Frequently Asked Questions

 

FREQUENTLY ASKED QUESTIONS
Is There A Prepayment Penalty If I Want to Pay Off My Loan Early?

No, there is no prepayment penalty and you are welcome to pay off the loan at any time.

Do You Pull My Credit Report When I Apply For A Loan?

No, we do not pull credit reports when you apply. However, we do report your payment history to a credit bureau, which has the potential to help your credit by showing an extension of credit from a lender with a positive payment history.

What Happens To My Loan Payments If I Leave My Job?

Should you leave your participating CLC Employer, your scheduled loan payments will be drafted directly by CLC from the deposit account you provided on your loan application. We will continue to draft payments from this account until the loan is paid in full.

Can I Borrow Additional Funds?
Are There Any Other Fees Associated With The Loan?
How Can I Get More Information Regarding My Loan?

Once your loan is paid down to less than half of the original balance, you can then apply for a new loan. Once the loan renewal is approved, the outstanding loan balance will be paid off using the new amount. However, a borrower can never have a loan outstanding over $1,000.

There is a $20 loan fee that you must pay. This fee is does not accrue interest and payment of the fee is divided evenly over the life of the loan. If you decide to borrow additional funds, then this fee will only be charged again if it has been over six months from the original loan application date.

You can go on our website and click on the "Customer Portal" link to log in to your account. If you cannot find the information on the site, please call us at (810) 767-4622.

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