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Knowledge Base Article

Making loan payments in advance

Can I pay ahead on my loans?

You are required to make your regularly scheduled payments during the period in which they are due, regardless of any additional principal payments you have made. You can make additional payments toward your loan using the Transfer tab in your Online Banking or by bringing the additional payment into a branch, but those payments may not advance your due date.

For example, if your monthly payment is $300 and you send $900, $300 will satisfy the payment obligation for that due date and the additional $600 will go toward your principal balance as an additional principal payment. Your next payment will be due on its' regularly scheduled due date.