Loan payment question

[stefanospops]

My first loan payment is due tomorrow. On the website is says my payment is due on the 15th but there is no late penalty until the 30th. Does that mean I can pay it up to the 29th without any consequences? I just want to be sure since I want to wait until next week to make the payment.

 

[mgroshans]

My first loan payment is due tomorrow. On the website is says my payment is due on the 15th but there is no late penalty until the 30th. Does that mean I can pay it up to the 29th without any consequences? I just want to be sure since I want to wait until next week to make the payment.

If you financed your loan thru Disney, then your payment is withdrawn from either your checking account or savings account automatically. The account you choose to have it withdrawn from should have been set up when you closed. You can only make extra principal payments with another credit card.

 

[erionm]

The OP is from Canada so monthly direct debit would not be available unless they had an account at a US based bank. The only automatic payment option for them would be to a credit card.

 

[mgroshans]

The OP is from Canada so monthly direct debit would not be available unless they had an account at a US based bank.

Oops, I didn't know that, sorry.

 

[stefanospops]

I make all my payments be credit card. The credit card I am waiting for is a US Dollars VISA. I would rather make my payment on that instead of a Canadian VISA where I will pay a higher exchange rate. So any Canadian posters out there have experience with this? Will post on the Canadian board too. Thanks!

 

[bsusanmb]

Payments do not incur a late fee until the 1st of the next month. I mail my payments or call in my visa number.

 

[erionm]

If you are unable to get an answer here, you might want to call Member Accounting.

 

[bumbershoot]

"pay it up to the 29th without any consequences?"

Well, doesn't it continue to accrue interest during that time? So you're having a consequence, just not a totally obvious one.

 

[princessbride6205]

"pay it up to the 29th without any consequences?"

Well, doesn't it continue to accrue interest during that time? So you're having a consequence, just not a totally obvious one.

This is correct. Mortgages work the same way. There is usually a 2-week grace period where you are not considered late, but interest continues to accrue. I would suggest NOT starting out with extra interest on a new loan.