After you pay your loan off, a few things will happen.
Congratulate yourself on paying off your loan!
- Your paid in full status will be reported to the major consumer reporting agencies.
- Please allow 30-60 days for your updated loan status to reflect on your credit report.
- If you were enrolled in automatic payments, they will be suspended.
- If you paid more than the remaining balance, the amount you overpaid will be returned to you within 7-10 business days.
- If you paid off a secured home loan, please visit “What happens when my secured loan is paid in full?” for further details.