⚠️ This article applies to financed programs for Direct Billpolicies only ⚠️

• How to help your customer pay off their loan early

• Limitations on the early loan payoff process

• Fees associated with early loan payoff

• How early loan payoff amounts are calculated

If your insured wants to pay off a premium finance loan early, you can generate the payment link for the remaining loan balance right from the program page.

NOTE: Please note that if the payoff link is paid within 3 days of an existing monthly installment due date, the amount due may not be adjusted properly, resulting in over payment on the early loan payoff.

,

,

For this reason, we do not allow early loan payoff within 3 days of a recently paid monthly installment.

1. Locate the relevant program page

2. Click the Actions button in the top right corner of the page

3. Select Pay off loan early

   

4. A window will pop up with a payment link and the option to download an invoice document

   

5. If you receive an error message indicating that the early loan payoff is unavailable at this time, it is likely that your customer recently made a monthly installment payment

   • NOTE: Please note that if the payoff link is paid within 3 days of an existing monthly installment due date, the amount due may not be adjusted properly, resulting in over payment on the early loan payoff. For this reason, we do not allow early loan payoff within 3 days of a recently paid monthly installment.

6. Click the Send email button or copy the link to share the payment link with the insured

Delaying the early loan payoff until the next monthly invoice is due may cause payment issues.

,

,

Please have the insured make the early loan payoff payment at least 3 business days before their next upcoming monthly installment.

If the payoff link is paid within 3 days of an existing monthly installment due date, the amount due may not be adjusted properly, resulting in over payment on the early loan payoff. For this reason, we do not allow early loan payoff within 3 days of a recently paid monthly installment.

There are no additional fees charged to the insured to pay off their loan early. The payment link are dynamic and calculate the pro-rated interest owed on the loan at the time of payoff.

The payoff amount is calculated based on the balance left on the loan at the time of payoff and the interest accrued up through that point. The interest is prorated to the time of payoff; the insured does not incur any additional interest charged beyond what is owed up to the time of payoff.

Need more help? Contact us at support@useascend.com for more help.