Mortgage Loans - you can make a principal payment at anytime providing your loan is current. If you add additional funds to your regular monthly payment, those additional funds will be automatically applied to the principal. Please note that principal payments will not advance the loan due date.
Personal, Home Equity, Line of Credit and Credit Cards - You cannot make a principal payment only on these loan types. However, you can add additional funds to your payment. You must always satisfy any accrued interest and/or outstanding late fees first, Any excess funds will be applied to principal.
Example: If your monthly payment is $545.64 and you make a payment for $2,000, the payment will pay the interest amount due since the last payment along with any outstanding late fee, if applicable. The excess will then be applied towards the principal balance of your loan.
Note: Personal loans cannot be paid ahead more than two months. A payment is required every month on a Home Equity, Line of Credit and Credit Card providing you have an outstanding balance.
Business Loans - you can make a principal payment at anytime providing your loan is current. If you add additional funds to your regular monthly payment, those additional funds will be automatically applied to the principal. Please note that principal payments will not advance the loan due date.