We offer our Manual Pay clients the ability to split their payments into as many transactions as they would like. We currently don't offer this option to Auto Pay clients, though we hope to do so in the future.
If you're on Manual pay, there are two primary ways to make payments towards your monthly minimum amount:
Through your online profile: You can schedule payments from within your Earnest profile. You can set them for any date from the same day to 60 days in the future.
Using your bank's bill pay: If your bank offers a bill-pay service in which they automatically send out checks on your behalf, you can have them send checks to us. As of October 29, 2018, the address where we will accept paper checks will be PO Box 9202, Wilkes Barre, PA 18773-9202. Checks should include your brand new Earnest account and loan numbers, which will be displayed in your new dashboard and statements.
In either method, you may break up your minimum payment into as many transactions as you would like, as long as they add up to at least your minimum amount due, and finish processing on or before your due date. For instance, you can make payments twice a month and/or every two weeks, each for half of your minimum monthly payment. (For biweekly payments, this may mean you occasionally pay 1.5 times your minimum payment amount.)
If you're using the bank bill pay method, keep in mind that all paper check, wire transfer, and other forms of bill pay are applied on the day they finish processing, rather than the day your bank sends them. Therefore it’s important to set up the bill-pay so that that both checks are sent, received, and finish processing by your due date. (The payment will typically spend a few days in transit, followed by 2-4 business days in processing).