FAQ
Can I do this myself?
It’s possible. Most lenders allow extra payments, but in most cases, you have to remember to do it manually. Ethos Pay automates your debits on a custom schedule designed to fit your budget and goals. Most lenders won’t accept bi-weekly or semi-monthly payments. Ethos Pay conveniently debits your account and submits payments to your lender on a monthly basis making sure to meet your lender’s requirements and due dates.
Can I refinance my loan?
Absolutely! It’s no problem. Let us know if you’ve already refinanced or are thinking of refinancing and we’ll adjust everything on our end.
I have a car loan and usually trade in before my vehicle is paid off. Will I still benefit?
Yes. Ethos Pay is convenient no matter how long you keep your vehicle. The interest savings and equity vary depending on how long you plan on carrying the loan.
Can I use Ethos Pay with any lender?
Yes, absolutely!
What type of accounts can Ethos Pay debit from?
Almost any U.S. checking or savings account.
What if I need to change the account where my funds are debited from?
You can easily update that information and more in your customer portal.
What if I don't have a bank account?
A U.S. checking or savings account is required to enroll in Ethos Pay.
What if I don’t have money in my bank account when a debit is scheduled to occur?
If you need to adjust your debit schedule, you can access your account dashboard or call us. If a debit attempt doesn’t go through, we will schedule another transaction to attempt to collect the funds for your payment. We will charge a fee for non-sufficient funds. We cannot make your payment until we have received the funds.
How do I know if Ethos Pay has debited my account?
You should see a line on your bank statement that will look very similar :
“Ethos Pay 1-800-XXX-XXXX”.
(Your bank may display it differently.). In addition, you can check your Ethos Pay account at any time through our customer portal. You can also sign up to receive email alerts every time a debit is made.
How do I know if Ethos Pay has made the monthly payment?
Your lender’s records will reflect any payments submitted by Ethos Pay. You may log on to most lenders’ websites or use their automated phone systems to verify payment has been received. The payment will post as if you had made the payment.
What if my payment is not applied by the lender's monthly due date?
Ethos Pay strives to be as efficient as possible; however, there are uncommon cases when a payment is misapplied at the loan processing center or lost in the mail. If this happens, please get in touch with us immediately, and we will prioritize getting the payment applied as fast as possible.
Who do I need to contact before I enroll?
Just Ethos Pay. You don’t have to notify your bank or your lender. Our process is seamless, so your loan will be paid without any disruption. Your personal bank is very familiar with the ACH/Debit process so there is no need to contact them either. Your bank will be notified via the debit process/transaction.
Will I receive anything in the mail from Ethos Pay?
To better protect your privacy, Ethos Pay has a convenient customer portal where you can review any information related to your account (i.e., debit/payment schedules, communications history, etc.). You can always contact us with any questions about your account.
Will I receive anything in the mail from my lender?
Most lenders will still send out a monthly statement. When you receive a monthly statement from your lender, please review it and keep it for your records. Please contact us if you have any questions about anything you receive from your lender regarding your loan, and we will be happy to assist you.
What fees are involved?
There is a one-time enrollment fee of $299 paid in full 1-2 business days after enrollment or $74.75 paid out over 4 monthly payments. There is also a $2.00 transaction fee. Please see the Ethos Pay Terms of Service in your consumer portal.
What’s the catch?
There isn’t one. The Ethos Pay service is designed as a convenient way to make payments to your lender while paying down your loan balance at an accelerated rate.