How To Make a Loan Payment

Follow these steps to make a one-time or recurring loan payment at Amplify Credit Union.

Written By Matthew Monagle (Member Support)

Updated at April 1st, 2024

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.

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 edit or cancel recurring payments in online banking?

If you wish to make changes to your recurring payment, you can do so using our online banking activity center.

First, click on the Transactions feature in the online banking sidebar. This will reveal a list of potential transactions. Then, click on the Activity Center button. This will take you to a menu where you can review your individual transactions, recurring transactions, and your mobile deposits.

To cancel a recurring payment, simply select the Recurring Transactions tab at the top of the screen. There you will see all active recurring transfers. Select the Actions dropdown menu on the recurring payment you wish to cancel. Select Cancel Series, and your existing recurring payment will be made inactive.

Unfortunately, you cannot edit existing recurring payments in online banking. To make changes to the amount or destination of a recurring payment, simply cancel the existing payment and create a new one in the Loan Payments tool.

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 one-time payment from a debit card or outside financial institution without using online banking?

When you visit Ampilfy's loan payment page, you will have the option to 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. When making a one-time payment as a Registered User, you may be asked to verify your account using multi-factor authentication (or MFA). Please add noreply(at) to your safe sender list to prevent that verification email from going to your spam folder. 

If you fail to enter your authentication code correctly, you may be temporarily locked out of your account. 

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 loan payment section of our website for additional information on offline payments.

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