Principal: This is the portion of your payment that gradually reduces the balance that you borrowed. Here are details of each portion of a typical loan payment: The first half of your payment will be held in a suspense account until the second half is drafted to complete your total monthly payment. Half of your monthly payment will be drafted each month on two dates of your choosing (Example: 1st and the 15th). You must be paid 1 month in advance to enroll in this draft frequency. In a bi-weekly payment program, the first half of your payment will be held in a suspense account until the second half is drafted. This option will reduce your principal balance faster by applying your 13th and 26th drafts each year to your principal balance. Half of your monthly payment will be drafted every 2 weeks on the day of the week of your choosing, Monday through Friday. You must be paid 1-month in advance in order to enroll in this draft frequency. If no draft date is chosen, Caliber will set the draft date to be your contractual due date. For Example: If the due date is the 1st and your account has a 15-day grace period, the draft date may be any date between the 1st and the 16th of the month. In order to ensure a late fee is not assessed to your account, your monthly draft dates cannot exceed your contractual due date plus the number of grace period days allowed on your account. With this option, you may include an additional principal amount to draft with your payment each month. Select one date each month that your payment will be drafted.
You must be current in order to enroll in this draft frequency. Recurring payments from your bank account: Your payment will be automatically withdrawn and will post to your account on the date you specify. One time bank account drafts can be transacted as a same day posting and can be scheduled up to one week in advance.
One-Time Monthly Payments from your bank account or debit card: You can choose from several convenient payment options, including:
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