The Product — EBS Q & A
When Will My Loan Payments Be Made?
Your loan payments will be made by the due date each month. One of the great benefits of our program is that you'll never have to be concerned with coupons or monthly billings. It's all automated! You must ensure that there are sufficient funds in your account on the scheduled debit dates of our plan.
If the transfer of funds did not occur because of insufficient funds, there will be a charge equal to the going bank NSF rate for each uncollected debit due to Non-Sufficient funds. It is recommended that you have overdraft protection on your debited account to ensure that this charge is avoided. Once per year, the successfully collected "extra payment" is sent directly to your Lender and applied to principal. This "extra payment" occurs after the 12th month following the initiation of the plan. It is made in the same time frame in each subsequent year.
If you have requested applying extra amounts to your normal monthly payment, these funds are applied to principal at the end of the month in which they are collected.