Paid Ahead Loans Changes
Starting May 1, 2025, Coastal Credit Union will update its loan policy. From this date, due dates can only be advanced by one additional payment at a time. This means that if you make extra payments, your loan's due date can only be extended to cover the current payment and one additional payment in the future, but not beyond that.
If you have automatic payments set up that meet your loan’s regular payment amount, no action is needed. However, if you haven't made a recent payment or wish to set up a new payment option, you can log in to your account on Digital Banking or call us at 919-420-8000 for assistance.
This policy applies to fixed-term loans such as auto, mortgage, home equity loans, and personal loans. It does not include open-ended credit like home equity lines of credit, credit cards, or personal lines of credit.
Payment Examples:
Payment Examples:
If you owe a payment with the next due date of May 15th...
| If you make a single payment by May 15th | Then.. |
|---|---|
| for the total amount due | Your next payment will be due June 15th |
| for more than the total amount due, but less than what is owed for May and June | The excess is applied to your principal balance and to your next payment due June 15th as a partial payment |
| for the amount owed for May and June, or make multiple full payments by May 15th | The excess is applied to your principal balance and your next full payment will be due July 15th |
| for more than what is owed for May and June | This will satisfy your payment for May and June and the excess amount is applied to your principal balance. Your next full payment will be due July 15th |
Coastal's loan agreements already state that members are required to make regularly scheduled payments regardless of the next due date.