Which Loan Payment Option Is Right for You?
Managing your loan should be simple, convenient, and fit your lifestyle.
Whether you like having full control over your payments, prefer an automatic payment solution, or want to manage everything from one place, Truity offers multiple ways to make loan payments.
And now, with PayDirect, paying from an account at another financial institution is easier than ever.
Not sure which option is right for you? Here's a closer look at the different ways you can manage your loan payments and the benefits of each.
PayDirect: A Simple, Flexible Way to Pay
Available for eligible consumer loans.
If you bank somewhere other than Truity, PayDirect may be your new favorite payment option.
PayDirect allows you to make loan payments directly from your external bank account through Digital Banking. There's no need to transfer funds into a Truity account first, and you can manage everything in one convenient place.
Why members love PayDirect
- Free to use in Digital Banking
- Make one-time or recurring payments
- Pay directly from an external bank account
- Update, modify, or cancel future payments as needed
- Payments typically process within 1–2 business days
For members who want control and flexibility, PayDirect offers the best of both worlds. You can schedule recurring payments while still having the ability to make changes whenever your needs change.
Transfer: The Fastest Option for Truity Account Holders
If your payment funds are already in a Truity checking or savings account, a Transfer is often the quickest and easiest way to pay your loan.
Why choose Transfer?
- Free to use
- Transfer funds instantly from your Truity account to your loan
- Schedule one-time or recurring payments
- Conveniently managed through Digital Banking
For members who bank primarily with Truity, this is often the simplest payment option available.
Automatic ACH Payments: Set It and Forget It
If you'd rather not think about your loan payment each month, Automatic ACH Payments may be the right solution.
By completing a one-time ACH Authorization Form, you can authorize Truity to automatically withdraw your loan payment from an account at another financial institution each month.
Why choose Automatic ACH Payments?
- Payments are automatically drafted each month
- No need to log in and schedule payments
- Ideal for members who prefer a hands-off approach
PayDirect vs. Automatic ACH Payments
Both options allow payments from an account at another financial institution, but they serve different needs.
Choose PayDirect if you want:
- More control over your payments
- The ability to update payment dates or amounts
- The flexibility to schedule, edit, or cancel future payments
- Both one-time and recurring payment options
Choose Automatic ACH Payments if you want:
- Payments withdrawn automatically each month
- A hands-off payment experience
Keep in mind that Automatic ACH Payments offer less flexibility than PayDirect. If a scheduled payment is returned due to insufficient funds or another issue, you may need to contact Truity to make that payment.
External Transfers: More Than Just Loan Payments
External Transfers allow you to move money between Truity and another financial institution.
While this option can be used to help fund a loan payment, it's designed for members who regularly move money between accounts for a variety of purposes, such as building savings, transferring part of a paycheck, or managing funds across multiple financial institutions.
Why choose External Transfers?
- Free to use
- Transfer money between financial institutions
- Schedule one-time or recurring transfers
- Useful for savings goals and account management
- Managed within Digital Banking
Because funds must first move between institutions, External Transfers typically take 3–5 business days to complete.
If your primary goal is simply to pay your loan from an external account, PayDirect will usually be the faster and more convenient choice.
Bill Pay: Manage Everything in One Place
Many members prefer to pay all their bills through their primary financial institution's Bill Pay service.
With Bill Pay, you can add your Truity loan as a payee and schedule payments alongside your other monthly bills.
Why choose Bill Pay?
- Manage multiple bills from one place
- Schedule one-time or recurring payments
- Convenient if you already use Bill Pay regularly
Be sure to schedule payments early enough to allow for processing and delivery times.
Need to Make a Quick Payment?
For members who do not have access to Digital Banking, Truity also offers an online payment portal.
This option allows you to make a payment directly from an account at another financial institution without logging in. One-time and recurring payments are available through the portal, and payments typically post within two business days.
Please note: A $2.95 convenience fee applies to payments made through the online payment portal.
For members who regularly make payments from an external account, PayDirect or Automatic ACH Payments are often the more convenient long-term options.
Which Option Is Right for You?
I want to pay using my Truity checking or savings account.
→ Use Transfer
I want to pay from another financial institution and manage my own payments.
→ Use PayDirect
I want my payment to happen automatically every month.
→ Set up Automatic ACH Payments
I regularly move money between financial institutions.
→ Use External Transfers
I already pay my bills through my financial institution's Bill Pay service.
→ Use Bill Pay
I need a payment option without logging in to Digital Banking.
→ Use the Online Payment Portal ($2.95 convenience fee)
A Payment Option for Every Member
From hands-on payment management to automatic monthly withdrawals, Truity offers a variety of payment options to help make managing your loan easier.
For many members who pay from another financial institution, PayDirect will be the easiest and most flexible choice, offering the convenience of recurring payments, the ability to make changes when needed, and no transaction fees.
Log in to Digital Banking or visit TruityCU.org/Payments to explore your payment options and find the solution that works best for you.