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Can I make principal only payments to a consumer loan through Online Banking?

April 26, 2017consumer loan Online Banking PAYMENTS Principal

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Can I make principal only payments to a consumer loan through Online Banking?

2 Answers

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Yes. To make a principal only payment, first make a full payment for the current month. Then, make an additional payment for any amount under the monthly loan payment due amount, and it will be directly applied to principal if the next billing statement has not been mailed. (Ex: If your payment due is $500, first pay that amount for the current month. Then, make a separate payment for any amount under $500 and it will be applied to principal. Payment amounts equal to or greater than the monthly installment will be applied as the next month’s payment.) NOTE: Memos entered in the “MEMO” field of the TRANSFER screen in Online Banking are for your record keeping purposes only. Information entered, such as “Please apply to principal”, is not taken into consideration as it is not seen by bank personnel until after the payment has been posted to your account.

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Yes. To make principal only payment, first make a full payment for the current month. Next, make an additional payment for any amount under the monthly loan payment due amount. This payment will be directly applied to principal if the next billing statement has not been mailed.