How To Make Loan Payments With Camino Financial
Knowing how to make a loan payment is crucial if you want to work towards a strong credit score and avoid late fees.
At Camino Financial, we aim to make loan repayments as convenient and easy as possible for our members.
Keep reading to learn how the payment process works.
|Table of Contents|
|1. Instructions for making payments to Camino Financial|
|2. Why is it better to renew than to pay off the debt first?|
|3. Other loan payment options|
Instructions For Making Loan Payments With Camino Financial
Camino Financial only offers an automatic payment program for loan accounts, meaning automatic payments work on a recurring payment cycle.
We inform members with loan accounts of their payment due dates, and for convenience, they receive notifications a few days ahead of schedule.
This way, members can ensure they have enough funds in their bank account to cover the loan repayment charge.
Additionally, members can find their account information in the Member’s Portal.
Log Into The Member's Portal
If you’re unsure of what your payment date is and can’t find it, contact our member experience team.
The Loan Payment Process
Each Camino Financial loan has an ACH automatic payment feature, the default payment method for all loan accounts.
As many small business and start-up members have busy schedules, we want to prevent missed payments and late fees by automating payment schedules.
This way, our loan account members don’t have to worry about finding time to make a payment or falling behind due to schedule demands.
Currently, Camino Financial has three payment cycles defined in the loan contract. This means that due dates can fall on either:
- the 5th of every month,
- the 15th of every month,
- or the 25th of every month.
If you have any problems with the selected due date, you can change it to one of the other 2 (whichever’s most convenient for your financial needs. To do so, call Camino Financial and speak with an account representative.
You can also pay off your full debt with a one-time payment, which will not incur additional fees.
A late payment fee may apply to loan accounts for payments received more than three days after a defined due date.
Let’s assume a member’s payment is due on the 5th of the month, but the external account used to pay the loan installment lacks sufficient funds.
If three days pass, and we cannot make the charge, the member may incur a late fee.
Your late payment fee will be the greater of the following:
- 5% of the scheduled payment, up to $200
As such, members will want to ensure that each component of their payment information is correct and up to date.
Contact our Loan Servicing department if you have any questions regarding repayment options.
A representative will cover all the details related to your account options so that you are well-informed.Contact us
Why Is It Better To Renew Than To Pay Off The Full Debt First?
With Camino Financial accounts, it is often easier and more beneficial for clients to renew their debt instead of paying it off on a set schedule.
Depending on the approved terms, renewing a loan could allow members to:
- lower their monthly payment amounts thanks to new, lower interest rates
- extend their loan term
Camino Financial’s goal is to invest in opportunities for our members. Our institution aims to provide capital for underserved entrepreneurs and individuals alike.
We promote economic growth among our members as our financial services professionals understand the difficulties of starting a business, growing an organization, or investing in the future.
We strive to make arrangements as simple as possible for each account holder we serve.
Check out our business resources to discover helpful tools you can use to reach your financial goals, and if you’d like to seek funding, don’t hesitate to contact Camino Financial today.
Loan Payment Options Other Lenders Might Offer
Knowing how to pay your other loan charges is crucial to master your finances and requires understanding all loan types and payment options.
That’s why we want to help you understand the most common payment options available.
Additional payment methods may be available depending on your lender’s loan servicing criteria.
Online Banking Transfer
Online banking transfers can automatically transfer funds from a deposit account to a loan account each month.
Depending on your lending institution, you may have the option to set up auto-pay drafts each month with your debit card, checking, or savings account so that the lender receives the payment on time.
ACH Debit Payment
ACH payments are those made from one bank to another. Through automatic ACH payments, members can use their bank account routing number or a debit card to set up recurring payments.
You can make these transfers from your personal savings, checking, or business checking account.
Online Payment Center
Online loan payment is possible for many lenders through an online payment center. This center allows individuals to easily manage their payment methods by storing various ways into a single platform.
This detail means you can quickly add payment methods and securely store your debit or credit card information for future use.
Members typically go into an account portal for their lender to view bills and select a payment method. These centers often have auto-pay options to make your loan payments more manageable.
Automatic payments are at the heart of Camino Financial’s loan repayment system and many other payment systems you might consider.
Individuals often prefer to have their loan installments drafted automatically on a specified due date defined within their loan contract.
Provided your funds are available through the account used to make the payment, members with a loan account don’t have to worry about making payments manually.
Digital Banking Payment
This payment option is through some lenders to transfer funds every month or through a loan payment schedule with recurring automatic transfers to cover each month’s loan payment.
Through this method, individuals transfer money to a payment account from another source via a digital channel.
Pay With An Account From Another Institution
You can make automatic payments from various financial accounts, even those from other institutions.
This process requires members to set up their automatic loan payment schedule and ensure they correctly input the information from their external bank account.
From there, automatic payments should draft without delays or hassles as long as the funds are available.
Pay With A Credit/Debit Card From Another Institution
You can also make automatic or phone payments with a credit or debit card from another financial institution.
Much like using a bank account from an external bank, members simply need to set up their payment information and ensure that the card number, billing address, expiration date, security code, and the name on the account are correct.
Can you make a loan payment over the phone?
At Camino Financial, we charge your payment automatically. This means you don’t have to make the payments online, over the phone, or in person.
However, by calling (800) 852-0655, you can contact our Loan Servicing department to learn more about your loan account.
How do members make a one-time payment for a loan?
At Camino Financial, our account payment options are automatic by default. Our loan account members usually won’t have to make one-time payments manually because their payments are automatic.
However, if members need to make a one-time payment from a different account, they can call the Loan Servicing department to make arrangements.
Can members pay the loan amount online?
Camino Financial members can access an online account portal to review their payment history. However, we charge loan payments automatically.
What do you call the monthly payment of a loan?
Amortization is when you make a loan payment monthly, and each installment requests the same payment amount each time a due date approaches.
Amortization covers interest and outstanding balances and calculates payment amounts needed to pay off a loan within a set length of time.
What is it called when you pay a loan?
Many call it repayment. When an individual borrows money and then pays the principal and interest in installments, they effectively repay a loan to the lender.
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