Questions about PayUback Loans

Can I continue taking PayUBack loans after I leave my job?

Provided you agree to repay your loans (on the same payday schedule) directly through your Dwolla account instead of through payroll deduction, you may continue to take PayUback loans not to exceed the value of your shares (your savings and loan balance) nor $750.00

Can I just leave money in the Savings and Loan account and continue to receive interest payments and 5-year contributions to the account.

Yes, you can always leave the account untouched while interest and contributions are added. 

What if I don’t want to continue the plan after I leave my job?

You can terminate the agreement any time and for any reason.

If I decide I won’t need anymore PayUback loans, should I cancel the agreement?

We hope this question comes up quickly for you and we will applaud your progress because this means you’re now prepared for future emergencies.  Of course you can cancel at any time and take your savings and loan balance with you, but you should consider how much we will add to this balance if you don’t cancel.  For instance, if after four years you have a $200 balance you probably want to wait one more year when we contribute additional shares doubling your balance to $400 (plus interest earned).  Then you can consider whether you want to wait another five years for us to double it again.

I terminated my account.  Can I reactivate it?

No, but you can start over with a new account.  This means restarting the vesting  period as well.

I get paid on the 1st and 15th of the month.  How does that work?

We treat this just like a bi-weekly pay period.

I get paid every week. How does that work?

Your original PayUback loan is repayment is divided over your next two weekly paychecks including a $2.49 transaction fee with each (unless waived).

What happens to money in my saving and loan account, if I should die.

You can name a beneficiary who will have the same rights you enjoyed.  Otherwise your estate can claim the earned shares.

What happens if my paycheck stops (such as; lay offs, long-term disability, workers compensation, union strike, etc.)?

You still owe your employer for the payment as scheduled and the repayment may be deducted from any payroll still owed or amounts still due from your employer subject to company policy and applicable laws. 

You may also request a “hardship application” from eePAL which may be approved for a “No interest/no fee” extension of the outstanding amount (not to exceed the current balance of your savings and loan account). 

What happens if my paycheck stops and after deducting pay owed to me, there isn’t enough in my savings and loan account to cover what I owe?

You may still request a “hardship application” to pay amounts due your employer.  If there is not enough in your savings and loan account to cover what is owed to your employer, fill out the section authorizing us to pay the employer and add this to your installments.