You can set up auto-debit if you’re paying from an eligible US, UK, or EU bank account. 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.
How to set up your Prodigy Finance Auto-Debit:
You can set up an auto-debit (automatic monthly payment), by following the below steps:
- Start by logging in to the mobile app for iOS or Android.
- Once you have logged into the Prodigy Finance repayment app you will select 'pay', and under 'Auto-debit' choose 'Direct debit'.
- Confirm the 'amount' you want to pay, the app will allow you to make one payment for all your loans by automatically inserting the total amount due for all of your loans.
- Select a 'date' between the 12th to the end of the month 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
- 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.
How to cancel your Prodigy Finance Auto-Debit:
- If you want to edit or cancel your auto-debit just tap that card.
- Log in to the app.
- Select "Pay."
- Under "Auto-debit," you'll find a card on the home screen confirming your active auto-debit, including the date and amount.
- To edit or cancel your auto-debit, tap that card and select "delete."
How to pause your Prodigy Finance Auto-Debit:
You may pause your monthly auto-debit payment for a period of one to three months. This will ensure that Prodigy Finance does not debit your account for your selected duration. Once your auto-debit pause has come to an end, the auto-debit will automatically reactivate and we will withdraw funds from your account. There are no fees associated with pausing your auto-debit.
Important to note: If you choose to pause your auto-debit, this does not mean that you can skip your monthly installment(s) due. If your loan(s) are not ahead of the original payment schedule, it's important to note that you are still required to make payment for the given month using an alternative payment option. If we do not receive your monthly due installment(s) your loan(s) will fall into arrears which could negatively impact your credit score.
The below steps will guide you on pausing your auto debit:
- Click on ‘edit Auto-Debit’ on the dashboard of the Prodigy Finance App.
- Select the ‘pause auto-debit’ button.
- Choose a ‘duration’ between 1-3 months and select a ‘reason for the pause’.
- You will then be directed to the Auto-debit details page and be required to accept the T&Cs to move on to the confirmation page.
- Once the T&Cs have been accepted, you will click the ‘confirm and pause’ button to confirm the information you’ve entered.
- A success screen will appear confirming that your auto-debit has been paused.
How to manually resume your Prodigy Finance Auto-Debit:
You will have the ability to resume the auto-debit payment option at any time during the pause period. However, if you do not choose to manually resume your auto-debit during the pause period the pause option will automatically end after the selected duration (between one and three months).
- Click on ‘edit Auto-Debit’ on the dashboard of the Prodigy Finance App.
- You will then be directed to the Auto-debit details page where you will click on the ‘resume auto-debit’ button.
- Once you’ve clicked the ‘resume auto-debit’ button, a success screen will appear confirming that your auto-debit has been resumed.
Some helpful tips:
- You’ll be notified when your payment has been received by Prodigy Finance - it can take up to 10 days for the funds to arrive.
- When setting up auto-debit for the first time, you’ll need to authorize payment by the end 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, pause, 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.
- If you choose to pause your auto-debit feature, this does not mean that you can skip your monthly installment(s) due. If your loan(s) are not ahead of the original payment schedule, it's important to note that you will still be required to make payment for the given month using an alternative payment option. If we do not receive your monthly due installment(s) your loan(s) will fall into arrears which could negatively impact your credit score.