My servicer is Nel net and I got about 6 loans taken out and they are in the save plan but one is not. The one that is not I'm paying off being only 1500 and I only owe 491 left on it.
As I know from paying off my car loan you always pay more then it says when doing a pay off. Cause it shows principal balance 401.96 and outstanding balance of 402.85.
So to pay off do u need to send in the 402.85 or need to send in more?
The interest rate in it is 6.8% or do I need to call in for a pay off quote on that loan group.
Thanks for the help!
Posted by allied1987
3 Comments
If you’re making an online payment before the business day’s ACH payment cut-off deadline, you should be able to just pay the total balance (NOT the unpaid principal). The servicer is required to make the payment effective the date of payment as long as the aforementioned criteria are met, so any interest that accrues while the payment processes will be wiped.
Yeah, just pay the $402.85. That represents the principal and interest through today. As long as you are paying online, the payment will be considered posted today, so if you notice a balance of a few cents in a few days, it will be removed.
From my understanding there’s usually a “pay off loan” or “pay entire balance” button which will charge the amount required to fully satisfy the debt.