Does CME Federal Credit Union charge a prepayment fee or penalty?
No, there is no prepayment fee or penalty. You can make early or additional payments at any time through your CME Federal Credit Union dashboard.
What portion of my payment is interest vs. principal?
Interest accrues daily on the outstanding principal of the loan. This means that towards the beginning of the loan, more of the payment is applied to interest than at the end of the loan when more of the payment is applied to principal. If you make consistent payments over time, the portion applied to principal will increase and the portion applied to interest will decrease.
To see how much unpaid interest is currently accrued on your loan, review the loan summary page on your dashboard.
What are my payment obligations?
Your loan is an unsecured debt obligation that requires you to repay full principal and accrued interest in 36, 60, or 84 monthly installments. (depending on the loan term you select). You may also prepay your loan at any time without penalty.
Failing to meet your monthly payment obligation will result in negative credit reporting to credit bureaus negatively impacting your credit score.
What happens if I am late on my payment?
If we do not receive your minimum monthly payment by your monthly due date, we will contact you to provide a reminder. In accordance with your promissory note you have a 10 day grace period before any fees are assessed. If any monthly payment is made outside of the grace period, you may be charged a late fee of <late fee>.
Please keep in mind that CME Federal Credit Union reports the status of your account every due date. Upon an Event of Default, we may exercise all the remedies available to us under applicable law or the Promissory note.
If you think you are going to be late on any payment, please contact us immediately or by calling our servicing line directly at 888.224.3108.
Can I change my due date?
The due date, which is stated in the dashboard and your promissory note, is a fixed date that cannot be changed. However, the payment date can be different from the due date. This can be set before or after the due date (Please keep the grace period in mind). Payment date is the date the payment is scheduled on. You can change your monthly payment date by logging into the dashboard, and clicking “Add/Edit Recurring Payments.”
Can I make additional loan payments?
Yes, you can make extra payments to pay down your loan, or pay off your loan in full. There is never a fee for making an additional payment. Additional loan payments will not be applied to payments owed for subsequent months, nor will they postpone the due date of the following monthly installment. Please refer to your CME Federal Credit Union dashboard to see details and the distribution of any additional payments being made.
If I make a one-time payment, will it replace my scheduled payment?
No. Creating a one-time payment will not replace your scheduled payments. Please review all payments in your dashboard to ensure that your upcoming payments are correct.
When does my repayment begin?
Your first payment will be due roughly 20-40 days from your loan origination date. Your specific repayment date will be listed on your promissory note.
Do you report late borrowers’ accounts to credit bureaus?
Yes, we report the most recent account status to the credit bureaus as of every due date. If you are more than 30 days late on any payment, any delinquencies or defaults will be reported accordingly.
What should I do if I’m having financial difficulties, and I can’t make my loan payment?
If you are experiencing hardship and cannot pay, please contact us immediately by calling our servicing line directly at 888.224.3108.
If you are unable to pay, we may be able to work on an alternative payment plan that will avoid additional fees or penalties.
How do I add a new bank account?
To add a bank account after you have received your loan, visit your dashboard and select the “Add Bank Account” option located on the bottom of the page under “Bank Accounts.”
There are three ways to add and then verify a new bank account:
- Bank Login – This method allows you to use your bank login information to instantly verify your bank account
- Voided Check – This method allows you to upload an image of a voided check and is verified within one business day.
- Small Deposits – This method allows you to provide your account and routing information so that two small deposits can be made into your bank account. Upstart (a company CME Federal Credit Union partners with for your loan process) will deposit two small deposits into your bank account. Once you receive these deposits you would then need to log into your CME Federal Credit Union account to verify them. This option takes 2-3 business days to verify your account.
Once your bank account has been verified and added, if you wish to use this account for recurring automatic monthly payments please see here.
A linked account must be a personal bank account in your name. Business accounts will not be accepted.
Can I turn off automatic ACH payments?
Absolutely. You can disable or enable automatic recurring ACH payments at any time by logging into your account at cmefcu.upstart.com. For specific instruction, please review this help center article.
You may also contact us at info@cmefcu.org or at 888.224.3108 to update your preferred payment preference to manual ACH or check payments.
If you have an automatic payment coming up and would like to have it cancelled, please contact us at least 3 business days in advance to cancel your payment. Note that you cannot make same day cancellations from your dashboard.
Can I extend my loan due to an emergency?
Unfortunately, we cannot extend the loan terms beyond what is noted in your promissory note.
If you are experiencing hardship and cannot pay please contact us immediately by emailing us at info@cmefcu.org or calling our servicing line directly at 888.224.3108.
If you are unable to pay, we may be able to work on an alternative payment plan that will avoid additional fees or penalties.
Options for Making Payments
There are different payment preferences you may choose from for repayments on your loan: recurring payments, manual payments, check payments (billpay), and bi-monthly payments.
Recurring payments via ACH is a popular payment method as it allows you to set it and forget it! If your account is already set up for recurring payments, you will be able to see all upcoming payments on your dashboard under scheduled payments.
You can update your recurring payment preferences or turn them on/off by clicking on “Manage recurring payments.” Make sure to save your changes. Please allow at least 3 business days for changes to take effect. Cancelling or turning off recurring payments within 3 business days of an upcoming recurring payment may not cancel that payment and will not change any previously scheduled one-time payments.
You also have the option to make one-time payments by logging onto your online dashboard and clicking the “Make a Payment” button or by sending payments via check. If you would like to pay by check, the mailing address can be found by logging in to your dashboard at cmefcu.upstart.com/login . Payments via check should include your account number on the memo field and be mailed to the mailing address found in your Dashboard. Your payment date will reflect the date your check is received, not the date it was sent.
Bill pay feature set up requires payment address information, which can be found on your dashboard under “Pay by Check” tab. Please note that when you submit a payment via bill pay, a check is physically mailed. Please allow 7-10 business days for check processing, when using standard postage, and 1-3 business days for check processing, when using overnight postage. Your payment date will reflect the date your check is received, not the date it was sent.
Bi-monthly payments allows you to set up 2 automatic payments to debit per month on 2 specific dates of each month. (For example, bi-monthly payments can be set up to debit on the 1st and the 15th of every month.) This allows you to split your monthly obligations into 2 smaller payments. To review bi-monthly eligibility, please see here.