Author Topic: Time to pay the EIDL loan. Credit Card?  (Read 237 times)

Offline Alex1974

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Time to pay the EIDL loan. Credit Card?
« on: November 29, 2022, 02:48:19 PM »
The EIDL loan that my business received from the SBA is due for monthly payments starting on Dec 1st.

Per Pay.gov:
Effective December 1, 2017, credit cards will no longer be accepted for SBA 1201 Borrower loan payments. Electronic payments using ACH, debit cards, prepaid debit cards and PayPal (limited to linked bank accounts) remain available accepted payment methods.

Is there an easy way to pay $9,875.00 monthly and somehow get CC points for that?
Can I buy prepaid debit cards with a credit this high in value?

If there is a thread about this, please let me know and I'm sorry, but I couldn't find it.

Thank you.

Offline Yef

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #1 on: November 29, 2022, 02:55:17 PM »
Are they really going to make everyone pay this back every month??!? ;)

Offline Alex1974

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #2 on: November 29, 2022, 02:59:05 PM »
I guaranteed with my business.
I can't take the risk.
The other loans were forgiven but this one isn't.

Offline Ver hut gazugt

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #3 on: November 29, 2022, 03:08:03 PM »
I think after 2008 they made a law that it is illegal to pay debt with debt so I doubt they will allow cc payment.

Offline Alex1974

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #4 on: November 29, 2022, 03:27:19 PM »
I think after 2008 they made a law that it is illegal to pay debt with debt so I doubt they will allow cc payment.
I understand that. My question was if I can buy a debit card with a Credit Card so that I can pay with that and earn miles.
Not a $200 Visa card that I need to buy 50 of every month, but rather a better solution.

Offline EliJelly

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #5 on: November 29, 2022, 03:28:08 PM »
I think after 2008 they made a law that it is illegal to pay debt with debt so I doubt they will allow cc payment.

So with gift cards? :)

Offline LoLo

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #6 on: November 29, 2022, 03:40:15 PM »
I think after 2008 they made a law that it is illegal to pay debt with debt so I doubt they will allow cc payment.
And balance transfers?

Online New Yorker

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Re: Time to pay the EIDL loan. Credit Card?
« Reply #7 on: November 29, 2022, 04:04:47 PM »
Yes, gift cards work.