Instead of the traditional monthly payment schedule, our biweekly Auto Pay option allows you to make payments every two weeks, aligning them with your pay period if you receive compensation on a 14-day cycle. Not only does this synchronization help you stay on top of your finances, but it can also reduce the accumulation of interest over time. It’s important to note, we currently do not offer the ability to enroll in semimonthly Auto Pay.
What is the difference between biweekly and semimonthly?
The main distinction between biweekly and semimonthly payments lies in the frequency and impact of loan repayment. Biweekly payments occur every two weeks, resulting in 26 payments per year. This schedule can help clients pay off their loans faster and reduce overall interest costs. On the other hand, semimonthly payments involve making two payments per month, totaling 24 payments annually.
When can I enroll in biweekly payments?
Enrollment becomes available at the end of your first 30-day billing cycle, which is also when the first statement is generated. Following this date, you will see the option to “Change Auto Pay Settings” and be able to adjust from a monthly withdrawal to every 2 weeks.
How do I enroll in biweekly auto payments through my dashboard?
- First, sign in to your account.
- Select View Loan Details from the loan card.
- Click on the "Change Auto Pay Settings" button and select "Enroll In Auto Pay."
- Choose a bank account and frequency (every 2 weeks).
- From here, you may select the starting date for your biweekly payments. It's important to note that whichever day of the week you select (Monday- Sunday) will become the day your payment debits every 2 weeks.
- Once you have selected a day that works best for you, click "Review Changes."
- Lastly, click “Confirm and Submit."
Can I move from biweekly back to monthly if I need to?
Yes! You'll be able to use the "Edit Frequency" button under the Change Auto Pay Settings option to move back to a monthly payment schedule.