WikiLoan, Inc., a financial social network, announced yesterday that it has successfully renegotiated with its contracted processor for dramatically lower ACH fees. Higher payment and money transfer fees directly increase the cost of consumers who make transactions on the Internet.

“This renegotiation represents a tremendous savings for the users of our website. It will save them in excess of 80% on every transaction, with little impact on WikiLoan’s margins,” stated Edward C. DeFeudis, WikiLoan’s Founder and President.

“It was a high priority for us to adjust the processing charges for our users, particularly for the small transactions. Providing payments for $0.99 per transaction will help to establish and maintain a great user experience on WikiLoan.com,” added Marco Garibaldi, WikiLoan’s Founder and CEO.

According to the company, its new rate of $0.99 per transaction is down from $5.00 to $15.00 depending on the type within the WikiLoan system. This change is anticipated to save borrowers up to $249 in fees over the course of the maximum 60-month duration of a loan.

Let us hear your thoughts: WikiLoan, Inc. Message Board