Decision block 01
The six repayment facts to locate
Agreement itemWhat to confirm
First payment dateWhen the first payment is due after funding.
Payment frequencyWeekly, biweekly, semimonthly, monthly or another schedule defined by the lender.
Payment amountHow much is due each period and whether the amount can change.
Total repaymentThe total of scheduled payments if the agreement is paid as written.
Payment methodACH, debit, check or other method permitted by the lender.
Early payoff / late paymentAny payoff procedure, late charge, returned-payment fee or collection consequence.
Decision block 02
Electronic payment authorization is separate
Budget check only. A lender determines actual eligibility and payment terms.
A lender may offer automatic electronic payments, but electronic-record consent is not the same thing as a recurring-payment authorization.
- A preauthorized recurring electronic debit generally requires an authenticated authorization and a copy provided to the consumer.
- For covered credit, a creditor generally cannot condition the extension of credit solely on repayment by preauthorized recurring electronic transfer, subject to regulatory exceptions.
- If you choose autopay, keep the authorization and know how to change or cancel it under the lender’s process.
Decision block 03
If you expect difficulty paying
- Contact the lender before the due date when possible.
- Ask what hardship, extension, modification or payment options the lender actually offers.
- Get any changed terms in writing or another durable electronic record.
- Do not pay an unknown third party that promises it can “fix” the lender agreement without verification.
- Use the CTCLoans Hardship Assistance page for non-lender resources and next-step questions.
Decision block 04