What happens when I pay my loan off?
When your loan is paid off, you and your cosigner/guarantor(s) will receive a notification via mail. If you monitor your account online, you will also see the $0 balance reflected. You credit report will show our loan as paid and closed.
Are there penalties for paying my loan off early?
There are not! However, HFLA of Northeast Ohio encourages our borrowers to pay extra on accounts that may be charging you interest (ex: car loan, credit card) vs. our interest-free loans.
Can you debit payments from my bank account/paychecks?
While HFLA cannot currently pull funds from your account or paychecks, we do accept cash, checks, and money orders. Our loan management software also allows you to pay online via debit card, but there will be a "convenience fee" of the lesser of 2% (of the payment) or $5.
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