How PegasusPay™ Works
Everyone is familiar with the old way to pay loans.
Every month you had to:
- remember to mail a check to your lender.
- worry about whether there would be enough money in your account for the "big" payment.
- worry about the check getting lost in the mail.
Most lenders still structure their loans to be paid the "old" way. However, what works best for the lender isn't always the right plan for you.
There is a new and better way to pay! Rather than make that big payment every month, we can electronically debit smaller amounts more frequently.
Option 1 - Every Other Week
We debit ½ of the monthly loan payment every two weeks.* Because there are 26 biweekly periods in a year your lender will be receiving the equivalent of a WHOLE extra payment every year. This option works especially well if you are paid every two weeks.
Option 2 - PegasusPayPLUS™
With the PegasusPayPLUS™ option we debit ½ of the monthly loan payment PLUS an amount you determine.* How quickly your loan is repaid is determined by the PegasusPayPLUS™ amount you choose.
* plus service fee
Choosing any of these options helps pay your loan off faster. This saves you interest and helps put you in a positive equity position sooner.
Using any of the above debit options means twice a year extra funds can be forwarded to your lender.