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How to Make a Loan Payment

How to pay your loan

Congratulations on your loan with Northwest Community Credit Union!

Now that you've gotten a loan, what are the next steps?
Verify Insurance
Ways to Pay Your Loan
How to Pay Ahead on Your Loan
How to Pay Off Your Loan
What's Next After Paying Off Your Loan

Do you have a credit card? Here’s how you read and pay your credit card bill.

Verify Your Insurance

If you have a vehicle, recreational vehicle, home equity, or mortgage loan from Northwest Community Credit Union, make sure that you’ve sent in your insurance information.

If we don’t have your insurance on file, we may have to apply creditor-placed insurance on your loan, which will increase your loan payment.

To prevent this, your insurer needs to send a copy of your insurance information to us, including:

  • NWCU is listed as the lienholder
  • For vehicle loans, you’ll need full coverage comprehensive and collision insurance, with a maximum deductible of $1,000
  • For home equity loans, you’ll need hazard insurance and a maximum deductible of $2,500

Your insurer must send this information to us as soon as possible to prevent creditor-placed insurance being added to your monthly payment.

You or your insurance agent can either mail in the information or upload policy information online.

Send the insurance information to: Northwest Community Credit Union C/O Allied Solutions PO Box 58770 Tukwila, WA 98138

If you have a question about your loan, call us at (800) 452-9515. If you have a question about your creditor-placed insurance, call Allied Solutions at (800) 523-6404.

Ways to Pay Your Loan

You can pay your loan several different ways:

  • Sign up for automatic payments
  • Make a payment online
  • Transfer funds from other accounts
  • Call in your payment
  • Mail in your payment
  • Visit a branch to make your payment

Set up Automatic Payments

You can set up your monthly loan payment to be automatically deducted from your accounts at NWCU or another financial institution. This gives you control over when and where your payments come from.

To set up a recurring payment from an account you have at NWCU, you’ll:

  1. Log into online banking on your desktop or in the mobile app (get enrolled in eBanking here)
  2. Select Transactions and Funds Transfer from the left menu
  3. Select the account you’d like the funds to be pulled from every month in the “From” drop-down
  4. Select the loan you’ll be paying in the “To” dropdown
  5. Enter an amount
  6. Check the box that says “Make this a recurring transaction” and then select how often you’d like the transaction to occur
  7. Choose the date you’d like the payment pulled every month and select an end date (or check the “Repeat Forever” box)
  8. If you’d like, you can fill out the Memo to remind yourself what payment it’s for
  9. Click or tap the Transfer Funds button

You’re all done! The funds will be pulled from your account automatically after you set this up.

To delete a recurring transaction, you'll need to delete both recurring transactions and any single transactions that have already been queued.

To delete recurring transactions:

  1. Select Activity Center from the left menu
  2. Click on Recurring Transactions
  3. Find the recurring payment you’d like to cancel or delete
  4. Click on Actions and then “Cancel Series.”

Once you’ve cancelled the recurring transaction, there’s one more step:

  1. Click on Single Transactions
  2. You may see one more payment with an “Authorized” status; click on it to see when it will process. The process date may be next month, so you’ll need to delete this transaction as well.
  3. Click on Actions
  4. Click on Cancel

Now you’ve deleted your recurring funds transfers and any that were in queue to be processed.

If you’d like your payment to be pulled directly from another institution on a specific date every month, please give us a call and we can set it up for you or stop the regular payments.

Make a Loan Payment Online

If you have one of these loans, you can make a payment online using a or debit card:

  • Auto and RV loans
  • Personal loans

Currently, we cannot take online payments for credit cards, mortgages, or home equity loans.

Note:

  • Payments may only be made with a debit card.
  • Online payments require a balance, so we cannot take principal-only payments at this time.
  • You may only pay up to 90 days in advance.
  • There is a $5.00 fee for online loan payments. You can make a payment without a fee by transferring funds from other NWCU accounts or setting up a recurring ACH payment from other financial institutions.

Make a Loan Payment Online Now

Transfer Funds from Other Accounts

If you’d like to make your payment manually every month, you can transfer funds from NWCU accounts or accounts at other institutions.

