Frequently Asked Questions

Q: How does paying biweekly payments pay off my loan sooner?
Half A Payment electronically deducts half of your monthly payment every 2 weeks (you can even set it to match your pay periods) and sends the payments directly to your lender for you. When you set up payments in this way Half A Payment makes sure that extra payments are made on your behalf. As a result your loan or lease is paid off several months, and as much as several years earlier and reduces your interest charges. Simply use our online calculators to see a customized analysis. With Half A Payment you enjoy the convenience of easier, more secure budgeting while reducing your debt faster.

Q: Is Half A Payment a Lender?
Half A Payment is not your lender, nor does the program require any restructuring or refinancing of your current loan. We are similar to a bill payment service. We debit your account and make payments to your lender on your behalf. We work as an advocate for you with the lender.

Q: What bills can Half A Payment help me with?
Half A Payment can electronically assist you with any payment. This includes home mortgage, car loan, student loan, boat loan, personal loan, timeshare loan and credit cards. We can also assist you with other monthly bills such as rent, cable, day care, cell phone – as long as the monthly payment amount does not vary.

Q: Is Half A Payment safe?
Half A Payment partnered with the leading financial institutions to ensure the security of all payments. Our electronic transactions are safer than checks. By using Half A Payment you eliminate the most common source of identity theft: stolen mail. Half A Payment also adheres to the Federal banking laws, which give you up to 90 days to reverse electronic debits due to fraud.

Half A Payment secures your privacy and identity with Go Daddy’s SSL certification. When you Enroll in Half A Payment or login online to your account Half A Payment uses the most secure service available online to date: Norton Symantec Secure Site Pro with EV, a true 128-bit (with up to 256-bit) encryption, extended validation SSL certificate and TRUSTe Certified Privacy. You can feel secure knowing that your automatic payments and your personal information are handled with professionalism and accuracy.

Q: What can I save with Half A Payment?
With Half A Payment you can reduce your principal balance faster, which effectively reduces the amount of interest you pay to your lender.

For instance: on a typical 30-year, $300,000 mortgage Half A Payment can save over $100,000 in equity acceleration and interest savings, reducing the loan term by approximately 7 years!

Use our various online calculators to see how much you can save with Half A Payment.

Q: Can’t I just do this myself?
Most lenders will not accept biweekly payments from their clients. In some cases, the loan agreement prohibits partial payments. If you send a biweekly payment to your lender they will typically apply the biweekly payment as a principal payment only, and not apply it as a payment. Your lender will still expect you to make your full monthly payment by the due date.

With Half A Payment you will not only have a convenient payment system for your loan, it will also provides the discipline and consistency needed to produce the "extra" payment that is sent to your lender each year and is applied to your principal, thereby saving you money, accelerating your loan payoff date, and accelerating your equity.

What are you waiting for? Start saving today!.

Q: Why doesn’t my lender offer this?
Your lender prefers not to deal with the expense and headache to maintain a biweekly program. Most lenders are set up to accept only monthly payments in their billing software and have their loan agreements set up to not accept partial payments. Since lenders make their earnings from interest charges they are not motivated to find ways to reduce the interest charges.

Half A Payment is not your lender. We believe you should save as much interest as possible while eliminating your debt as fast as possible. What are you waiting for? Start your journey to get out of debt!.

Q: Are there additional benefits to Half A Payment?
With Half A Payment you can simplify your finances with smaller, more frequent payments. Even better, all payments are electronic and can be matched to your paycheck cycle, so you no longer need the hassle and expense of writing and mailing checks. Half A Payment has been proven to improve your credit rating by assuring that your payments are paid on time, every time.

Q: What if I sell or trade-in my vehicle early?
Half A Payment helps you pay off your loan or lease faster, ultimately improving your financial position when you trade-in or sell your vehicle.

A typical 3 1/2 year trade cycle on a $25,000 vehicle has an accelerated equity of about $1,750. This accelerated equity can save you over $30 per month on your next vehicle payment.

Wouldn’t it be nice to lower your payment on the next purchase or lease? Our automotive loan online calculator can show you more details.

Q: How does the additional mileage benefit work on a lease?
When you lease a vehicle and use Half A Payment, you finish your lease early. The total miles allowed for the full term of your lease remain the same.

For instance: suppose you leased your vehicle for 36 months with a mileage allowance of 15,000 per year (this allows you to drive the vehicle 1,250 miles per month). With Half A Payment you complete your lease 3 months early. By dividing the total miles (45,000 miles) by the shorter term, you essentially receive a mileage allowance of 1,364 miles per month, which translates into 16,368 miles per year!

Check our lease calculator for more details.

Q: Is there a catch?
There is no catch in enrolling with Half A Payment. Just simple arithmetic based on consistency. Although many consumers are aware they can pay down their loans, they either don’t pay extra at all or they pay sporadically.

Half A Payment is a service that provides a consistent method to minimize the amount of interest you pay your lender. It’s a forced savings plan, which provides the discipline most seem to lack.

Check our biweekly calculator for more details!

Q: Is there a cost to enroll in Half A Payment ™?
There is no up-front out of pocket fees to enroll in Half A Payment™.

The one-time enrollment fee is collected from the advanced equity payments you accomplish by using the Half A Payment™ program.
This means we will never raise your half payment amount to collect the enrollment fee or charge you an additional fee up-front.

This is a one-time fee, it will not reoccur on an annual basis. Once the fee is earned, the remaining term of your account will be fee-free and all advance equity payments will be sent to accelerate your debt.

Q: Are there any other fees?
We collect a low $1.95 convenience fee per debit. This fee covers the expense of electronically debiting and transferring the funds for your biweekly payment from your bank account. It also includes the expense of sending your payment to your lender.

With Half A Payment™ you put a stop to costly stamps and checks, your valuable time and any late fees.

Check our biweekly calculator for more details on how much you save!