With overpaid Earnest loans, we'll begin the process of closing the account and issuing a refund once the final payment has been settled for at least 10 days. The refund should be received within 30-45 days. We determine the recipient of the refund based on how the funds were overpaid.
Typically, the excess funds will be sent back to the party that made the final payment. This means that if you scheduled the payment that caused the loan to have a credit balance, the excess funds will be sent back to you via check, automatically. Upon request, we can issue the refund via electronic deposit (ACH) with your verbal or written consent. Please reach out to our Client Happiness team as soon as possible so we may note your request. You can reach us by clicking the “Get in Touch” button found at the bottom of this article.
If the overpayment came from a third-party payoff or refinance:
- Balances over $500: Refunded directly to the paying company by check.
- Balances under $500: Mailed to you by check. If you'd prefer direct deposit (ACH) instead, simply click "Get in Touch" below to contact our Client Happiness team and provide your consent.
If you plan to pay your loan(s) off early and you’re enrolled in Auto Pay, we advise that you log in to your online account to unenroll at least 3 business days in advance. Any automatic payments scheduled within 3 business days may still be withdrawn, potentially adding an additional credit balance to be refunded. The same refund policies will apply based on the source and the timing of the final payment.