To transfer funds from another institution, you’ll first need to enable External Transfers to link outside accounts to your NWCU accounts. Once you’ve enabled and verified your accounts at another institution, you can transfer your payments from them.

To transfer money from NWCU accounts or external accounts that you’ve verified:

  1. Log into online banking on your desktop or in the mobile app
  2. Select Transactions and Funds Transfer from the left menu
  3. Select the account you’d like the funds to be pulled from every month in the “From” drop-down
  4. Select the loan you’ll be paying in the “To” dropdown
  5. Enter an amount
  6. Select the date when you’d like the funds to transfer and fill out the memo box if you’d like
  7. Click or tap the “Transfer Funds” button

Call, Mail, or Visit a Branch to Make a Payment

If you’d rather speak to someone about your payment, visit any branch or give us a call at (800) 452-9515 to make your payment. If you pay with a debit card over the phone, there is a $10.00 fee.

You can mail in your payment every month. Include your loan number on your check and mail it to:
Northwest Community Credit Union
P.O. Box 106067
Eugene, OR 97440

Paying Ahead on Your Loan

There are a few ways to pay ahead on your personal, vehicle, or recreational vehicle loan:

  • Pay your standard payment ahead up to 3 payments
  • Put payments towards the principal balance

Paying ahead with your standard payment might seem like a good idea, but these payments will always pay the interest that is due before paying the principal balance. When you pay ahead your loan, you are moving the due date for the next payment which could affect the interest due on the next payment. If that amount doesn’t change, you still accrue interest on the full amount.

You can pay ahead for up to 3 payments. If you try to make a payment after you’ve already met the 3 payment threshold, you’ll receive an error message or the transaction may be refused. Your loan due date will only advance by up to 3 payments and your loan will still be accruing interest.

Paying Down the Principal Balance

We suggest that you pay down the principal balance on your loan instead of making payments ahead. This will reduce the amount of the loan that you owe faster and retain the same payment due dates, which will in turn reduce the amount of interest your loan will be charged.

To make payments applied to the principal balance:

  1. Log into online banking on your desktop or in the mobile app
  2. Select Transactions and Funds Transfer from the left menu
  3. In the From dropdown, choose the account you’d like to pay from. If you’ve connected external accounts, they’ll show up here
  4. In the To dropdown, select the loan you’d like to pay the principal down on
  5. Under the Payment Type dropdown, choose “Principal Payment”
  6. Set the date you’d like the transfer to happen and enter a memo if you’d like.
  7. Click or tap “Transfer Funds”

Paying Off Your Loan

Congratulations, you’re ready to pay off your loan! There are a few ways you can do that:

  • Give us a call
  • Come into a branch
  • Pay off and close your loan in eBanking

Please note that auto loans cannot be paid off in eBanking. Please call or visit a branch for auto loan payoff to ensure your title is delivered to the correct address.

If you come into a branch to pay off your loan, you’ll need to pay with one of 4 payment types:

  • Cash
  • Check
  • Cashier’s check
  • Funds from an NWCU account

To pay off your loan online:

  1. Log into online banking on your desktop or in the mobile app
  2. Select Transactions and Payoff My Loan
  3. In the From dropdown, choose the account you’d like your payoff to come from. If you’ve linked up accounts from other institutions, they’ll show up here
  4. In the To dropdown, choose the loan you’d like to pay off. Don’t worry about the amount that shows up in that column—you’ll see the payoff amount below
  5. In the Payment Type dropdown, choose “Pay off and close”
  6. The amount field will auto-populate to the current payoff amount
  7. Click or tap Continue to process your payoff

What Happens After Your Loan is Paid Off?

If there’s a title associated with your loan (like for a car or boat), you should receive it in about two weeks after paying off your loan. We’ll mail it to the address listed for the primary loan holder.

Need Your Title Faster?

If you need the title earlier than that, you can ask for an Expedited Title process. In order to request an expedited title, you’ll need to:

  • Pay off your loan over the phone or in the branch
  • Pay off your loan with cash or a cashier’s check
  • Request an Expedited Title and pay the $15.00 Expedited Title fee

You should receive an expedited title within 3 – 4 business days.