Paying your Camino financial loan is just exactly like the Jackson 5 sang some time ago:
Easy as 1-2-3, as simple as Do-Re-Mi, A-B-C
Yes, making your payments is a trouble-free process: it’s automated for your own convenience.
We have built a payment system with the latest technology to make submitting your monthly payment a breeze. On top of the ease of making loan payments, we also offer additional rewards when you pay on time.
6 Tips to Pay Your Camino Financial Loan on Time
Payments on a Camino Financial loan are automatically set up for auto bank withdrawal. This means that everything functions on auto-pilot, so there’s no need to mail in a check every month. That’s very convenient, right?
Nevertheless, there are some steps you can take to make sure everything runs smoothly. Let’s look at some ideas to help make sure your loan payments are made in a timely manner.
1. Keep Your Bank Account Details Up-To-Date
If you change banks, you’ll definitely want to give us your new bank account details. Specifically, we’ll need the account and routing numbers for your new deposit account. Or perhaps you haven’t changed banks but want to use a different account. In that case, we’ll need the new account number.
At Camino Financial, security is a top priority. This is why we only permit changing bank account information over the phone. Give us a call at (800) 852-0655 to update your bank account details.
2. Ensure You Have Adequate Funds in Your Bank Account
This one is really important.
Because they are automatically charged each month, you may forget about your loan payments. If you’re not paying attention to your savings or checking account, and don’t make periodic deposits into it, your account could be overdrawn.
Online banking is your friend! By getting an app for your phone or checking your bank account online, you can make sure you have adequate funds without ever leaving your house!
3. Adjust Your Payment Due Date if it’s Helpful
If you regularly deposit funds into your bank account at certain times of the month, making your loan payment shortly after this time could be a good idea. This is why Camino Financial allows borrowers to change their due date if they need to (it could be the 5th, the 15th, or the 25 of every month). You’d only need to cover the cost of the interest accrued between your next payment date and your adjusted payment date.
Give customer service a call if you need a different due date: (800) 852-0655
4. Make a Bill Calendar
With your due date established, now you can make a bill calendar. This is just like any other calendar except for one difference. Instead of events and holidays, you’re going to list each bill on the date it’s due. You should also include the amount and the creditor.
A digital calendar is an even better idea. You can set up recurring bills and color code them.
Or you could even make a sticky-note reminder if technology is not your forte and you don’t like hanging calendars on your wall.
5. Make Reminders
Besides the bill calendar, there are other ways you can remind yourself of upcoming loan payments. Many smartphone apps can give you an alert whenever you have a bill due.
6. Take Advantage of the Member’s Portal
When you register to use the Member’s Portal, you open a door to a lot of useful tools. You’ll find many resources to manage your account and track your payments. You can look over your balance information, recent loan payments, time to pay off, the amount of your next payment, and more.
The Member’s Portal has a help section that you can explore if you have any questions. And there’s a live chat if you need help from a customer service associate.
An amazing perk in the Member’s Portal is the $175 referral bonus. You can click on the link and send it out to family and friends. If they sign up for a loan, you get the bonus. It’s practically free money!
The Benefits of Paying Your Camino Financial Loan on Time
Sending your loan payments in on time has all sorts of advantages that your small business really will want to take advantage of. Here are a few examples:
Credit Report and Score
Making your loan payments on time helps to improve your credit score.
- If your loan was taken out with your business tax ID (also known as an EIN, an Employer Identification Number), loan payments will show up on your business credit report. This is true whether the payments are late or on time.
- If the loan was taken out with an individual Social Security Number or Individual Taxpayer Identification Number (ITIN), loan payment history will appear on your personal report.
In all cases, your credit score will be positively impacted by your timely loan payments.
If you have a low credit score, you won’t be able to get future business loans. Having a high credit score will give you access to the market’s lowest interest rates. A high score will also give you better terms from suppliers, landlords, and other business associates.
By consistently making your loan payments on time, your score will steadily increase, and this will give you more financial strength.
Saves on Interest
The more payments you miss, the longer it will take to pay off your loan.
The longer it takes to pay off your loan, the more interest you’ll have to pay over the lifetime of the loan.
Consistently making your loan payments on time means the loan will not cost you more.
Even better, if you realize you can pay the entirety of your loan in one sitting, you can do so: paying off the loan early will save you even more in interest charges. This is especially a good idea with Camino Financial because we don’t charge any prepayment fees.
When you submit 8 timely loan payments in a row at Camino Financial, you automatically graduate. This means you’re eligible for a lower interest rate and a larger loan amount.
Remember, in order to qualify, you can’t miss a single payment. So you must make sure your loan payments go through on time.
Successful Businesses Make Their Loan Payments on Time
When you consistently make your Camino Financial loan payments, you build good credit and create more business opportunities.
Camino Financial promises “No business left behind.” Wherever your business is currently on its journey to success, we can help you go further and accomplish more.
Do you want to check the status of your loan and view your upcoming payment?