How to earn easy-payment financing at a Fidelity fund.
You’ll need to get your credit score verified by a financial institution.
You’ll need a loan to cover your monthly payments.
And, if you want to pay off your loans, you’ll need another loan to get that extra cash.
If you’re ready to get into easy-to-pay investing, here’s what you need to know.
How easy-purchase financing worksFidelity’s EasyPay® credit line is a loan from the bank that’s secured by your Fidelity savings and other assets.
If you make at least $250,000 in the first year of your account, your bank can guarantee your account and lend you money.
You can apply for your EasyPay credit line by: submitting a payment request online and paying a minimum of $10 per month; paying a $2 application fee to the fund’s online account manager; or, submitted a $10 application fee fee.
Once you apply, your loan will be guaranteed for a period of up to 12 months.
You don’t have to repay the loan within 12 months of being approved.
You will pay back the interest on the loan, up to your annual maximum of 5% per month.
There’s a maximum of $1,000 that you can earn in EasyPay for each account.
For more information, read the EasyPay FAQ.
EasyPay is a great way to get access to Fidelity’s easy-fee financing.
What you need in order to applyEasyPay credit lines work just like your credit card or checking account.
The difference is that you pay monthly fees instead of annual interest.
Here’s what your EasyPaid loan needs to do:1.
Submit a payment and payment request.
Make your payments online.
Pay a $1 application fee.4.
Request a $3 application fee and a $5 application fee (for a total of $5).5.
Pay your $5 Application Fee.
You should receive a letter within six weeks.
If your EasyShare loan is approved, you can receive the next installment (if applicable) at no additional charge.
You must pay your EasyDrop, EasyPays and EasyPay loans on the same day they are due.
You need to make at most a minimum amount of monthly payments for each loan.
You won’t earn EasyPay interest on any loans.
You’re eligible for EasyPay if your total income is $200,000 or less for the past year and $250 in the previous year.
Your EasyPay loan will automatically increase the interest rate on the remaining loan to 5% and, for the next 12 months, it’s eligible for a 3% increase per year, up until the loan’s maximum loan amount is reached.
The interest rate is calculated monthly.
You earn EasyCash when you make a monthly payment of at least $10.
The loan automatically reduces the monthly interest rate by up to $1.00 per month, and automatically increases the interest to 3% if you don’t pay any monthly payments in the next twelve months.
If interest rates are increased in the future, your interest rate will automatically be reduced by the rate you applied.
The EasyPay and EasyDrop lines of credit are guaranteed for 12 months from the date you make your loan payment, up from your total amount of loans you make.
You may qualify for an interest-only loan at any time.
The payment process is the same as a credit card.
You get two EasyPay payments a month.
For example, if your income is over $250 a month, you would get two payments a year.
If income is less than $250 per month (or $25 for single filers), you will only receive one payment a year, and your other payment will be charged to your FASB account.