How long does it take for direct purchase loan to show in account?

[cruisehopeful]

My account says I don't have a loan. I did the online notary one week ago. The annual dues section shows that I have some pending contracts and it says that I will see the dues when the contracts close.

Does anyone remember how long their loan took to show up in the account? I want to get my autopay set up ASAP so I can focus on doing my extra payments on the travel cards.

 

[Steelers0854]

My account says I don't have a loan. I did the online notary one week ago. The annual dues section shows that I have some pending contracts and it says that I will see the dues when the contracts close.

Does anyone remember how long their loan took to show up in the account? I want to get my autopay set up ASAP so I can focus on doing my extra payments on the travel cards.

I was the exact same way, it couldn’t show up fast enough for me so i could get everything in place. I don’t remember exactly how long, but i believe it was a week or two after closing that it populated. Note that just signing the docs isnt closing, you need to know your closing date, and it was after that that the loan showed up.

Of note, you can only auto pay to a bank account, but you can make principal payments via a credit card.

 

[Girlstar30]

I financed thru resale, but I was upset as well that the loan wasnt available for me to pay right away. They said the title company had to send them all the info to set it up. Not sure why that needs to take a week.

I was upset because the interest starts from the closing date, even if you have no access to pay, the interest is accumulating.

They said this was standard for financing. I kept emailing them and it was set up a week later. I dont think that should be allowed, but it is.

 

[Steelers0854]

I financed thru resale, but I was upset as well that the loan wasnt available for me to pay right away. They said the title company had to send them all the info to set it up. Not sure why that needs to take a week.

I was upset because the interest starts from the closing date, even if you have no access to pay, the interest is accumulating.

They said this was standard for financing. I kept emailing them and it was set up a week later. I dont think that should be allowed, but it is.

maybe im missing something but I’m just curious why it would matter? A week or two before the loan becomes available to see online seems fine. If you are going to pay it off in that time frame why would you even get a loan to begin with?

 

[Girlstar30]

maybe im missing something but I’m just curious why it would matter? A week or two before the loan becomes available to see online seems fine. If you are going to pay it off in that time frame why would you even get a loan to begin with?

Because I want to pay as little interest as possible and its accumulating without me being able to pay it. It's the principal of the matter.

We Financed because we make enough money to pay in a short amount of time and we are going on vacation soon and there are booking windows that open and the trips need to be booked as soon as possible or you dont get the rooms you want.

I cannot rent and stalk myself, I would not be able to get the rooms I want this year doing it like that. I dont have the money up front to pay cash for all the contracts. I needed to get the process going to have the vacations we want. I dont mind spending a little extra doing that, i did the math and it's better than the alternatives, so this made sense if we were going to go on these vacation regardless and spend thousands more.

I dont want to rent and waste money on that, id rather put that money towards dvc and paying cash makes no sense if im going on Disney vacations year after year which we are going back to Disney world and aulani next year.

 

[Steelers0854]

Because I want to pay as little interest as possible and its accumulating without me being able to pay it. It's the principal of the matter.

We Financed because we make enough money to pay in a short amount of time and we are going on vacation soon and there are booking windows that open and the trips need to be booked as soon as possible or you dont get the rooms you want.

I cannot rent and stalk myself, I would not be able to get the rooms I want this year doing it like that. I dont have the money up front to pay cash for all the contracts. I needed to get the process going to have the vacations we want. I dont mind spending a little extra doing that, i did the math and it's better than the alternatives, so this made sense if we were going to go on these vacation regardless and spend thousands more.

I dont want to rent and waste money on that, id rather put that money towards dvc and paying cash makes no sense if im going on Disney vacations year after year which we are going back to Disney world and aulani next year.

Im sorry im still not understanding. You had said you were frustrated that when your loan closes it doesn’t show online for a week or two after closing. I still don’t understand why this is a problem? It has no impact on your ability to use your contract etc, it’s just you cant see the loan online. And I still don’t understand why you feel you couldn’t pay it just because you cant see it online, you can always call the lender and get a payoff immediately on the phone, but again I don’t know why you would get a loan in the first place if you have the cash to pay it off in a week, why wouldn’t you just have bought the contract with that cash?

 

[Girlstar30]

Im sorry im still not understanding. You had said you were frustrated that when your loan closes it doesn’t show online for a week or two after closing. I still don’t understand why this is a problem? It has no impact on your ability to use your contract etc, it’s just you cant see the loan online. And I still don’t understand why you feel you couldn’t pay it just because you cant see it online, you can always call the lender and get a payoff immediately on the phone, but again I don’t know why you would get a loan in the first place if you have the cash to pay it off in a week, why wouldn’t you just have bought the contract with that cash?

