ach loan payment - electronic payment - online access to loans

Making a Payment on Your Loan?
Access your account and make online payments:

AutoPay Service

Provide Your Borrowers with Online Access to Their Loans
AutoPay is an add-on service for Moneylender that allows borrowers to see the balance, due date and amount due on their loans.
  • Let borrowers access their current principal balance, due date and amount due online.
  • Allow next-business-day ACH payments from borrower’s US bank account
  • Allow borrower to schedule recurring ACH payments on their loans.
  • Payment records appear in Moneylender automatically.
  • Borrowers receive upcoming payment reminder emails.

When you sign up for the AutoPay service, you can enable AutoPay for any of the loans in your portfolio. Your borrowers will receive an email invitation to create a password for online access to their account. They’ll be able to see the updated balance on their loans, the due dates and the amount due. They can submit their banking information and schedule one-time and recurring payments through AutoPay. The money shows up in your bank account automatically and the payments records show up in your portfolio. It’s the easiest way to let your borrowers pay their loans.

Within Moneylender, you can manage the borrowers’ payments in case they call you for help cancelling or scheduling a payment with AutoPay. If a payment fails for non-sufficient funds, dispute, or other processing issues, Moneylender can automatically add an NSF fee to the loan to compensate.

AutoPay is priced just as affordably as Moneylender:

  • $15 Monthly Service Fee
  • Per payment fee of the greater of $1 or 0.5%
  • $25 NSF Fee for failed payments

The AutoPay service has several extended capabilities. You can have funds routed into different bank accounts based on who the primary lender is on a loan. You can have the AutoPay fees optionally deducted from those separate lenders for total separation of funds. If a borrower has several loans in your portfolio, they’ll be able to see all their AutoPay-enabled loans from a single email/password. For loans from different portfolios or borrowers with multiple businesses, your borrowers can link their accounts together and still use the same login for everything.

Sign Into Your Account and follow the link on the lower right to enroll in AutoPay.

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