How It Works
- Pay Off Loans Faster
- Simplify Budgeting
- Match Payments to Paychecks
- Improve Asset Equity
FEP service helps you take control of your finances by enabling you to eliminate debt faster, manage your payments better and save money in the process. Today, FEP service is being used by consumers who find value in aligning their loan payments with their biweekly pay periods.
FEP service is administrated thru an FDIC insured bank. Your money is never securer from Bank to Lender, never touching a third party. Nothing is lost in the process, you simply choose direct payroll, checking, or savings account where funds are debited, on the date you choose. FEP’s, Bank Administrator will then debit your account every other week typically for half of a monthly loan payment amount.
You will now be paying your loans biweekly, instead of monthly; therefore additional prepayments will be made to your loan’s principle balance. Since there are 26 biweekly payments being made a year, it means that you are now applying 13 payments instead of 12 each year. Our system ensures that the bank applies your additional payments quickly to your principle loan balance, reducing your debt faster and limiting the amount of interest paid.