How 605 Lending payments work, the fastest way to cut your total cost, and what to do before a missed payment becomes a bigger problem.
Apply for $200 to $5,000Your installment due dates are set around your income dates, whether you are paid weekly, every other week, twice a month, or monthly. Each payment covers interest plus part of the principal, and it is withdrawn from the checking account you used to apply.
Interest is figured weekly at 15% of the outstanding balance, so the amount of interest in each payment falls as your balance goes down.
605 Lending has no prepayment penalty. Because interest accrues every week on what you still owe, paying extra or paying the loan off early is the single most effective way to lower your total cost.
| Balance | Weekly interest at 15% |
|---|---|
| $1,000 | About $150 |
| $600 | About $90 |
| $300 | About $45 |
Illustrative interest on the outstanding balance for one week.
Call the automated payment portal at 855-948-0313, available 24/7, and have your Loan ID ready. Your Loan ID is in your loan approval email and in your online account.
If a payment will be hard to make, call customer service at 833-605-LEND before the due date. 605 Lending says eligible borrowers may qualify for a one-time deferral of a payment.
If a scheduled withdrawal fails, your bank may charge a returned-payment or overdraft fee on top of anything the lender charges. The account may then move to collections, and borrowers have reported calls from a collection partner.
Because 605 Lending does not report to the credit bureaus, a missed payment will not usually appear on your credit report, but the balance is still owed.
| Need | Contact |
|---|---|
| 24/7 automated payments | 855-948-0313 |
| Customer service | 833-605-LEND (833-605-5363) |
| Hours | Monday to Friday, 7:30 AM to 5:00 PM Central Time |
| [email protected] |
Payments are withdrawn from your checking account on your due dates. To pay early, call the 24/7 automated payment line at 855-948-0313 with your Loan ID.
Yes. There is no prepayment penalty, and paying early reduces the weekly interest you are charged.
Eligible borrowers may qualify for a one-time payment deferral. Call customer service before the due date to ask.
Your bank may charge a returned-payment fee and the account may go to collections. It will not usually appear on your credit report, but the debt is still owed.
Your Loan ID is in your loan approval email and in your online account.
Request $200 to $5,000 in about five minutes. No minimum credit score.
Requirements, the verification call, approval, and funding time.
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