Overview

Relief loans are designed to provide short-term financial assistance with a structured repayment plan. Whether you took out a relief loan to cover unexpected expenses or manage temporary financial challenges, understanding your repayment terms, options, and strategies can help you stay on track.

This guide explains how relief loan repayment works, what to expect during the repayment period, and how to manage your payments effectively.

1. Understanding Your Relief Loan Repayment Terms

• Fixed Monthly Payments – Relief loans have consistent monthly payments, making it easier to budget.
• Loan Term – The repayment period is typically shorter than traditional personal loans, meaning you’ll pay off the loan faster.
• Interest Rate – Relief loans have no interest rate, only an up front finance charge. So your payments will remain the same throughout your loan term.
• No Prepayment Penalties – You can pay off your loan early without incurring extra fees.

💡 Tip: You can check your repayment schedule in My Account at any time to see upcoming payment dates and amounts.

2. How to Make Payments on Your Relief Loan

• AutoPay (Recommended) – Set up automatic payments to ensure your loan is paid on time each month.
• Manual Payments – If you prefer, you can schedule one-time payments through your account.
• Early or Additional Payments – If you want to pay off your loan faster, you can make extra payments toward your balance at any time.

Setting Up AutoPay

1. Log into your Upstart account.
2. Go to Scheduled Payments and select Set Up AutoPay.
3. Enter your bank details and confirm your payment schedule.

💡 Note: Even if you make an extra payment, your next scheduled payment will still be due as usual—relief loans follow a fixed repayment schedule.

3. What Happens If You Miss a Payment?

If you miss a payment, it’s important to take action quickly to avoid fees or negative credit impact.

• Credit Impact – Late or missed payments may be reported to credit bureaus, which could affect your credit score.
• AutoPay Insufficient Funds – If an AutoPay transaction fails, you may need to reschedule the payment manually to avoid penalties.

What to Do If You Can’t Make a Payment

If you’re facing financial hardship, contact customer support as soon as possible to discuss potential payment options or due date adjustments.

4. Paying Off Your Relief Loan Early

Upstart allows you to pay off your relief loan ahead of schedule without penalties.

• Benefits of Early Repayment:
  • Reduces the total interest paid over the life of the loan.
  • Frees up your budget for other financial goals.
• How to Pay Off Early:
  • Log into your Upstart account.
  • Navigate to Make a Payment and enter the payoff amount.
  • Confirm the transaction.

💡 Tip: If you’re unsure about your exact payoff amount, check your account or contact customer support for assistance.

Next Steps

Understanding your relief loan repayment terms and managing your payments effectively can help you stay on track financially and avoid unnecessary fees.

📌 Related Articles:

• How to Pay Off Loans Faster and Save Money
• Making Additional or One-Time Payments
• Understanding Your Loan’s Due Date and Payment Options