SMART Payment Plan helps consumers make affordable loan payments on time by offering biweekly half payments that are deducted from their banking accounts automatically. This is a useful option for those who might find that it is difficult for them to maintain monthly budgets, especially when they get paid on a biweekly schedule. SMART Payment Plan can also help consumers reduce the overall repayment amount of their loans.
SMART Payment Plan Offers Biweekly Half Payment Options
Consumers who currently use a monthly loan payment schedule might find that it is difficult for them to cover the large payments, especially for mortgages that often have monthly payments in excess of $1000. SMART Payment Plan offers a more affordable option: biweekly half payments. Instead of writing a large check at the end of every month, consumers make half payments on a biweekly schedule.
SMART Payment Plan Conforms to Paycheck Schedules
This is useful for most people because they get paid by their employers on a biweekly basis. With monthly payment schedules, they are forced to budget money from payroll checks that they receive in the middle of the month to make sure they have enough to cover their large end-of-month loan payments. Writing such a large check is a daunting task for those who find it difficult to budget their incomes or have to pay for unexpected expenses halfway through the month. SMART Payment Plan helps consumers stay on target by reducing the amount of each payment and increasing the number of times that they make the payments throughout the year.
SMART Payment Plan Helps Consumers Save Money
Over time, consumers find that they actually save money by using SMART Payment Plan’s biweekly half payment schedule. This happens because SMART Payment Plan encourages consumers to pay more money throughout the year without making them feel the pinch of larger payments. When consumers use a biweekly half payment schedule, they end up making 13 whole payments over the course of a full year. If they used their lenders’ monthly payment schedules, though, they would only make 12 payments each year.
SMART Payment Plan’s biweekly schedule helps you reduce your debt faster, which means you end up spending less money in interest and fees because you reduce the term of your loan. In the end, you could save thousands of dollars in interest by paying off your home mortgage, student loans, or vehicle loans early.
SMART Payment Plan’s Secure Electronic Transfers
SMART Payment Plan also helps many consumers save money by helping them avoid penalties and fees for late payments. SMART Payment Plan uses secure electronic transfers to make loan payments directly from your bank’s checking account. That means you never have to worry that you put your check in the mail a day too late.
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