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Let’s say your monthly loan payment is $350; are you the type who usually pays $375, or maybe even $400?
If so, you’ll love the First Education Flex Loan:
A one-of-a-kind loan that allows you to borrow back from the amount you’ve paid ahead, any time you want!
How does a Flex Loan work?
Like a traditional fixed-fee, fixed-rate loan, you can pay the minimum monthly payment on your First Education Flex Loan, or you can choose to pay a little extra.
Going with the second option not only saves you on interest and helps you pay your loan off sooner; in the case of our Flex Loan, that little extra acts like an emergency fund you can borrow from any time! Any additional money you apply to your loan beyond your minimum monthly payment is available for you to withdraw at any time, no penalties or fees at all.
How do you “borrow back” from your loan?
Whenever you choose to take back your extra cash, simply log in to your online loan dashboard to request a payout.
Once the funds transfer to your designated bank account, your Flex Loan balance and payoff schedule will automatically adjust to reflect the changes. Bonus: Your loan repayment period will never extend beyond where you would naturally be had you never paid any extra.
Take control with your online loan dashboard!
In your secure, personalized online loan dashboard, you can go “behind the scenes” of your loan to:
- Make payments
- View the amount available to withdraw / “borrow back”
- See your current loan balance and estimated payoff date
- Manage your loan
What type of loans can be a First Education Flex loan?
- Auto purchase or refinance
- Debt consolidation
- Personal loan