Paying Off A Loan: How do I initiate an ACH payment for paying down my loan?

If you have (1) signed up for automatic ACH, (2) added and verified your bank account, and (3) linked it as the funding source to an active loan on Happy Mango, you will be able to make a "self-initiated ACH payment" toward paying off your loan on this page after logging into your Happy Mango account: https://user.happymangocredit.com/#payments.  It is important to note that if any of the above listed three conditions is not met, you will not be able to initiate an ACH payment on Happy Mango. 

A Self-Initiated ACH Payment Cannot Be Created When Another ACH is in Progress

You will not be able to initiate an ACH payment when another ACH payment related to the same loan, either automatic or self-initiated, is currently in progress.  You will see an alert message such as this one on the Loans page.  Further, none of the links for making a payment will be available on this page. 

Making an ACH Payment Equal to or Greater than the Next Payment Amount

When no ACH payment related to your loan is currently in-progress, you are presented with three options for making a self-initiated ACH payment: Pay Now, Pay Off, and Pay Early.

In each option, you can choose one of your verified funding sources as the payment source, and it can be a different account than the one designated as the funding source for making automatic ACH payments.  

• Pay Now:

If you like to make the Next Payment due before the Payment Due Date, you can click on the "Pay Now" hyperlink.  

On the following page, you will be asked to authorize the payment.  The payment amount on this page matches the Next Payment Amount and cannot be changed. 

Upon successfully processing of this payment, the loan schedule will be recalculated to reflect this payment has having been made and the loan payment invoice will be updated as paid. 

• Pay Off:
  

If you like to pay off the remaining balance of the loan before its maturity date, you can click on the "Pay Off" hyperlink.  

On the following page, you will be asked to authorize the payment. The payment amount on this page matches the amount of the "Pay Off Amount" and cannot be changed. 

Upon successfully processing of this payment, the loan status will be updated and a "Paid Off" notice will be generated. 

• Pay Early:

If you like to make an early payment on the loan to pay it off before the original maturity date, you can click on the "Pay Early" hyperlink.  

On the following page, you will be asked to authorize the payment.  Unlike the pages following "Pay Now" and "Pay Off,"  the payment amount on this page can be edited.  However, the amount entered must be greater than the Next Payment Amount and less than the Pay Off Amount. 

Upon successfully processing of this payment, the entire payment amount will be applied to reducing the outstanding principal balance, shortening the term of the loan. 

Making an ACH Payment Less than the Next Payment Amount

If you want to make a payment that is less than the Next Payment Amount, you will need to request the approval from the lender who will update your loan payment schedule and reduce the Next Payment Amount.  You can do so by clicking the red "SoS" button on the LOANS page.