Hey there! I just wanted to share my experience with prepayments. In all my years, I've only done one, and I agree with @Minion 100%. When I made my prepayment, it was around 40% and that was before all the metrics and tools we have now. I remember paying $1,000, and it felt like the money vanished the same day or the next! It did take a bit longer because I did it around Christmas and New Year's, so it was the full 10 business days plus some. Just wanted to share that part. Then when it cleared them it still showed pending in my dashboard for about 4-5 days then cleared. It wasn't really to pay it off or to get a new offer it brought me up to around 60% ish? I wanted to pay it off sooner. I truly thought holy smokes I will have it paid off before it clears! 😂😳 I truly don't know how it operates internally I am just guessing there is some of that wait time to make sure it does clear your bank but also once they apply it people don't stop the payment or say it wasn't authorized type thing. A security level on their part. You would think though now it could or would be speed up a bit. I know just my square savings it took about 5 days or so to start up as well. Once going perfect. Was your intention to pay off the balance to get a new offer sooner and did the amount do it? I'll be 100% honest with you just going off of what I see here. It's about a 50/50 split. Some have been 3-4 months before an offer paid off and others have been a week. It's a roll of the old algorithm. Good luck keep us posted. I know now you can track it much faster and easier from when they took it (2) holding period day then off to processing it, once paid then it spends again(2) days till finally on your screen posted or paid the next day your loan chart should update. I saved that little note from the loan department. Good luck hopefully it goes a little faster but unfortunately, that's not what is being stated. Keep us posted if you would. It's been awhile since anyone posted paying it off and how long before the algorithm picked them off? It is not the same for everyone or no guarantees at all but it does let others see your timeframe.
