Paying back a personal loan, best online service with least fees?

[slackerinabox]

I owe my parents a bit and want to make little payments over a year, and like the traceability of using something online (and mailing checks is always risky) - suggestions? If there are fees I'd like them to come from my end (and I think paypal chargers the 'seller').

 

[Aharami]

paypal only charges if you use your CC. If you send the money as a gift from your bank acct, there is no fee

 

[Ophir]

If PayPal won't work for your situation for whatever reason:

1) Walk in to a branch of their bank and deposit it directly into their account the old fashioned way. You can go 5 min out of your way to pay your parents back.

2) Many banks let you transfer from your account to an external one through their online banking page. If yours doesn't, open an account with Ally.

3) Send a paper check. Thousands, maybe millions, of people send paper checks every month to pay their bills. This is no different. Just requires a little effort to make sure they receive the check. Same as you would for any other payment.

 

[cabri]

Look into your Banks bill pay type section.

The Bank will send a check to the party if the party does not have a relationship with the bank itself.

You can always get a photocopy of the check from your bank if needed. The bank system should be able to also provide you with a running "balance" of payments. on demand/online

 

[slackerinabox]

paypal only charges if you use your CC. If you send the money as a gift from your bank acct, there is no fee

Got it! I actually de-linked my bank account because, based on an eBay transaction flagged as fraud (it wasn't, disgruntled buyer who didn't read the condition of the item) they locked my account and caused havoc with my bank account.

I'll either relink my bank account or go the e-check route. Thanks! unless someone suggests otherwise

 

[Phoenix86]

paypal only charges if you use your CC. If you send the money as a gift from your bank acct, there is no fee

They also crawl up people's asses for sending too many gifts to one person. I had a single $400 gift to a friend get questioned, stopped using it.

 

[Jeff7]

Look into your Banks bill pay type section.

The Bank will send a check to the party if the party does not have a relationship with the bank itself.

You can always get a photocopy of the check from your bank if needed. The bank system should be able to also provide you with a running "balance" of payments. on demand/online

+1

You should also be able to schedule regular payments this way.


I don't know if there's a monthly or yearly though before they start throwing fees at you.

 

[Brainonska511]

What's so risky about mailing a check?

 

[rcpratt]

Yes, I do this type of thing through my bank's eBill pay. You can just set it up with the routing numbers, set it recurring, good to go. Mine is done electronically, but they also mail checks for recipients whose banks don't support that.

 

[SunnyD]

Cash, in person, with a hand written signed receipt.

 

[slackerinabox]

What's so risky about mailing a check?

Ok, I'll cut to the chase - they're local, so I could even hand them cash but it's kinda awkward. Especially since I mostly see them at family gatherings with nosey relatives. Though maybe they should see me paying him, none of them repay loans! ha. I have like 10 checks that I use for rare occasions, I mostly live an electronic life so I'd have to get a check book just to pay him, then stamps or a trip out for a routine visit, which is nice in theory but I have kids I watch and would have to drag them along, and it becomes a whole to do. I also like that I can have a record without the awkwardness of asking a a family member for a receipt, and it keeps me honest: bank e-checks with recurring payments sound ideal, I can set it to go out on pay day and call it a day. Going that route, free!

 

[BurnItDwn]

Just tell them you mailed them a check, but, dont mail them a check. This way they will just blame the mailman. The mailman is stealing their mail because he hates them.