How is interest calculated and when is it due?

Interest accrues daily on your outstanding principal balance using a 365-day accrual model:

Daily interest = Principal balance x APR / 365

Your monthly statement is generated on the 1st of each month. The minimum payment (monthly interest) is automatically collected via autopay on the 1st of the month.

The monthly interest amount shown in the app is an estimate based on a 30-day month. Your actual monthly interest may vary depending on the number of days in the month and your daily principal balance.