Repayment of loan
Access Loans requires borrowers to make biweekly payments. To make payments on the loan, the borrower can choose any of these methods:
Split direct deposit via payroll
Direct Debit from a bank account
Online payment using the loan portal on the Access Loans website
Call +1 (888) 287-9483 and make a payment by phone.
Early payoff
Access Loans allows borrowers to make additional payments or completely close the loan before the end of the repayment term. However, in this way, the borrower will not be able to reduce the interest payment. This is because even with an early payoff, the borrower will need to pay such an amount of interest that would accumulate by the end of the life of the loan by their interest rate, which is specified in the loan agreement.
The borrower benefits from early payoff in the form of a reduced loan term or the opportunity to take out a new personal loan from Access Loans, since the company allows the borrower to have only one active loan at a time.
Fees and penalties
Access Loans does not charge any prepayment fees for early payoff and additional payments on the loan.
The company does not specify the fees that are required in each payment method. You should expect:
A $10 - $20 service fee for paying by phone
A $5 fee for direct Debit from a bank account.
Payment using payroll and payment on the company's website most likely does not require any fees.
