Understanding when payments should begin processing and how long it takes to complete.
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Payment Processing Time
Payments made directly through your checking or savings account (via ACH) may take up to 5 business days to finish processing (not including Saturdays, Sundays, or bank holidays). For example, ACH payments made on Monday will clear the following Monday, and ACH payments made on Friday will clear the following Friday.
Payments made through your debit card may take up to 24 hours to finish processing.
You will see your payments in your transactions list within the app as “In Progress” until it has been processed.
Payments usually settle before 5 pm, so if it's early in the day you may need to allow your payment more time to finish processing. Unfortunately, there isn't a way to speed up these processing times. We aren't able to accept screenshots of your bank transactions showing the payment has been pulled from your account as proof of payment. Once we have successfully received the money from your bank, we can mark your payment as complete.
As soon as payments clear, their status in the app will be updated to “Paid" and you should receive an email confirming that the transaction was completed. Rest assured, we will report your payment as paid to TransUnion and Experian on the date the funds were pulled from your account, not the day it finishes processing. Once all four payments are marked as “Paid” in the app, you can reapply for another loan if you’d like.
What Time of the Day are Payments Processed?
We do not control the exact time your bank processes the payment.
Our system typically schedules payments to occur on your paydays.
We do not know the specific time of day your bank will process our payment request.
For example: if you know your paycheck won't arrive until 9 pm on your payday, we can't guarantee your payment won't be tried before it arrives.
We recommend updating your payment dates to the day after your paydays if you’re concerned about timing.
Some people who bank with smaller banks/credit unions do experience sequencing issues: our payment is pulled before their paycheck clears.
If you experience issues, please use the update payment date feature in the app to adjust your payment schedule or reach out to our customer success team using the Contact Us form in the app for assistance.
Why is my Payment Processing Early?
Payments made directly from your bank account are initiated 1 business day in advance of the payment date. However, the payment will not be drawn from your account until the scheduled payment date is listed in the app. The banks involved in the transaction just need some time to set the transaction up before the actual funds are drawn.
If your payment is indeed withdrawn prior to your scheduled payment date, please reach out to our customer success team and provide a screenshot of your bank activity so we can look into it for you.
Please know that once a payment has been initiated, there is no guarantee we can cancel the transaction.
If you would prefer your payments to be run faster and without this processing time, we recommend linking a debit card in the app. Debit card transactions typically finish processing within 24 hours and do not include an initiation period beforehand.