How to pay off your Lendly loan early, and what it saves you.
There's no prepayment penalty on either Lendly product, and because interest on the installment loan accrues every day, every early dollar shortens the loan and cuts the total cost. Here's exactly how to do it without getting tripped up by statement dates or a leftover balance.
- No prepayment penalty on CC Connect or CC Flow.
- CC Connect: interest is charged daily, so get a payoff quote and pay that exact figure by the quote date.
- CC Flow: the cycle fee is based on your balance at cycle close. Pay below $25 before the close and that cycle costs $0.
- After a $0 balance, remove the payroll split with your employer and confirm the account shows paid in full.
Why paying early works so well on a CC Connect loan.
CC Connect charges simple interest that accrues each day on whatever principal is still outstanding, calculated on a 365-day year. Early payments are mostly interest and later payments mostly principal, which is why a loan that runs its full 26 bi-weekly payments costs far more than one you finish in 13.
Total interest on a $1,000 CC Connect loan at a typical 199% APR. A $1,500 loan runs about $1,999 / $1,477 / $920; a $2,000 loan about $2,666 / $1,970 / $1,227. Your APR (typically 175%–225%) and schedule are set at approval.
Two things follow from this. First, extra payments early in the loan save far more than the same payment near the end. Second, the number on your last statement is not your payoff amount, because interest has kept accruing since the statement date.
Step by step: paying off CC Connect.
- Request a payoff quoteLog in to your Lendly account, or contact support, and ask for a payoff quote. It states the exact amount, including interest through a specific date. Don't pay the statement balance; it's already out of date.
- Pay the quoted amount by the quote dateMake the one-time payment through your account. If the date passes, request a fresh quote; a few more days of daily interest will have been added.
- Stop the payroll splitYour employer sends part of each paycheck to Lendly. Once the loan is paid, ask HR or your payroll provider to remove that direct deposit so your full paycheck goes back to your own account. Lendly can't do this for you.
- Confirm "paid in full"Check that your account shows a $0 balance and the loan status is closed. If a paycheck deposit arrives after payoff, Lendly refunds the overpayment; keep an eye on it.
CC Flow line of credit: timing is everything.
CC Flow doesn't charge interest. Instead, each billing cycle you pay a flat fee that depends on your balance at the moment the cycle closes. Carry $0 to $25 at close and the fee is $0; carry $1,000 and it's $93 for a bi-weekly cycle or $200 for a monthly one.
- Find your cycle close date on your statement or in your account. That date, not the payment due date, is what the fee is calculated on.
- Pay the balance down before the close, ideally to $0. Paying the day after the close means you still owe that cycle's fee.
- Leaving the line open costs nothing as long as the balance stays at $0. Close it only if you want the temptation gone.
Changed your mind right after signing?
Lendly's agreements give you a short window after funding to cancel by returning the money; the exact period is stated in your agreement. If you're inside it, contact support before doing anything else. Outside it, the early-payoff steps above are the way out.
Questions people ask
Does Lendly charge a prepayment penalty?
No. Neither the CC Connect installment loan nor the CC Flow line of credit charges a fee for paying early. Because CC Connect interest accrues daily on the unpaid principal, paying early lowers your total cost.
How do I find my exact Lendly payoff amount?
Log in to your Lendly account and request a payoff quote, or ask the support team for one. The quote includes interest accrued through the payoff date, so pay the quoted figure by that date rather than guessing from your statement balance.
How much do I save by paying off a $1,000 Lendly loan early?
At a typical 199% APR, a $1,000 CC Connect loan costs about $1,333 in interest over 26 bi-weekly payments. Finish in 13 payments and interest falls to about $614; finish in 20 and it is about $985. Your figures depend on your APR and schedule.
What happens to my payroll deduction after I pay off the loan?
Once the balance is zero, ask your employer or payroll provider to remove the Lendly direct deposit split so future paychecks go fully to your account. Confirm with Lendly that the loan shows as paid in full.
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