How do Loan Payment Rewards work?

Last Updated June 17, 2025 less than a minute read

You have a Happen Bank Personal Loan and a LevelUp Checking account. To be eligible for 2% Loan Payment Rewards, you must have Direct Deposit set up, receive at least one qualifying Direct Deposit during the month in review into your LevelUp Checking account, and make a full loan payment from your LevelUp Checking account by the due date. For more details, please review our LevelUp Checking Terms & Conditions.

For example, in January, you receive a qualifying Direct Deposit into your LevelUp Checking account. Your monthly loan payment due in January is $300. You make the full $300 payment for January by the due date from your LevelUp Checking account. In February, you will see 2% of your payment amount, or $6.00 (2% x $300), credited to your LevelUp Checking account as Loan Payment Rewards.

Additional Introducing LevelUp Checking FAQ

• Which loans are considered personal loans for Loan Payment Cash Back?
• What MCC codes are eligible for Debit Card Rewards?
• What’s an MCC?
• When will I see my Debit Card rewards?
• Where do I track my Debit Card rewards?
• How do I earn 2% Loan Payment Cash Back with a LevelUp Checking account?
• I'm not a Happen Bank member. How can I open an account?
• How do Debit Card Cash Back rewards work?
• How do I earn 2% Loan Payment Cash Back with my LevelUp Checking account?
• How do I earn 1% Debit Card Cash Back with a LevelUp Checking account?
• Do I earn more cash back if I pay more than the amount due?
• Do I earn any cash back if I pay part of my monthly payment amount?
• Is there a limit to how much you can earn through our Debit Card Cash Back program each year?
• Do LevelUp Checking Rewards get deposited directly into my LevelUp Checking account?

Calculate your LevelUp Savings

Starting balance

$25,000

Contribution Amount

How long do you plan on saving?

Years

Months

Annual Percentage Yield

Contribution frequency

Weekly

Bi weekly

Monthly

You could have

$47,100

in your deposit account in

5 years, based on your inputs.

Savings breakdown updated. Bar chart showing Initial deposit 25000 and Total contribution 15000 and Dividends earned 7100

Savings breakdown

$60K$60K$40K$40K$20K$20K$0$0

Initial deposit

Total contribution

Dividends earned

Initial deposit data points: Point 1: 25000. Total contribution data points: Point 1: 15000. Dividends earned data points: Point 1: 7100

Calculators are provided for illustrative purposes only. The results of the savings calculator are determined based on your input values. The results vary based on any changes to the input values. The savings calculator results are, in part, determined by the Annual Percentage Yield (APY) input. The APY is consistent with the current rate offered by Happen Bank. Rates are variable and subject to change at any time. Fees may reduce earnings on account. With the minimum deposit you will earn the LevelUp rate, otherwise you will earn the standard rate. For more details about LevelUp Savings see Product Terms and Conditions.