What transaction methods are available when participating in a loan?
Updated by Steward Team
There are three transaction methods available when lending on the Steward platform:
ACH (Direct Debit)
ACH, or Automatic Clearing House, payment is an electronic payment method that is initiated directly through Steward's automated payment platform and clears in 2-3 business days. There is no fee for debit transfers.
ACH payment is currently available to lenders in the United States and outlying U.S. territories:
- American Samoa
- Northern Mariana Islands
- Puerto Rico
- U.S. Virgin Islands
- United States Minor Outlying Islands
As a Steward lender, you have access to a unique digital wallet which holds the repayments you've received from the loan participations you carry with Steward. Funds held in your Steward Wallet can withdrawn at any time or re-loaned to support another project once the balance exceeds $100.
Learn more about your Steward Wallet here.
For some campaigns, we allow wire as an option (a method of transferring money from one financial institution to another). Wire transfers must be initiated manually with your bank and clear upon receipt. Your bank may charge an additional fee for every transfer. Wire payment is currently available to lenders in the United States.
Note: Wire transfer may not be available for every Steward project. Contact us if you're interested in participating in a loan through a wire transfer at firstname.lastname@example.org