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How to set up a recurring debit

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Who can set up a recurring debit?

Recurring debits are available for customers who have a loan in USD or EUR and have bank accounts located in the United States or select EU countries.

How does it work?

In order for your recurring debit to run during a given payment cycle, it must be set-up before the 18th. If you don't set it up before then, it will only run the following month.

Please note our recurring debits are run according to the GMT timezone so, depending on your current timezone, this could fall on the 19th of the month.

If you have multiple loans, you will only be able to set up an auto-debit across all your loans as a combined payment.

Here is a step-by-step guide to set up auto-debits for both the iOS and web version of the app:

iOS/Android

  1. Tap the Pay button.
    1. If you have multiple loans, select Pay for all my loans at once.
  2. Select Recurring Payment. 
  3. Add the amount you want to pay each month:
    1. You can't set up an auto-debit payment for less than the monthly amount due.
    2. If you set up a custom amount and your monthly due payment increases above the custom amount, we'll debit you according to your monthly amount due.
  4. Tap Continue with Payment.
  5. Enter your banking details - make sure these are all correct!
  6. Tap the Authorise Payment button
  7. You'll receive confirmation that your auto-debit has been set up that includes the date it will be initiated.
  8. You can also confirm that the auto-debit is active on your account. Simply go to the Recurring Payment card below your monthly amount due on your loan's page. 

Web

  1. Click Make Payment.
    1. If you have multiple loans, select Pay for all my loans at once.
  2. Click Recurring Payment. 
  3. Add the amount you want to pay each month:
    1. If you set up a custom amount and your monthly due payment increases above the custom amount, we'll debit you according to your monthly amount due.
  4. Click Confirm Payment Amount.
  5. Enter your banking details - make sure they are all correct!
  6. Click Authorise Payment.
  7. You'll receive confirmation that your auto-debit has been set up that includes the date it will be initiated.
  8. You can also confirm that the auto-debit is active on your account. Simply go to the Recurring Payment card below your payment history on your loan's page.

 

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