Introducing Pay Half—Because Everyone Could Use a Break
The struggle caused by the ongoing pandemic requires an unprecedented response. We’re pleased to announce a consumer auto payment program that will put hundreds of dollars back into our members’ pockets each month. Now through February 2021, qualifying members can defer half of each month’s car payment!
What is Pay Half?
As the name suggests, Pay Half gives you the option to pay only half of your consumer auto loan each month without penalty. That means no late fees (as long as the partial payment is received on time) and no negative impact on your credit rating. During a time when so many of us are struggling to make ends meet, there’s finally a way to free up some funds without affecting your financial future.
Dennis Pershing, our Executive Vice President of Consumer Lending, points out that, “This program can greatly assist those who might be suffering due to layoff or furlough, reduced work hours, extra child care expenses, or any number of financial issues. We hope the savings will help you make mortgage or rent payments, purchase food, keep your vehicle so you have transportation to work or job interviews, and protect your credit.” Dennis adds that, “the program is available through February 2021 to ensure that members have access to extra funds through the holidays.”
Who is Eligible?
MIDFLORIDA’s Pay Half program is available to members with fixed-rate consumer auto loans that closed prior to April 1, 2020. To find out if you qualify, follow these steps to sign up before December 1:
- On your loan details page within Online Banking and the mobile app, click the link or tap the button labeled “Pay Half Your Payment”.
- Review and agree to the terms and conditions and click the button labeled “I want to Pay Half”.
- Within one business day, you’ll receive a Secure Message in Online Banking to let you know if your request is approved.
The vast majority of our members with consumer auto loans are eligible for the program, but there are some factors that can affect eligibility. Bankruptcy proceedings, troubled debt restructures, and having three or more past-due payments are all examples of factors that can affect someone’s eligibility.
If you don’t see the option on your loan details page or don't have Free Online Banking, please request to pay half.
How Does Pay Half Affect My Loan?
It’s important to note that, while making half payments will put extra cash in your pockets each month, interest will continue accruing and your loan’s maturity date will extend. This means that you will pay more in interest over time, but the ability to free up funds right now and protect your credit could outweigh the cons.
We’re Here if You Need Us
In addition to requesting to pay half online, we also welcome you to visit a branch or contact LoansPLUS at (863) 284-5626 or toll free at (855) 560-5626 if you have any questions about this new, temporary payment program.