How do I pay off my SBA loan or how can I make my SBA loan payment? To clear your doubt on the questions asked above, SBA loans are important means of funding small businesses in the United States and since this loans have the immediate backings of the federal government. The loans come with lower interest rates when compared to other traditional loans. SBA loan comes in three different types which include the 7(a) loans, 504 loans, Microloans, EIDL loans, and PPP loans. However, if you have received you your own SBA loan depending on the type you bid for and you want to know how to make your payment. This post will guide you on all you need to know about making your SBA disaster loan payment. Before we dive into learning how to make payment for your SBA loans, Let’s quickly dive into some questions we came across in the process?
“how do i make a payment on my sba loan”
“how to make a payment on my sba loan”
“how do i log into my sba loan account”
“how do i check my eidl loan balance”
“how do i pay my sba loan online”
“how to pay on my sba loan”
“How do I check my SBA loan payment?”
“How do I login to my SBA loan?”
“How do I see my EIDL loan balance?”
“How do I pay back my SBA EIDL loan?”
“how do i check my sba loan balance“
“how do i make a payment on my sba loan“
“Do you have to pay back on SBA loan?”
“How do I check my SBA loan payment?”
How to Make SBA Loan Payment
There are several payment options you can use when you want to pay for your SBA loan. This includes a 4-stage payment system which include the following;
- Online payment at Pay.gov website
- Make use of online bill pay through personal banking account
- Payment by Mail
- Payment by Phone
Online payment at Pay.gov website
This is regarded as the most preferred method of payment. This payment option requires you to go through the Pay.gov website and fill a form by entering your required basic personal and SBA borrowers’ information on the form. However, to make payment online using the Pay.gov website, follow the steps below.
- Visit Pay.gov in the web browser of your device.
- On the next page, a list of payment options will appear on the page.
- Find the “Make a SBA 1201 Borrower payment” option and click on the “Pay it right here” button under the option.
- Next, is to submit payment using the SBA Form 1201 Borrower Payment using one of the following accepted online payment methods available at the bottom of the page. This include bank account (ACH), PayPal account, debit card
RELATED”>>>>>>>>>>>>>>> SBA 504 Loan – How to Apply and Make your Businesses Qualify for SBA 504 Loan | Know the Businesses That Qualify
SBA 7(a) Loan: How to Apply for SBA 7(a) Loan & Everything You Need to Know about it
Make use of Online Bill Pay through Personal Banking Account
Another means of payment for your SBA loan is using the Bill pay option through your personal online banking account. To do this, kindly go through the below steps
- The first thing to do is to go your Personal online banking account as add U.S. Small Administration as Payee
- The next step is for you to enter your 10-digit loan number as the “Account number”. Keep in mind that your loan number is different from your application number. You can find the loan numbers on your account statements.
- If you are required to provide payment address, enter U.S. Small Business Administration address which is P.O. Box 3918, Portland, OR 97208-3918. For Telephone number, enter the phone number written in front of your statement.
- Finally, make use of your bank’s bill pay service to set up an electronic one-time or recurring payment.
Payment by Mail
This payment options will require you to pay either by check or money order and then you will have to send it to the mailing payment address of the U.S. Small Business Administration. The steps below will guide you on what to do.
- Send your check or money order to the U.S. Small Business Administration.
- The next step is to enter your 10-digit SBA loan number in the memo field or stub on your check or money order.
- Then, mail the payment to the address of the U.S. Small Business Administration: P.O. Box 3918, Portland, OR 97208-3918.
Payment by Phone
You can also make your SBA loan payment by contacting the SBA Customer service center toll-free number at 1-800-659-2955 (TTY: 1-800-877-8339). Keep in mind that this is completely free of charge.
How to Find Your Loan Number for SBA Payment
The loan number is your 10-digit number that can be found with your original loan documents or on a statement issued to you from the SBA. But if you do not have a letter or statement, kindly contact SBA COVID EIDL Customer Service Center at 833-853-5638 for EIDL loan borrowers. This loan number is used for COVID-19 Economic Injury Disaster Loans (EIDL) Loans andPaycheck Protection Program (PPP) loans borrowers. Keep in mind that the Pay.gov does not have access to your loan numbers or loan details plus your loan number is the same as your application number.
For EIDL borrowers, you can find your loan number on your original loan documents or statement from the Small Business Administration while other borrowers can find their loan number on the SBA Capital Access Financial System (CAFS) account. You can also download your loan document from the RAPID portal.
How to Check your Balance, Funding date, interest rate and due date on your SBA loan
As a SBA loan borrower, you can check your loan account balance, payment due date, interest rate and even funding date by logging into the SBA Capital Access Financial System (CAFS) account. For privacy restriction, you may not be able to access this page on the Pay.gov’s website but you can contact the SBA for assistance at cls@sba.gov or 1-833-572-0502. You can also enroll or login by following the instruction guide of CAFS system account set up.
How to Create a Pay.gov Account
It is important you create a Pay.gov user account in order to enable you get access to set up your recurring payments, cancel any pending payment, update your address with SBA, and track payments made. Although you can pay without logging into your Pay.gov user account but it only gives you the edge to enjoy the benefits listed above.
- Go to https://www.pay.gov/public/home in the web browser of your device.
- On the next page, click on the “Create an account” button in the top-right corner of the homepage.
