How it works
You set up an auto-debit (sometimes called recurring debit or autopay), and each month Prodigy Finance will automatically withdraw funds from your account on the date that you’ve chosen. There are no fees and your payment is guaranteed to arrive on time every month.
- Log in to the app, select Pay, under “Recurring payment” choose Direct debit
- Confirm the amount you want to pay, this should equal the total of the monthly amount due for all of your loans - you’ll make one payment for all your loans.
- Select a date between the 12th & 20th when you want the funds to be debited from your account.
- Enter your bank account details, and authorize the payment.
- You’ll see a card on the home screen confirming that your auto-debit is active, including the date and amount
- If you want to edit or cancel your auto-debit just tap that card.
- Each month, you’ll get a reminder a few days before the funds are debited so you can be sure you have adequate funds in your account. Then, we’ll withdraw the amount you’ve chosen on the selected date.
Some helpful tips:
- You’ll be notified when your payment has been received by Prodigy Finance - it can take up 10 days for the funds to arrive.
- When setting up auto-debit for the first time, you’ll need to authorize payment by the 20th of the month. If you set up auto-debit after that date, we can’t guarantee that the payment will arrive in our account in time for the first month’s payment.
- You can always edit or cancel your auto-debit settings. If you need to make any changes, be sure to do so before the date you’ve chosen to have the funds debited - any changes you make after that date will only take effect in the following payment cycle.