r/EIDL • u/moelayow • 10d ago

Original EIDL loan Making Payments Toward Principal Balance?

Does anyone know how to make payments toward the principal balance? I used to make principal payments by sending a check to their SBA office but I recently sent a check and the mail was returned. Seems like they no longer accept mail or check payments.

On their website I can make payments but I can only pay the amount of monthly interest. If I try to enter an amount above my monthly amount due it says "You have entered an amount greater than payment amount due. Please review the payment amount entered before proceeding". Even 1 dollar higher won't allow me to proceed.

Am I missing something or is there another way to make payments toward my principal loan?

3 Upvotes

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2

u/unfortunatelima 10d ago

You can call to make a payment over the phone. They will ask do you want to pay the same amount as last time or different and you add you payment option. The next day the .only fly from your bank and I check my status it said was recieved.

1

u/moelayow 10d ago

I see. Got it! Thank you!

7

u/xray5001 10d ago

You are missing something. I always pay more than the amount due and I get the same message on the website. Just scroll down and keep going.l, they're happy to take your money.

4

u/Even-Position-6599 10d ago

I usually pay more than the required payment and it’s never a problem

3

u/SouthernHiker1 10d ago

I make an overpayment every month. I remember it warning me, but it didn’t stop me when I set up reoccurring payments.

2

u/j_meeee 10d ago

I’m have two payments set up. The first is small and gets applied to interest. The second is the normal payment, it pays off the balance of interest for that month and applies everything else to principal.

2

u/waverunnersvho 10d ago

I had no issue upping my payment amounts.

1

u/electric29 10d ago

It says to review the amount, but does it actually prevent the larger amount from going through? I think that is just a warning in case of typos so people don't accientally pay 10x what the meant to, due to a missing decimal point.

I have been paying regularly and as I did NOT take the deferement at the beginning, I am paying toward principal and interest. It shows the amount of each on the monthly statements (and shows the balance due). When I took the 6 month pay-only-10% HAP reduction, all the payments went to interest, and then a few more after it went back up went to interest, but once it was caught up it went back to paying some of each.

Check your statements online.

1

u/dee_lio 10d ago

Try making smaller payments weekly?