CASHLoan Auto Debit Interest Rate Reduction

Log in to apply for Auto Debit.

Applying and being approved by MOHELA to have automatic payments electronically debited from your bank account may qualify you for a 0.25% interest rate reduction.

Important Information about Auto Debit:

  • For eligible loan types, your effective interest rate is reduced by 0.25% when participating in Auto Debit. So you will accrue less daily interest and reduce the amount you owe on your loan over time. The Auto Debit rate reduction is not included in the payment amount calculation.

  • Keep in mind this reduction remains in effect while you are actively participating in the Auto Debit program. For example, three consecutive payments returned due to insufficient funds will result in the removal of Auto Debit and the loss of the 0.25% interest rate reduction.

  • Any interest rate reduction from Auto Debit will be removed during a period in which you do not use Auto Debit. Automatic Payments will resume at the end of your deferment, forbearance or grace period.

  • If you make additional payments, your Auto Debit will continue to withdraw your regular amount due each month plus any additional amount you have requested.