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For:
camino-financial
February 26th, 2021
Read it in 9 minutes
Paying off your Camino Financial small business loan can be described by a phrase the Jackson 5 sang some time ago:
Easy as 1-2-3, as simple as Do-Re-Mi, A-B-C
As easy as 1 to 3. Yes, making your payments is a simple process because we have automated it for your convenience.
We have created a payment system with the latest technology to facilitate your monthly payments. And not only that, in addition to the ease of making your loan payments, we also offer additional rewards if you pay on time.
6 tips to pay off your Camino Financial loan on time
Your Camino Financial loan payments are automated, that is, an automatic bank withdrawal is made. This means that everything works on autopilot and you don’t have to send a check every month or worry. Very convenient, don’t you think?
However, there are a few steps you can take to make sure everything runs smoothly. Let’s look at some ideas to help you make your loan payments on time.
1. Keep your bank account details up to date
If you change banks or open a business account, it is important that you give us the details of your new bank account. Or maybe you haven’t changed banks but you want to use a different account.
More specifically, we will need the account and routing numbers of your new account.
At Camino Financial, safety is a top priority. That is why we only allow you to change your bank account information by phone. Call us at (800) 852-0655 to update your bank account details.
2. Make sure you have sufficient funds in your account
This is really important.
Because payments are automatically charged every monthIt could happen that you forget that the collection date is coming. And if you are not keeping an eye on your checking or savings account and don’t make regular deposits, your account could end up overdrawn.
#TipPath
Online banking can be your best friend! By getting an app for your smartphone or checking your bank account online, you can ensure you have adequate funds without having to leave your home.
3. Adjust your payment date
If you always deposit your earnings into your bank account on a specific date of the month, making your loan payment shortly after this date might be a good idea. That is why Camino Financial allows its members to change their charge date (it can be the 5th, the 15th or the 25th of each month). You only need to cover the cost of accrued interest between your original payment date and the new one.
Call customer service if you need a different expiration date: (800) 852-0655
4. Make a payment schedule
Knowing your payment date, you can create a payment schedule. It’s like any other calendar except for one difference: instead of events and holidays, you will write down all the due dates of your payments (not just those of Camino!). Don’t forget to also include the amount and the creditor.
A digital calendar is an even better idea. You can add recurring payments and color-code them.
Or you could even make a sticky note reminder if technology isn’t your strong suit or if you don’t like hanging calendars.
5. Create automatic reminders
Besides the payment schedule, there are other ways to remember when your next loan payments are coming. Many smartphone apps can give you an alert whenever you have a pending bill – they can alert you a few days or even a week in advance.
6. Take advantage of the Member Portal
When you sign up to use the Member Portal, you open a door to many useful tools. You will find many resources to manage your account and keep track of your payments. You can also check your balance, your recent payments, the settlement time, the amount of your next payment and more.
The Member Portal has a help section that you can explore if you have any questions. Plus, a live chat if you need help from a customer service associate.
#Did you know
An incredible benefit on the Member Portal is the $ 175 referral bonus. You can click on the link and send it to family and friends. If they get a loan with us, you get the bonus. It’s practically free money!
The benefits of paying your Camino Financial loan on time
Sending your loan payments on time has many advantages that your small business will really want to take advantage of. These are some examples:
Report and credit score
Making your loan payments on time helps improve your credit score.
- If your loan was obtained with your EIN (the employer identification number), the loan payments will appear on your business credit report. Payments are reported whether they are late or if they are made on time.
- If the loan was obtained with a ITIN or an SSN, the loan payment history will appear in your personal report.
In all cases, your credit score will be positively affected by your on-time loan payments.
If you have a low credit score, you will not be able to obtain business loans in the future. Having a high credit score will give you access to the lowest interest rates on the market. A high score will also give you better conditions from suppliers, owners and other business partners.
By consistently making your loan payments on time, your score will constantly increase and this will give you more financial strength.
Interest savings
The more payments you miss, the longer it will take to pay off your loan.
The longer it takes to pay off your loan, the more interest you will have to pay over the life of the loan.
Consistently making your loan payments on time means that the loan will cost you less.
Better yet, if you find that you can pay off your entire loan at once, you can: paying off the loan early will save you even more on interest charges. This is especially a good idea with Camino Financial because we do not charge prepayment fees.
Graduation
When you make 8 one-time payments at Camino Financial, you automatically graduate. This means that you are eligible for a lower interest rate and a higher loan amount, plus more time to pay.
Remember, you cannot miss a single payment to qualify. Therefore, you must make sure that your loan payments are made on time.
Successful businesses make their loan payments on time
When you make payments on your Camino Financial loans consistently, you get good credit and create more opportunities for your business.
Camino Financial promises that “We do not close the doors to any business.” No matter where you are on your path to success, we can help you go further and achieve more.
Do you want to check the status of your loan and see your next payment?
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