What is an installment plan?
An installment plan lets you spread your remaining loan balance across automatic monthly payments instead of paying it all at once. Once enrolled, your debit card is charged automatically on your scheduled dates, no action needed from you each month.
Am I eligible?
You can enroll as long as your loan is active and has not been fully repaid or closed. If your loan is past due, you can still enroll (see details below).
How to set up a plan
- Log in to your account at www.gotitus.com
- Go to Repay Now and select Installment Options
- Choose a payment plan (options are based on your balance)
- Select or add a debit card. Bank transfers are coming soon.
- Review and agree to the loan agreement addendum
- Confirm to activate your plan
Your first payment is charged on the 1st day of the month following enrollment (example: you enroll on 5/13, your first payment will be 6/1). The remaining installments will be charged on the 1st day of each month until paid.
How payments work
Once your plan is active, payments are charged automatically. You don't need to log in or do anything on payment days.
If you make a one-time payment between installments, your scheduled payment amounts will remain the same. The extra payment will reduce your final payment or shorten the overall plan.
You’ll continue to be charged the same amount each cycle unless your remaining balance is lower than the scheduled payment amount. In that case, your final charge will be only for the remaining balance, and your plan will be marked complete.
You’ll never be overcharged — each payment will not exceed the total amount owed.
Managing your plan
You can manage your plan at any time from your account or from the links in your reminder emails and texts. You can:
- Change your payment method
- Stop your plan
- Make a one-time payment (which reduces your remaining installment amounts)
- View your full schedule, amount paid, and remaining balance
Notifications
|
When |
How |
What you'll receive |
|
At enrollment |
|
Your full payment schedule, monthly amount, total payoff, and payment method on file. |
|
3 days before each payment |
Email + text |
Reminder with the upcoming charge amount and date. |
|
After each payment |
|
Receipt confirming the amount charged and the card used. |
|
If a payment fails |
|
Notice explaining what happened and how to add a new payment method and start a new plan. |
What if a payment fails?
Payments are tried 2 additional times after the initial attempt, spaced 4 days apart. If the payment still cannot be processed (for example, if the card is declined), the plan will automatically stop and you will receive an email notification. The loan balance will remain unchanged.
To continue, add a new payment method and start a new plan. Your loan balance is not affected — only the plan is stopped.
To avoid interruptions, make sure your debit card on file is up to date before each scheduled payment.
What do I do if my loan is past due?
You can still enroll even if your loan is past due. At the point a loan reaches 14 days past due, interest does apply, but that interest is built into the repayment plan that you choose.
Enrolling in a plan is still a great way to manage repayment — just note that the final total paid may be higher than if you pay the entire balance amount upfront.
What happens if the home goes under contract and I am on an installment plan?
Titus automatically stops the installment plan once a home is listed as pending on the MLS. From there, you can log in to your Titus dashboard to add closing information and the invoice will be sent to the title, escrow, or law office the balance remaining on the loan can be paid at close.
Questions or not seeing a plan that fits your needs?
Contact our support team at support@gotitus.com.