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Set up a loan payment through the Loan Manager

Why should I pay my loans through the Loan Manager?

Important: Any payment that you set up from this window applies only to the specified payment number. The information you change from your standard payment—payment type, principal amount, interest amount, and so on—is reset to the standard payment information the next time you set up a payment for this loan (in other words, for the next payment number). Also, if you have not set up an opening balance for the loan account, you will not be able to set up a payment for it.

  1. Go to the Banking menu and click Loan Manager. Shortcut

  2. From the list of loans, select the loan you're setting up for payment.

    What if I don't see the loan I'm looking for?

    What if I don't see the loan I'm looking for?
  3. Click Set Up Payment.

  4. Select a Payment Type.

    What's the difference between a regular and an extra payment?

    Regular payments are your scheduled payment amounts of principal, interest, and escrow (if any) per your loan terms. An extra payment is made in addition to regular payments.

    When you set up a payment through the Loan Manager, you can specify how much of the extra payment is to be applied to the principal, the interest, and/or to the fees and charges on your loan.

  5. Review the Account Information.

    You can change any incorrect information by editing the liability account for the loan.

  6. Review the Payment Information, and make any adjustments or entries.

    If you need assistance with filling in any of the fields, click Help.

  7. Choose a payment method, based on how you pay your vendors.

    • Choose Write a check if you write checks for your loan as the payments are due.

    • Choose Enter a bill if you track your expenses by first entering bills for them.

    What is the difference between tracking bills and writing a check?

  8. Click OK.

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