No i definetely did not have the cash to pay it off in a week. I would need 3 months.

I was just irritated because I couldnt start putting down a large amount right away and the loan was accumulating interest daily. There was no way for me to call and pay anything towards it they said i have to wait until the loan is processed to pay money towards it, yet it was still accumulating interest even though it wasnt even processed on their end.

I didnt like that interest was accumulating daily and I couldnt put anything down because the loan wasnt ready for me, yet it was still accumulating daily interest.

It wasnt that much interest, but just the point that it could accumulate for a week or whenever it showed and I have no option to pay towards the loan and lower the interest amount was irritating to me, even if it only came out to $20 or whatever, just the principal of the matter that i didnt think it should be accumulating until it was fully processed and accessible for me to have the option to pay down principal and reduce the daily interest.

 

[Steelers0854]

No i definetely did not have the cash to pay it off in a week. I would need 3 months.

I was just irritated because I couldnt start putting down a large amount right away and the loan was accumulating interest daily. There was no way for me to call and pay anything towards it they said i have to wait until the loan is processed to pay money towards it, yet it was still accumulating interest even though it wasnt even processed on their end.

I didnt like that interest was accumulating daily and I couldnt put anything down because the loan wasnt ready for me, yet it was still accumulating daily interest.

It wasnt that much interest, but just the point that it could accumulate for a week or whenever it showed and I have no option to pay towards the loan and lower the interest amount was irritating to me, even if it only came out to $20 or whatever, just the principal of the matter that i didnt think it should be accumulating until it was fully processed and accessible for me to have the option to pay down principal and reduce the daily interest.

This isn’t how principal payments work with interest calculations. Your monthly payment is calculated based on the principal amount at the time of payment. So if your loan payment is due the first of the month it wouldn’t matter if you made your principal only payment day 5, 25, or 30. You will
Pay the same amount in interest on the 1st no matter what day you make your principal payment in the previous month.

 

[Girlstar30]

This isn’t how principal payments work with interest calculations. Your monthly payment is calculated based on the principal amount at the time of payment. So if your loan payment is due the first of the month it wouldn’t matter if you made your principal only payment day 5, 25, or 30. You will
Pay the same amount in interest on the 1st no matter what day you make your principal payment in the previous month.

No thats not how my loan works. Every time I make an extra payment as a principal reduction payment, my daily interest charge goes down, maybe yours is different. I have had three dvc contracts financed now, I know how it works. Im not here to argue about this.

My loan was accumulating interest before I could pay anything and I didnt like that. As soon as I paid a significant amount, the daily interest went down. If I would have paid the same amount earlier, I would have accumulated less interest because i would be paying the loan off faster. That's all.

 

[cruisehopeful]

Pay the same amount in interest on the 1st no matter what day you make your principal payment in the previous month.

She has a loan through Monera, which is likely a personal loan. The lack of transparency on their website regarding the details of the loan gave me pause when I looked at it.

 

[Girlstar30]

She has a loan through Monera, which is likely a personal loan. The lack of transparency on their website regarding the details of the loan gave me pause when I looked at it.

Correct

 

[Steelers0854]

No thats not how my loan works. Every time I make an extra payment as a principal reduction payment, my daily interest charge goes down, maybe yours is different. I have had three dvc contracts financed now, I know how it works. Im not here to argue about this.

My loan was accumulating interest before I could pay anything and I didnt like that. As soon as I paid a significant amount, the daily interest went down. If I would have paid the same amount earlier, I would have accumulated less interest because i would be paying the loan off faster. That's all.

You are correct, your loan is accumulating interest each day you have it. You are incorrect about when that interest is calculated. Mortgages don’t have daily compounding interest. it’s calculated once a month based on the current principal balance. It really only matters if you intend to pay off the loan as to when that payoff is made. If you payoff the loan on the 5th of the month then you pay 5 days of interest vs the 25th and that’s 25 days of interest. Otherwise making a principal payment during the month the date of that payment has no impact on the interest you paid.

 

[Steelers0854]

She has a loan through Monera, which is likely a personal loan. The lack of transparency on their website regarding the details of the loan gave me pause when I looked at it.

Correct

Gotcha. This should have been made a little clearer. This post was about a DVC loan, which is a mortgage, and this is not how mortgages work and this information could easily confuse someone who is not well versed in this area.

 

[Girlstar30]

Gotcha. This should have been made a little clearer. This post was about a DVC loan, which is a mortgage, and this is not how mortgages work and this information could easily confuse someone who is not well versed in this area.

I was responding to @cruisehopeful who is aware of who my loan company is... I didnt think someone would start arguing with me about how my loan works, I was just venting my frustrations