Adding an installment loan -- the Share Secure technique

[Anonymous]

Thanks guys ! I  payed it down now.  I will stalk the site to see if I can delete the autopay. I'm still confused why the amount is only $3.50?! Hmmmmm 

Savings Account	$569.00	$520.00	0.995 %	$0.00	Options »

Share Secured Loan

04/01/21 - $3.50

$44.00

--

4.000 %

$0.00

04/01/2021

Savings Account - S01

Share Secured Loan - L01

Monthly

$9.19

[newhis]

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@Anonymous wrote:

Thanks guys ! I  payed it down now.  I will stalk the site to see if I can delete the autopay. I'm still confused why the amount is only $3.50?! Hmmmmm 

Savings Account

$569.00

$520.00

0.995 %

$0.00

Options »

Share Secured Loan

04/01/21 - $3.50

$44.00

--

4.000 %

$0.00

04/01/2021

Savings Account - S01

Share Secured Loan - L01

Monthly

$9.19

---

 The $3.50 for 04/01/21 means that you paid your balance more than $9.19 for that month, so is only $3.50 to be paid that date. 

On 05/01/21 your paymente will be $9.19, also 06/01/21, until your loan is paid in full.

Don't worry about it, you still need to pay something every 6 months to avoid fees.

Let's say that you pay $5.69 on 02/20/2017 (and not more than 90% of your loan), your monthly payment is $9.19 on 03/01/2017, you still owe $3.50, so your next payment will say $3.50 due 03/01/2017. Because you paid hundreds of dollars to you loan, the next payment is way into the future, 04/01/21, and the amount left to pay for that month is $3.50

I hope it is clear.

This is not like a normal loan that if you pay more, then it will reduce the time it takes to pay it. Usualy if you have a loan and you pay more, then the lenght is reduced, so you will stay pay $9.19 (but less months), and the last payment will be $3.50 (or so).

[Anonymous]

Got it ! Thanks a bunch . I really appreciate it. Now I hope I can get this thing deleted before 3-1 ! Fingers crossed 

[newhis]

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@Anonymous wrote:

Got it ! Thanks a bunch . I really appreciate it. Now I hope I can get this thing deleted before 3-1 ! Fingers crossed 

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I bet you will be able to delete it on 02/27 at 10am

[Anonymous]

i just set a erminder to start that day ! 10 am sharp. I'm on it  Thanks again 

[Anonymous]

@newhis. I was able to delete the pendinding transfer today just like you said ! Thanks so much !

[Anonymous]

I am unable to add like a $1 payment each x months so the thing doesn't go dormant. I can only select the minimum payment which is due in 2021 and is abot 18 bucks.. how do I do this?

[Anonymous]

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@Anonymous wrote:

I am unable to add like a $1 payment each x months so the thing doesn't go dormant. I can only select the minimum payment which is due in 2021 and is abot 18 bucks.. how do I do this?

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Have you looked to see what the guidance recommends?  I reproduce the relevant passage in blue below.  It's from STEP 4: PAY IT DOWN.  Let the folks here on this thread know if you don't understand what any part of it means.

Finally, you'll need to figure out a plan for keeping your loan and your savings account "active" so that they do not receive a fee for standing inactive/dormant for a long time.  Here are some options: 

*  MANUAL.  Just remember to sign on to your Alliant account and manually initiate a transfer of $2 every six months from your savings account to your loan account.  If you are confident you'll remember, that's simple and easy. 

*  AUTOMATIC: Use billpay from a checking account to make a $2 payment to your loan every three months.  The checking account can be an Alliant checking or one from an external bank.  If it is an external bank, you should also set up a billpay to your Alliant savings account to keep it active as well.  Note that, because you have deleted your monthly autopay, Alliant seems unwilling to let you set up another autotransfer from savings to loan.  So if you want to go the automated route, you'll need to use a checking account.

Regardless of the approach you choose, sign in once a year to make sure things are going OK.  You may need to tweak your payments a tiny bit, especially toward the end.  It's very important for your payment plan to avoid paying off the loan way earlier than you intended, but also important not to make such small payments that you eventually fall behind Alliant's schedule for paying off the loan.

[newhis]

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@Anonymous wrote:

I am unable to add like a $1 payment each x months so the thing doesn't go dormant. I can only select the minimum payment which is due in 2021 and is abot 18 bucks.. how do I do this?

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No you can't set a recurring payment, but you can do several future payments (up to a year in the future).

Go to 'Transfer Money' tab, 'My Accounts', select 'Future', fill the from/to accounts, amount and date, repeat if you want to set a few payments. Just remember to login again in the future to set other future payments.

[Anonymous]

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@Anonymous wrote:

I am unable to add like a $1 payment each x months so the thing doesn't go dormant. I can only select the minimum payment which is due in 2021 and is abot 18 bucks.. how do I do this?

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Use the "Future Transfers" button, not "Recurring Transfers". "Recurring Transfers" is off-limits for 4-ish years. Set up a single Future Transfer for whatever small amount, then do it again. You don't need to make a monthly payment to keep it active. Really, you only need to provide activity like once or twice a year. I added $.10 payments to mine every 6 months.