After you get a loan (personal loan, car loan, or mortgage), you usually will need to make installment payments to pay it off over the term of the loan. On Happy Mango, we have developed several unique features to help you successfully pay off your loan.
1. Choose the Loan Amount and Term Based on Your Ability to Pay
On Step 1 of your loan application, you will be asked to select the loan amount and term (how long it takes to pay back the loan). On Happy Mango, these choices are presented in the context of estimated future monthly payment amount. You can vary the Loan Amount to review the changing Estimated Monthly Payment range for each available Loan Term offered.
If you have a good idea of your budget, you can select the Term for which the payments are within your budget. If you need further analysis, you can reach out to a financial coach or use the "What-If" analysis on Happy Mango to determine the monthly payment within your budget.
2. Choose A Payment Frequency and Due Date Aligned with Your Earning Cycle
On Step 1 of the Loan Application, once you have decided on the Amount and Term, you are offered various choices of payment frequency and timing. It is important to select a repayment cycle that matches your earnings cycle. For example, if you are paid weekly on Fridays, you may want to select the loan payment frequency that is "Weekly" and choose "Friday" as the payment due date.
3. Take Advantage of the Smart ACH Automatic Payments
When adding a financial account, you can follow a 2-step process as shown below to enable your "Smart ACH" for your ACH payment process. First, click on "Add Account" on the Accounts page to add your financial accounts using online banking login. Second, after the account is added and appears on the "Connected Financial Accounts" tab, simply click on "Use for Payment" to make this account an ACH Payment Source.
Step 1.
Step 2.
"Smart ACH" is available only on Happy Mango. This technology utilizes the online banking connection to check your account balance before initiating a loan payment, thus avoiding unnecessary Insufficient Funds or Over Draft charges.
4. Get Automated Notifications Before Payments Are Due
At least 5 days before the loan payment due date, you will receive an automated email and text message regarding the amount and date due as well as the account used for the payment. A detailed invoice related to the upcoming payment can be downloaded online or from the email notice.
5. Make a Payment Anytime
You can pay-off the loan, make an early or one-off payment anytime by logging into your Happy Mango account. These payment options are found on the "Loans" page.
6. Use "SOS" Button to Contact Your Lender When You Have Trouble Making a Payment
Happy Mango makes it easy for lenders to modify loan terms and payment schedule. If you are having trouble making a payment, you can use the red "SOS" button on the Loans page (see above picture) to contact your lender immediately. The lending staff managing the Active Loans portfolio can use the Quick Action buttons or Loan Modification tools on Happy Mango to help you with the following:
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Skip a payment
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Delay a payment
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Change payment date or frequency
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Remove late fees
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Forgive part of the unpaid principal amount
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Change future interest rate
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Change payment method, e.g. from Principal & Interest to Interest Only, for a period
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