Rate Reduction Information
Lower My Rate Program
Reduce your interest rate 2% points every 6 months
Just make on-time payments to qualify
Reductions are applied automatically
Rate Reduction FAQ’s
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After you make on-time payments for 6 consecutive months, your interest rate will automatically be reduced by 2% points.
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Yes. Every time you complete 6 consecutive months of on-time payments, your interest rate will be permanently lowered by 2% points.
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Yes. The lower interest rate will be reflected by a lower payment. You are still welcome to make the original, or higher, payment if you would like to pay down your loan faster.
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We want to see your financial success! If you have trouble making a payment, please contact one of our friendly representatives.
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With consecutive on-time payments, you can reduce your interest rate every 6 months for the duration of your loan. Your interest rate will not be reduced below the program minimum interest rate of 24%.
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A payment is considered on time if we receive it on the due date. If your payment is late, it will not affect any interest rate reductions you’ve already earned. Once you receive a rate reduction, it becomes permanent - even if you make a late payment later.
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A late payment will not affect any rate reductions that have already been applied to your loan. However, with a late payment, the clock starts over for qualifying for the next interest rate reduction as these must be 6 months of consecutive on-time payments.
The number of consecutive on-time payments required to complete a full 6 month period will depend on your payment schedule. The number of payments per schedule are as follows: Bi-Weekly payments = 13 payments, Semi-Monthly payments = 12 payments, and Monthly payments = 6 payments.
The rate reduction program is applicable only to loans with an APR greater than 35.99% and with loan repayment terms greater than 6-months. Your interest rate will not be reduced below the program minimum interest rate of 24.00%.
The effective date of rate reduction is the day after the last eligible on-time payment. The APRs vary for each loan depending on a variety of factors such as loan amount, term, number of days between disbursement and first repayment date, origination fees, etc. Maximum APR is dependent upon the program in which you are participating. If applicable, please see your mailer for additional details and pertinent information.
The rate reduction program is offered by Personify Financial’s affiliates and bank partners as a courtesy to its customers. They may change rate reduction program eligibility parameters, including no longer offering it, at their own discretion.