ⓘ Amplify's Coronavirus Response

Making Your Next Loan Payment

Need to make a payment on your loan? Follow these steps to access our automatic and one-time loan payment tools.

Written By Matthew Monagle (Member Support)

Updated at April 22nd, 2020

Thanks to our full suite of loan products and competitive interest rates, more people are turning to Amplify Credit Union for loans than ever before. As a result, we've also made it easier than ever to set up a one-time or recurring loan payment using our online banking portal. In this section, we'll explain how to set up your payments in online banking and share a few offline loan payment tips as well.

KEY TAKEAWAYS:

  • You can make a one-time or recurring loan payment using the "Loan Payments" tool in Amplify's online banking portal.

How Do I Make an Online Payment To an Amplify Loan in Online Banking?

First, click on the "Loan Payments" feature located in the online banking sidebar. Then, enter in the relevant account information - including the outgoing checking or savings account - before selecting your payment type, payment amount, and transaction date. Y

Please note that there are a variety of different payment options available to our members. These include:

  • Principal-Only. Your payment will only be applied to the principal amount, not the interest on the loan.
  • Payoff and Close. You will make a one-time payment that zeroes out the loan balance and closes the loan account. Members paying down a mortgage or line of credit must contact member support to complete this transaction.
  • Pay Down Without Closing. You will pay down the loan balance on your line of credit but keep the account open.

Finally, you can also check the box marked "Make This a Recurring Transaction" to trigger a regular payment of this amount on this day of the month. This approach can be particularly useful when combined with an automatic payroll direct deposit.

How Do I Make a Payment From Another Financial Institution in Online Banking?

While the "Loan Payments" feature should automatically integrate with your existing Amplify accounts, there may be instances where you have to make a payment from an external account. In that case, you will first need to add this external account in your Amplify Credit Union online banking portal. 

Follow the steps in the "How To Transfer Money To and From Another Financial Institution" section of our FAQ to link your external account. Once completed, the external account will now appear as an option in the "From Account" dropdown in the loan payment tool.

How Do I Make a Single, One-Time Payment From a Debit Card or Outside Financial Institution Without Using Online Banking?

Using Amplify’s one-time payment tool, you can make a single payment from a debit card or outside financial institution. This tool is limited to making simple regular payments; if you would like to make more advanced loan payments - such as principal-only payments or payoffs - please use the online banking payment tool described above.

The transaction fees for the one-time payment tool are as follows:

  • $0.00 per payment for Registered Users. Registered Users can only transfer funds from another financial institution.
  • $4.99 per payment for Guest Users. Guest Users can transfer funds from another financial institution or pay using a debit card.
This tool does require a separate registration if you choose to make a payment as a registered user. The username and password created in this 

How Do I Make a Loan Payment Offline?

Amplify also allows you to make a loan payment at your local branch, over the phone, and through the mail. Please visit the Make a Loan Payment section of our website for additional information on offline payments.

Was this article helpful?

Still have a question? Contact Us