I think I'm paying more interest after my due date has passed.

[wilson382]

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Revelate wrote: 

2) It's possible your loan has the concept of a due date and late date, though I haven't the faintest idea why I've experienced one and heard of another.  My Chase mortgage works this way, due on the first, but I could've requested an automatic payment anytime between the 1st and the 15th as it wasn't "late" till the 16th.  

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I think Auto loan and morgage do what is called grace period, i don;t think personal loans offer such period.

please someone correct me if im wrong

[Revelate]

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@wilson382 wrote:

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Revelate wrote: 

2) It's possible your loan has the concept of a due date and late date, though I haven't the faintest idea why I've experienced one and heard of another.  My Chase mortgage works this way, due on the first, but I could've requested an automatic payment anytime between the 1st and the 15th as it wasn't "late" till the 16th.  

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I think Auto loan and morgage do what is called grace period, i don;t think personal loans offer such period.

please someone correct me if im wrong

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Might be correct, but none of my auto loans ever did so I don't know.

[Anonymous]

I had this happen. Where ever your loan is coming from they don't allow your bank to make electronic payments. Your bank is most likely sending a cashiers check to the finance company and it takes about a week to get there and post. Contact your loan company or bank and ask them if they are sending it as a cashiers check through regular mail. You'll be surprised to find this out. You might want to pay it over the phone with a fee or send it by check yourself a couple of days before it's due.

[Anonymous]

And you're right. You're accumulating interest every day they don't have the funds.

[Anonymous]

The bank is cutting the check on the day you want the money to come out. Call the bank and keep us posted so we will no if this is the case.

[wilson382]

@jdana70
There is no checks being mailed since my personal loan and payment account are within the same bank.
But I was confused and it doesn't make sense that my due date is the 18th and they wait for many days to charge the account.

Using the bank app I can click on my personal loan and see the post date which is a late date.