How do I pay off my Magnifi Financial loan?

Paying off a loan is an important financial milestone. The steps depend on the type of Magnifi loan or credit card you have and how you would like to make your final payment.

Before submitting a payoff, confirm the amount needed for the date you plan to pay. Your current balance may not match your payoff amount because interest and other amounts may accrue through the payoff date.

Pay off an eligible loan in Digital Banking

You may be able to pay off an eligible auto, recreational, or personal loan through online banking or the Magnifi mobile app.

1. Log in to Digital Banking.
2. Select Menu.
3. Select Transactions.
4. Select Loan and Card Payments.
5. In the From field, choose the account you want to use. You may use:
   • A Magnifi checking account
   • A Magnifi savings account
   • An external account, already linked in Digital Banking
6. In the To field, choose the loan/credit card you want to pay off.
7. Review the loan details and the amount listed under Today’s Payoff.
8. Under Payment Type, select Payoff & Close.
9. Schedule the payment for today, review the information and submit it.

The Today’s Payoff amount is calculated for the current day. Do not schedule that amount for a future date. Contact Magnifi if you need a payoff amount for another date.

Your loan may continue to appear in Digital Banking while the payment processes. If it continues to appear after the payment has finished processing, contact Magnifi.

What if Payoff & Close is not available?

The Payoff & Close option may not be available for every loan. Contact Magnifi or visit a branch for your payoff amount and payment instructions.

Paying off a mortgage

Contact Magnifi before paying off a mortgage. Our team can provide a payoff statement with the amount needed for your intended payoff date and instructions for submitting the payment.

You may be able to review information about your mortgage in Digital Banking, but use the amount provided on your payoff statement when making the final payment.

You can request help by:

• Calling Magnifi
• Sending a secure message through Digital Banking
• Contacting the Magnifi team member assisting with your loan
• Visiting a Magnifi branch

Paying off and closing a HELOC

Contact Magnifi for the full payoff amount and account-closing instructions before paying off a home equity line of credit, or HELOC.

The Paydown to $0 option in Digital Banking applies to principal only. It does not include interest that may still be due. Bringing the principal balance to $0 also does not close the line of credit.

Contact Magnifi to pay off and permanently close your HELOC.

Paying off and closing a Magnifi credit card

To pay your Magnifi credit card balance through Digital Banking:

1. Go to Menu.
2. Select Transactions.
3. Select Loan and Card Payments.
4. Choose the account you want to use.
5. Choose your Magnifi credit card.
6. Select Current Balance as the payment type.
7. Review and submit the payment.

Paying the Current Balance does not close your credit card account. Contact Magnifi to confirm the final amount and request that the card account be closed.

Other ways to pay off your loan

Depending on your loan type and payoff instructions, you may be able to make your final payment using:

• A transfer from a Magnifi checking or savings account
• An electronic bank payment, also called an ACH payment
• A wire transfer
• A cashier’s check
• A personal check
• A payment at a Magnifi branch
• A payment sent by mail

Contact Magnifi before sending a payoff by ACH, wire, check, or mail. We will provide the correct payoff amount, payment instructions, and any information that should be included with your payment.

Understanding your payoff statement

A payoff statement is prepared for a specific payoff date. It may include an expiration date up to 10 days later.

Because interest or other account activity can change the amount due, use the amount and dates shown on your statement. Request an updated payoff amount if your payment date changes.

If your payment is more or less than the final amount due, our team will review the account and contact you if additional information or action is needed.

Frequently asked questions

Why is my payoff amount different from my current balance?

Your current balance shows the amount currently owed on the loan. Your payoff amount may also include interest through the payoff date and other amounts due. Use Today’s Payoff or an official payoff statement when making your final payment.

Can I use an external account to pay off my loan in Digital Banking?

Yes. You can use an external account that has already been linked in Digital Banking. You can also use an eligible Magnifi checking or savings account.

Can I schedule a Payoff & Close payment for a future date?

When using Today’s Payoff and Payoff & Close, submit the payment for the same day. Contact Magnifi for an updated payoff amount if you plan to pay on a future date.

Will Digital Banking transfer limits prevent me from paying off my loan?

A payoff submitted through Loan and Card Payments is processed as a loan payment rather than an account-to-account transfer.

What should I review before paying off my loan?

Confirm:

• The exact payoff amount
• The date through which the amount is calculated
• That enough money is available in the account you are using
• The correct loan or credit card is selected
• Whether you need to contact Magnifi to close a HELOC or credit card account

What happens if my payoff payment is too high or too low?

Magnifi will review the payment and the remaining loan balance. A team member may contact you to resolve any remaining amount or overpayment.

Why does my paid-off loan still appear in Digital Banking?

Allow time for the final payment to finish processing. If the loan still appears afterward, contact Magnifi for help.

How do I make a regular loan payment instead of paying off my loan?

Visit How do I pay my Magnifi Financial loan for instructions on regular payments, principal payments, and other payment options.