How can I pay off my Personal Loan?
What if I make prepayment(s) before or on my monthly scheduled due date?
Who is B2 Bank National Association?
What if I cannot pay my monthly installments?
What if I'm late in making a payment?
Can I change my payment due date?
How do I receive my funds?
The funds will be sent directly to your linked bank account or your M1 High-Yield Savings Account. Transfers to your linked bank account may take up to 5 business days. Disbursements to your HYSA are much quicker and may be instantaneous if initiated between 10 AM – 4:15 PM ET.
When will I receive my funds?
Upon approval and completion of the application, it may take up to 5 business days to receive your funds.
How can I pay off my Personal Loan?
You can pay off your Personal Loan by logging into the M1 Android or iOS app, or by going to M1.com and making payments from your linked bank account or your M1 High-Yield Savings Account. Transfers from your linked bank account may take up to 5 business days. Transfers from your HYSA are much quicker and may be instantaneous if initiated between 10 AM – 4:15 PM ET.
You can also pay off your Personal Loan via check by sending it to the following address:
B2 Bank National Association
PO BOX 706
Buhl, MN 55713
Please make sure your check includes your name, date, and last six characters of your loan id.
For example, if your loan id is “2c-032b-4c62-af1f-b94ef3ef081c", please put “ef081c - M1 Personal Loan” in the memo line.
Note: we cannot accept payments by check to our headquarters in Chicago, IL.
B2 Bank NA, Member FDIC, Equal Opportunity Lender
What if I make prepayment(s) before or on my monthly scheduled due date?
You may prepay your M1 Personal Loan in full or in part at any time without penalty. Any partial prepayment will not excuse any later scheduled payments until you pay in full.
If you make a payment before your monthly scheduled due date and your payment is for more than the amount due, your payment will be applied first to the current amount due and the extra amount, over and above the current due amount, will be applied to principal.
For example:
- Payment of $100 is due on 5/20
- Payment of $300 (extra) is made on 5/16 (before due date)
- $100 will satisfy the 5/20 scheduled payment
- $200 will be applied to your principal balance
If you make a payment on your monthly scheduled due date and the payment is for more than the amount due, your payment will be applied first to the current amount due and the extra amount, over the current due amount, will be applied to the next scheduled payment. If the payment is made in an amount that covers the current amount due as well as the next scheduled payment, any additional amount over that will be applied to principal only.
For example:
- Payment of $100 is due on 5/20
- Payment of $300 is made on 5/20 (on due date)
- $100 will satisfy the 5/20 due amount
- $100 will satisfy the 6/20 scheduled payment
- $100 will be applied to your principal balance
Who is B2 Bank National Association?
B2 Bank National Association, formerly The First National Bank of Buhl, is M1’s banking and loan servicing partner. You can read more about it in this blog post by our CEO, Brian Barnes.
B2 Bank NA, Member FDIC, Equal Opportunity Lender.
What if I cannot pay my monthly installments?
We understand that circumstances can change, and we will do our best to help you get on track, but failure to meet your loan obligations can negatively impact your credit report thus impacting your credit score. We encourage you to contact us to see what your available options are.
What if I’m late in making a payment?
Currently, there are no late fees associated with making a late payment, however, making late payments can impact your credit score and can impact your ability to obtain a new loan with M1. Payments that are 30 days or more past due will be reported to credit agencies. At M1 we encourage financial stability and good financial habits.
Can I change my payment due date?
Regrettably, we do not allow the due date to be altered. Your scheduled monthly payment is autogenerated upon completion of your Personal Loan application.
M1 Plus is an annual membership that confers benefits for products and services offered by M1 Finance LLC, M1 Spend LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. “M1” refers to M1 Holdings Inc., and its affiliates.
M1 is a technology company offering a range of financial products and services. “M1” refers to M1 Holdings Inc., and its wholly-owned, separate affiliates M1 Finance LLC, M1 Checking LLC, and M1 Digital LLC.
M1 is not a bank. M1 Personal Loans are furnished by B2 Bank NA, Member FDIC. Equal Opportunity Lender.
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