Young doctors reviewing a medical chart.

3 Payments On Us

3 payments
on us.

Find out more about Commerce Bank’s offer to give you a lump sum of three (3) times your first monthly loan payment amount.

FAQ's

What do I need to do to be eligible for this offer?

You must submit an application on or before 1/31/19. Only approved and funded Commerce Bank Medical Refinance Loans are eligible to receive this offer.  You need to make your first full monthly loan payment, by the payment due date, to receive the bonus payment.  

How much money will I receive?

We will calculate the FIRST monthly loan payment amount due on your new Commerce Bank Medical Refinance Loan and multiply that amount by three (3).  If the payment amount due changes after the first payment (e.g., variable rate loans or fees incurred) the amount we pay you will not be adjusted to reflect any changes in the amount due.  For example, if we calculate your first monthly payment to be $1,000, you will receive $3,000 ($1,000 x 3).   

How do I get my money?

Within 7-10 business days of making your first loan payment on your new Commerce Bank Medical Refinance Loan, you’ll receive an email from Commerce Bank with a link to our payment portal.  

Click the link provided and complete the steps to receive your bonus.  

You’ll select your preferred payment method, either:
  • Direct to Debit Card: An electronic payment method that uses your existing Visa or Mastercard debit card to transfer funds to your account. You will need to provide your debit card number and expiration date. Funds may arrive in as little as 30 minutes but may take longer depending on your bank. This option is not available for credit cards.
  • Direct Deposit: An electronic payment method that deposits funds into your bank account. You will need to provide your bank routing and account numbers. Funds will generally arrive in 2-3 business days.
  • If you do not respond within 30 days, a check will be mailed to the home address used in your application.
Do I have to make my first three monthly payments?

Yes. You are responsible for making all payments on your loan and you must make your first monthly payment in full and by the scheduled due date to be eligible to receive the bonus. You can apply the bonus funds directly to your loan, which will pay your loan in advance. You can contact Sallie Mae to suspend the “pay ahead” feature and apply this lump sum to your principal. Or you can set up ACH automatic payments through our servicer, Sallie Mae.

How can I use the money?
  
You’re still responsible for all of your regularly scheduled payments so using it to help make your regularly scheduled Commerce Bank Medical Refinance loan payments would be our suggestion! But you can use the money however you like – it’s yours!

What happens if I make an overpayment or extra payment on my loan?

Payments larger than the current payment amount due will reduce the current payment amount due in the following month(s).  This pay ahead feature will apply to your loan unless you contact us and request the feature be suspended.  If you wish to pay down your principal, contact Sallie Mae to apply a payment towards principal only. You will still be responsible for each monthly payment due as reflected on your statement.

Will I be taxed on the money I receive?

You should consult your tax advisor.  You will be required to provide us with IRS Form W9 prior to receiving your money.  You will also receive IRS form 1099-MISC for tax-preparation purposes.  We will not withhold income taxes from the amount we provide you.

Why do I have to complete IRS Form W9?

The IRS requires that we obtain a completed IRS Form W9 from you.  The form certifies the social security number you provide to us, belongs to you.  Taxes will not be withheld from the funds you will receive from us. Through the application process, you will be prompted to provide the IRS Form W9.

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