- Next, on the Pay.gov user registration page, select either “create a personal account” or “Create a company account”.
- Then, choose the “create a personal account” indicating you are not for any organization.
- On the next page, you will come across four steps to create an account. This includes Activate account, contact information, set up security, and Sign in.
- Now, enter your first name, Last name, and email address.
- Next, check the box to read and accept the terms and conditions of the Rules of Behavior.
- Then, click on the blue “activate account” button.
- You will receive an email. Click the link to continue. If the email does not arrive in about 15 minutes, call the Pay.gov Help Desk at 800-624-1373.
- On the next page, follow the prompt and you will get your account set up.
Pay.gov User Account Login – SBA Loan Payment Login
Once you have successfully created your Pay.gov User Account, you can sign in easily without stress. All that it requires is your username and password. You can login to your Pay.gov User account by following the steps below.
- Go to https://www.pay.gov/public/home in the web browser of your device.
- On the next page, click on the “Sign in” button in the top-right corner of the homepage.
- Next, enter your “username” and “password” when you created your account.
- Finally, click on the blue “Sign In” button.
RELATED”>>>>>>>>>>>>>>>> Easy Ways to Get a Personal Loan With Bad Credit from Top Lenders
No Credit Check Loans Online – Top 5 Online Personal Loan Lenders
Types of SBA Loan Payment Agency Forms
- 1201 Borrower Payment Form: this form is used by borrowers to pay their SBA serviced loan payment. This includes Economic Injury Disaster loans (EIDL) and other non-COVID Disaster loans. You will need your 10-digit SBA loan number and amount of payment to complete this form. Keep in mind that you can’t use this form to pay for Payroll Protection loans, EIDL Advances/Grants, and Shutter Venue Operators Grants. The Form number is 1201.
- 1544 Lender Fee Payments: lenders make use of this form to your SBA loan Guarantee fees, care and preservation of collateral (CPC) fees, Reviews and/or Repair fees.
- SBIC Fees: this form is used to pay SBIC fees.
- SBA Form 172 – SBA Transaction Report on Loan Serviced by Lender: this form is used by lenders to enter information related to SBA form 172 transaction report on loan serviced by lender. The form number is 172 and an OMB number which is 3245-0131.
- SBA Form 1106 – SBG Surety Bond Guarantee: This form is used by contractors to pay SBA PSB and SBG Bind Guarantees fees and payments.
- Certified Development Company (CDC)/504 Loan Payments : This form is used by the Certified Development Companies (CDC) to pay for SBA 504 loan payments on Repurchased Debentures, OICs, PLCP, Loss Reimbursements, Notes, Receivables or Rent.
- SBA Administrative Payments: this form is used by employees to pay for Small Administrative payments and it is also used to repay SBA-issued SVOG funds by Shuttered Venue Operators Grant recipients. Keep in mind that you must not use this form to pay back interest earned on SVOG funds deposited in interest –bearing accounts. Interest received in excess of $500 must be remitted annually to the Department of Health and Human Services.
Steps to Make your SBA 1201 Borrower Payment
There are five steps to making your SBA 1201 borrower payment. They include the following;
- Before you Begin
- Complete Agency Form
- Enter Payment Info
- Review & Submit
- Confirmation
Before you Begin
This is first step you will come across when you open the SBA 1201 borrower payment form page. Kindly read all the instructions you have on this page and scroll down to click on the blue “Continue to the form” button which will take you to the next step.
Complete Agency Form
On this page, you will be asked to provide your borrower’s (as an agent) or your information when filling the SBA form 1201 Borrower Payment Form. They include the following;
- Borrower’s name or your name
- Borrower’s address 1 or your address 1
- Borrower’s address 2 or your address 2
- City
- State
- Zip code
- SBA loan number
- Payment Amount
Once you have provided the information stated above, click on the blue “Continue” button to take you to the next step.
RELATED”>>>>>>>>>>>>>>> What is a Payday Loan? – How Does Payday Loan Work
Enter Payment Info
This step is for you to provide your payment account information and also set up your recurring payment.
- Start by choosing the type of account you want to use for your payment. Keep in mind that if you want to set up a recurring payment you must be signed in to your account and choose Bank account (ACH)
- Then, click on “next”.
- The “payment account” page will appear.
- Choose to make a one-time payment or a recurring payment.
- For Recurring payment option, a frequency of payment ( this is how often you want to pay either weekly, monthly or yearly) and End scheduled payment when I made payment box will appear (this is the number of payments in your loan or the number your want to make).
- You can select a “payment date” or a date to start your recurring payments. Keep in mind that the earliest date you can select is the next business date. You cannot enter today’s date. If you already made a single payment, enter or select the date your next payment is due. Make sure to account for any SBA deferments. Note that interest accrues even if your loan is deferred. If you type in a date, do NOT click Earliest payment Date or Choose Payment Date.
- If needed, change the account holder name.
- Choose the account to use for the payment.
- Click Review and Submit Payment.
Review & Submit
- This is where you will have to verify all the information you supplied for your payment by reviewing the information on the page.
- Then, confirm or enter email addresses that will receive a payment confirmation.
- Finally, check the box to authorize your payment.
- Click Submit Payment.
Confirmation
- Finally, once you have reviewed and confirmed all the information, you can now print the confirmation page.
- A confirmation email will be sent to you and all addresses you entered.
