Each month, you will earn rewards based on the actions you take. Your monthly reward will automatically reduce your monthly payment.*

Monthly Actions

Each month, we monitor your bank and credit report to look at specific behaviors: reducing debt,increasing savings, and spending on debit instead of credit. Each of these activities can earn a month reward that starts at 2.5% and grows to 10% based on how many months in a row you achieve the goal.

 One-Time Action

Although it's optional, you can pledge your auto title as collateral against the loan. This will earn a 20% discount in each month.

Rewards Schedule

We calculate a reward percentage every month based on what your actions in the current and previous months. Some rewards increase as you do them for consecutive months.

Monthly Triggers Monthly Discount on Interest Cost
1 2 3 4
Reduce debt by $50 per month 2.5% 5.0% 7.5% 10.0%
Save $50 per month 2.5% 5.0% 7.5% 10.0%
Credit card spending less than $600 2.5% 5.0% 7.5% 10.0%
All debts on time 3 months in a row required
One-Time Trigger
Auto title collateral 20% each month

Calculating the Monthly Reward Amount

Your reward percentage is calculated by adding up your reward earned for each action in the month. This reward percentage is multiplied by your finance charge to calculate the amount of your monthly award. Your monthly payment is automatically reduced by this reward amount.*

An Example

Mary has a RateReward loan with a base monthly payment of $210. Her payment is comprised of $110 of interest and $100 of principal. Let's see how her reward would be calculated based on her recent banking and credit history.

Paid all accounts on time 3 months in a row Qualify for monthly rewards
Reduced total debt by $50 for 3 months in a row 7.5%
Spent less than $600 on credit 4 months in a row 10%
Did not increase savings by $50 this month 0%
Has collateralized her loan with an auto title 20%
Total Reward Percentage 37.5%
Monthly Reward Amount
37.5% * $110 Interest Cost
New Monthly Payment*
$210 Base Payment - $41 Reward

* We will use our best efforts to calculate RateRewards such that they can be used to reduce the monthly payment. However, in certain circumstances this may not be possible. In such cases, the RateRewards will be applied as an interest discount to your loan without reducing the monthly payment, usually resulting in a higher principal payoff.