that you already have a debit card linked to your OnePay account. To make a Credit Builder Loan payment using the linked debit card, contact OnePay Customer Service or say “Agent” in chat to be connected with a OnePay specialist.

Will I be charged a fee for a late payment?#

You will not be charged a late fee if you don’t make the payment by your due date, but we may cancel your OnePay Credit Builder Loan so you don't fall further behind. Once Credit Builder Loan is canceled, it will be reported to the credit bureaus as closed. We'll use the money in your Credit Builder Loan locked account to pay off the rest of your loan. Please note that prematurely terminating a loan account may have an impact on your credit score.

What happens if I can no longer pay OnePay Credit Builder Loan?#

You can cancel your OnePay Credit Builder Loan early. If you need to cancel early, we'll use the money in your Credit Builder Loan locked account to pay off the rest of your loan and any contributions you’ve made to Credit Builder Loan savings will be returned to you. We'll let the credit bureaus know you finished the program early. Please note that prematurely terminating a loan account may have an impact on your credit score.

What happens when my OnePay Credit Builder Loan is paid off?#

We'll report your final payment to all three credit bureaus so you get credit for completing the program! Plus, you'll get back all the savings you contributed throughout the program.

I already bank through OnePay – why don’t I see my OnePay Credit Builder Loan savings there?#

You can see your Credit Builder Loan savings with every monthly payment in your Credit Builder Loan Settings. You will get back your Credit Builder Loan savings you’ve contributed when Credit Builder Loan ends. The Credit Builder Loan savings funds will be disbursed to your Primary Savings pocket when the program ends.

Will bigger payments improve my credit score? #

No. You only need to contribute $1 per month. Paying more does not build your credit faster. Overpayments may pay off your loan early and prematurely terminating a loan account may have an impact on your credit score. Additionally, you may still need to make a payment next month. 

These terms are based on a 12-month loan with $25 monthly payments and a 0% APR. You can choose how much you’d like to pay towards your monthly payment, with a minimum of $1. If you choose an amount less than the full monthly payment, the remainder will be paid from the loan proceeds held in your locked account.