Online Loan Payment FAQs

How do I make an online loan payment?

Salem Five has an electronic loan processing system which allows you to make a one-time loan payment to your Salem Five loan via a secure website on a desktop computer, tablet or mobile device.

Make a Payment

What type of loans can be paid?

Commercial loans, residential mortgage loans, home equity loans and lines of credit and consumer installment loans.
 
Loans requiring special handling may not be able to use this service.  Please call the Contact Center at 800.850.5000

How do I use this service?

There are three steps involved in making one-time, online payments:

  1. Login and enter your Loan Number.
  2. Enter your payment amount, then enter your routing and account number for your payment account.
  3. Review and submit: The system allows you to review the information you've entered and make any necessary changes if applicable. You will then submit the payment and receive your confirmation of payment via email. Your e-mail address will not be used for any other purpose.
You will need to enter this information each time you make a payment.
 
If you are looking for automated payment processing, you should consider opening a Salem Five deposit account or using online AutoPay or ACH . For more information on setting up a recurring payment, or if you have any questions on any of these services, please call our Contact Center at 800.850.5000, or visit any Salem Five location.

How do I enter my Loan Number?

Your loan account number should be entered with no leading zeros. For example, if your account number is 000123456, just enter 123456.

What payment methods can I use to make loan payments?

These payments can be made with a checking or savings account from Salem Five Bank or any other financial institution. You will need the institution’s routing number and your account number to complete the payment.

Will I need a password to make a loan payment?

No, you will be asked for your loan number from the most recent loan statement.

Is there a processing fee to make payments?

 If you would like to pay your loan over the phone, there will be a $15 processing fee.  Please call the Contact Center at 800.850.5000 to process this request.

Will I be able to print a confirmation of my loan payment?

Yes. Once you make your loan payment you will be able to print the confirmation page in your browser. You will also be sent a payment confirmation email.

I made a payment using this service, but it does not reflect on my loan that the payment was made, should I be concerned?

No, please allow one business day for the payment to be reflected on the loan. If you still have questions or concerns, please contact our Contact Center at 800.850.5000, or visit any Salem Five location.

Are there other alternatives for paying my loan with Salem Five?

The most convenient way to pay your loan is by setting up automated reoccurring payments (AutoPay).

WRITTEN NOTIFICATION FOR AUTOPAY MUST BE RECEIVED BY YOU AT LEAST THIRTY (30) DAYS PRIOR TO THE DATE OF THE NEXT SCHEDULED DEBIT ENTRY.

Download Form

Print and mail it back to the address on the form.  Note: this will be an automated monthly withdrawal from your account.
 
Other one-time payment options include:
 
1.Open a Salem Five checking account and transfer the payment from your checking account into your mortgage account as needed (or set up a monthly reoccurring payment) within online banking.

2. You can initiate an online bill payment via online banking from another financial institution. Note: there is processing time and potentially mailing time involved with this option, so remit payment early to avoid any potential late fees.

3. You can pay your loan payment via the phone by calling the Contact Center at 800.850.5000. Note: there will be a $15 convenience fee for this option.