Our bi-weekly payment plan automates bi-weekly payments, pays your loan off early and saves you money.

To be a bit more precise, our bi-weekly payment plan automates bi-weekly payments by electronically transferring money from your checking or savings account, to our FDIC bank, then to your existing lienholder.  As a result, your loan is paid off earlier and you save a lot of money.  You need to pay your debt off early because otherwise way too much of your hard-earned money will go straight to the lienholder in the form of interest payments.  And that’s just a waste of your money!

Benefits of Our Bi-Weekly Payment Plan

There are benefits of our bi-weekly payment plans that go beyond just paying your loans off early and saving money.

1. Convenience:  You won’t have to worry about dealing with your existing lienholder any longer.  No more worries about auto-drafting, phone calls, emails, lienholder changes, setting up a new account with a new lienholder when the existing lienholder sells your loan to another financial institution.  And the list of “convenience” benefits goes on and on.  Just set up your bi-weekly payment plan with our FDIC bank and the bank takes it from there. 
2. Control:  When you decide you want to rapidly accelerate your loan payoff, just simply call our bank.  Then tell them when you would like to pay your loan off, and they will tell you what your new bi-weekly payment will be.  It’s that simple.  No need to work with some funky financial calculator to figure all that out.  Just one short phone call to our bank and they will figure it out with you.
3. Support:  Our bank representatives are just a phone call away.  Feel free to call them at any time with any question you may have.  Those calls won’t cost you a dime!

Now let’s talk numbers!

Examples That Highlight the Benefits of the Bi-Weekly Payment Plan

The bi-weekly payment plan can be used on any loan with a fixed interest rate.  For decades now, most loans through a FDIC bank can be paid off early without an interest penalty.  That means the bi-weekly plan can be used to save a lot of money on student loans, auto loan, mortgages, etc.  The following pages will give examples with student loans, auto loans, and a mortgage.

Student Loans

The current student loan debt is $1.5 trillion dollars (Forbes, June 13, 2018).  It should therefore be no surprise that many of you have a significant amount of student loan debt.  As a result, you may have unusually high debt to income and payment to income ratios.  Because of those relatively high levels of debt and correspondingly high debt to income and payment to income ratios, many lenders may decline you when you seek approval for a vehicle or home loan.  Furthermore, if your loan is approved, the interest rate will be higher than if you did not have so much student loan debt.

The bi-weekly payment program can address this situation by facilitating early loan payoff.  And that will save you a significant amount of money:

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*Net Service Fee $399 and ACH fees.

 

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*Net Service Fee $399 and ACH fees.

 

How the Bi-Weekly Payment Plan Helps with Student Loans

The obvious answer is that the bi-weekly payment plan will pay the student loan off earlier and save you money.  The other benefit is the bi-weekly payment plan’s ability to reduce your debt to income and payment to income ratios.  Banks look at both of those ratios when making a decision to lend you money or not.  Since the bi-weekly payment plan accelerates student loan payoff, it reduces both of those ratios.  And that means the bank will be more likely to give you a loan approval.  Even better, your interest rate is more likely to be lower than if you did not use the bi-weekly payment plan to pay your student loans off early.

Auto Loans

At some point in time, everybody out there will need to purchase or finance a vehicle.  The challenge is that vehicle prices keep going up.  In fact, Business Insider published an article on March 17, 2019 with some data from Experian:  record high monthly payments for new autos of $545 and record high monthly payments for used autos of $387.  That same article also stated that interest rates for autos have hit a decade high.  The combination of both of those factors results in all of us paying a lot more interest to the bank on our auto loans than ever before.  That’s not good financial news for any of us. 

The good news:  the bi-weekly payment program can address this situation by facilitating early loan payoff, which will save you a significant amount of money:

 

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*Net Service Fee $399 and ACH fees.

 

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*Net Service Fee $399 and ACH fees.

 

How the Bi-Weekly Payment Plan Helps with Auto Loans

As you can see from the above examples, the bi-weekly payment plan is a very powerful tool.  It will help ensure that your loans are paid off much earlier.  And save you a lot of money!

The other benefit of the bi-weekly payment plan is its ability to reduce negative equity.  And that is very important because when you trade in a vehicle you have been paying bi-weekly on, there will be a much smaller loan balance carried on to the vehicle that is replacing your trade vehicle.  All else being the same, that means the payment on the replacement vehicle will be lower than if you had not participated in the bi-weekly payment plan.  Also, since the loan to value of the replacement vehicle will be smaller due to the bi-weekly payment plan, there will be less risk for the bank.  And that means the approval will probably be a better one with a correspondingly lower interest rate.  The end result:  the total cost of the replacement vehicle will be much less due to the power of the bi-weekly payment plan.

Mortgage

Financing a home is one of the proudest moments for all of us.  But the reality is that home will cost a lot of money in part due to the interest paid to the bank over 30 years.

The bi-weekly payment program can address this situation by facilitating early loan payoff, which will save you a significant amount of money:

 

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*Net Service Fee $399 and ACH fees.

 

How the Bi-Weekly Payment Plan Helps with a Mortgage

As you can see from the above examples, the bi-weekly payment plan is a very powerful tool.  It will help ensure that your mortgage is paid off much earlier.  And save you a lot of money!. 

In the previous example with an auto loan, the savings are significant.  Just look at how much time and money the bi-weekly payment plan can save on a mortgage—a massive amount!  Paying that mortgage off early and saving all that money is life changing, and very easy to due via the bi-weekly payment plan.

The Power of Payment Boost

The bi-weekly payment plan is unique and powerful by itself.  It is amazing that we have access to a bi-weekly payment plan managed by a FDIC bank that does not replace your existing lienholder.  The bank simply and ingeniously automates bi-weekly payments from your checking or savings account to your lienholder. 

And the Payment Boost option takes an already very strong bi-weekly payment plan to a much higher level.  That is because it gives you the ability to pinpoint exactly when you would like to pay off your loan(s). 

Say for example your auto loan contract has a term of 72 months.  Now let’s say you want to pay that loan off in 36 months.  No problem, with the payment boost option, all you need to do is tell our bank you want to pay the loan off in 36 months and they will tell you what your new bi-weekly payment will be.  That’s it! 

There is truly no other bi-weekly payment plan on the market that is this flexible and powerful. 

Some Thoughts About the Bi-Weekly Payment Plan Fees

“Integrity is telling myself the truth.  And honesty is telling the truth to other people.”
― Spencer Johnson

There is an enrollment fee and ACH fees associated with the bi-weekly payment plan.  NOTE:  the savings shown are net savings, meaning the savings already include the fees.  Also, a FDIC bank is managing this program.  As such, they must disclose their fees associated with the bi-weekly payment plan.  And they do:  on the contract and also when they have the conversation with you over the phone.

Conclusion

Hopefully you have found this information about our bi-weekly programs both helpful, honest, and motivational.  In essence, we help you automate your bi-weekly payments, pay your loans off early, and save money.

So, if you’re ready to get on board, reach out to us today and let us help you get on the path to personal and financial freedom.  We look forward to serving you!