Auto loan administration for the Eidl loan requirement
For auto loans, lenders typically require a borrower to provide documentation of an emergency financial need, such as a loss of income or illness.
A loan application must also be filed with the agency in order to receive a loan.
But many lenders are now offering loan programs that let borrowers apply for loans in a way that will help them avoid paying their loans outright.
This week, one lender announced it was opening a program that allows borrowers to pay their auto loan loans directly by using a bank account.
That means they’ll be able to pay off their loans directly with a bank check rather than paying a fee for a loan or having to wait for a deposit.
“This is a way for the customer to get their money back,” said David Smith, co-founder and president of auto lending startup EIDL, in a press release.
“The consumer is in control and the bank is in charge of the transaction.
It’s a win-win.”
The company also launched an application form that borrowers can use to pay the loan directly with their bank account, rather than have to pay a fee to the bank.
Smith said the company has plans to add more auto lending options in the coming months.
This program, however, does come with a caveat: While it is technically possible to pay by check, banks generally require a $1,000 deposit for every loan.
With this new loan, however and the additional fees, that deposit can’t be used to pay.
“The fees are going to increase, but it’s still a good option for the consumer,” Smith said.
“It’s a very convenient option, it’s a low fee option, and it’s not going to cost the consumer anything to pay,” he added.
In a statement to Ars, the U.S. Department of Transportation said that the agency “has no plans to allow borrowers to make direct loans to banks.”
It also said it is “committed to encouraging a more streamlined process for borrowers to apply for loan programs.”