Financeit offers a 0.5% interest rate discount to all customers who choose automated debit as their payment type. In order to maintain the discounted rate, customers must use automated debit payments throughout the loan term.
Important: We recommend setting up automated debit payments during the initial application process, before you submit the Loan Agreement.
To set up automated debit payments, complete the following steps:
1. On the New Loan Application screen, complete the application form and select Automated debit as the payment type [Default for Home and Health Applications]
2. In the Set Up Automated Debit Payments step of the Funding Checklist, upload, email, or fax a void personal check or bank-provided form with account details from the applicant, and enter the applicant’s banking details.
Note: We use banking details information, such as transit and routing number, to set up automated debit payments.
3. Complete and submit the Loan Agreement.
Bank-provided forms must contain the account name and number, account type, and routing and transit numbers. The form must be provided on bank letterhead, or stamped by your bank if it is handwritten.
- If you submit the Loan Agreement before you set up automated debit payments, the applicant must sign a separate automated debit agreement.
- If you change the payment type to automated debit after you submit the Loan Agreement, you must re-submit an updated version of the Loan Agreement.