Bank Products

Secured & Unsecured Loans

Moving You Forward

The bank program and products are originated by FinWise Bank. The bank offers both secured and unsecured installment loans that can fund either the merchant or the consumer directly.

 

What Is An Early Payoff Discount (EPD)?

An Early Payoff Discount allows you to pay off your contract early at a discounted amount. It typically lasts for 90 or 101 days, starting on the date interest begins to accrue after you’ve opened your account. The time frame may vary, so check your contract for specific details about your Early Payoff Discount Period.

 

You may save money on interest by paying off the full balance within the Early Payoff Discount Period.

 

Here’s what is included in the full balance: If you pay off during the Early Payoff Discount Period, you will not pay any interest – only the Amount Financed, Origination Fee, and other applicable fees (e.g., Late Fees and NSF fees).

 

Example: If your Amount Financed is $1,000.00, and you pay a $50.00 origination fee, you will only pay $1,050.00 if you pay off during the Early Payoff Discount Period.

Not a “same-as-cash” option:

  • An Early Payoff Discount is not a “same-as-cash” option.
  • Fees and interest may apply to your bank loan account and make your account cost more than if you paid for your merchandise or service with cash.

Interest payments are still required:

  • Interest accrues daily, whether during or after the Early Payoff Discount Period.
  • At no point does the interest stop accruing, and the interest is not deferred.

Other ways to save money

  • You may pay off at any time, including at the end of your full contract term.
  • If you would like to pay earlier (but after the Early Payoff Discount Period has passed), by paying the loan in full before the final payment due date, you will pay less interest than if you pay according to the loan amortization schedule. The earlier you pay off the loan, the less interest you pay.
  • There are no prepayment penalties, regardless of the option chosen.

Requires larger payments

  • The Early Payoff Discount Period generally lasts 90 to 101 days. Suppose you’d like to exercise your Early Payoff Discount Option. In that case, you’ll need to make payments larger than your minimum, contractual payments to pay it off, in full, within the Early Payoff Discount Period.
  • Your scheduled payments are only enough to pay the minimum amount owed and are built to divide your payments over the full term of your agreement.
  • Larger or additional payments are necessary to exercise the Early Payoff Discount.

Early Payoff Discount is optional

  • There is no penalty for letting the Early Payoff Discount Option expire, but it is generally more expensive not to exercise it.
  • Paying off after the Early Payoff Discount Period means that there’s more time for interest to continue to accrue, and the discount from the Early Payoff Discount Option is no longer available.

Bank Products – Frequently Asked Questions

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When you say “No Credit Required” or “credit not required for approval,” what does that mean?
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Do I need a certain credit score to get approved?
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Do my payments get reported to the credit bureau(s)?
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Who is my loan with? American First Finance or the bank?
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Are bank products cash loans?
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Can I pay it off early?
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What is the Early Payoff Discount Option, and how does it work?
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What happens if I over-pay when exercising my Early Payoff Discount option?
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When does the Early Payoff Discount Period expire?
© 2025 American First Finance. All Rights Reserved.

1 Application Terms: Your application, including the amount, cost, and approval, is subject to review and is not guaranteed. Applications are reviewed based on data you provide and one or more of the following: identity verification, bank verification, information from a third-party, a credit reporting agency, and/or prior experience through American First Finance (AFF).

Bank Loan: A consumer installment loan is originated by FinWise Bank, a Utah-chartered bank, Member FDIC and sub-serviced by AFF. The loan may be funded by the bank to the merchant for you to purchase item(s) and/or service(s). In some cases, the loan for returning customers is funded directly to your checking account for personal, family or household use.

Retail Installment Sale Agreement: A retail installment agreement is not a loan. You may enter into a Retail Installment Sale Agreement with a merchant to purchase item(s) and/or service(s). AFF may purchase the Agreement from the Merchant. An example of a retail installment transaction based on a 12-month term with 26 biweekly payments: if you make a purchase of $1,000 and make a $50 down payment with an Annual Percentage Rate (APR) of 169.53%, you will have 25 bi-weekly payments of $74.79 and 1 bi-weekly payment of $75.06. The total amount repayable will be $1,944.81 with full, timely payments over 12 months.

Lease: A lease is not a loan or credit transaction. It has several names: lease, lease-to-own, rent-to-own, or rental-purchase. With a lease, you select the item(s) and AFF purchases the item(s) from a Merchant. You take the item(s) home. AFF retains ownership until you pay for the item(s) plus rental fees. Other fees may be included, such as late, non-sufficient funds, delivery, and optional Liability Damage Waiver fees. As a result, the total amount you pay for leasing an item may be more than double the retail cost. You can cancel your lease at any time without penalty by contacting AFF. An example of a 12-month lease with weekly payments: if you lease a $1,000 item and pay a $50 (plus tax) processing fee, you will have 52 additional weekly rental payments of $46.11 to complete your lease. Your total lease payments will be $2,452.21 with full, timely payments over 12 months.

2 You will save money on interest, finance charges, or leasing fees when you pay the discounted amount during the Early Payoff Discount (EPD) period or by exercising the Early Buyout Option (EBO). You must make payments larger than your regularly scheduled payments by the EPD/EBO expiration date. You will make additional payments through the customer portal or by contacting the customer service team.

3 Decisioning may take additional time and not be same day. Additional information may be required.

4 This loyalty program is offered by FinWise Bank. The program provides loyal customers the opportunity to qualify for a lower rate. A rate reduction is valid on new loans only and cannot be applied to existing loans. The rate reduction is only applicable to customers with a prior loan open for at least 150 days, with all payments posted and cleared on time for the life of the loan, and the loan has been paid in full. Maximum of two (2) rate reductions per customer. Loans are originated by FinWise Bank, a Utah-chartered bank, Member FDIC. Terms and conditions subject to change at any time without prior disclosure or notice.

5 Approval is possible without a credit score, but credit may be checked.

6 Testimonials reflect the real-life experiences of customers who used our products and/or services. Individual results may vary.

To report a problem or complaint with this lender, you may write info@americanfirstfinance.com or call customer service at (855) 721-1188.

American First Finance, LLC – NMLS ID 1757007

© 2025 American First Finance. All Rights Reserved.