You repay your loan through fixed payments once a month, according to the agreed-upon loan schedule. These monthly payments are automatically deducted from your Bondora account on the payment date. But you must ensure there is enough money available on your Bondora account before your scheduled loan repayment dates. You have to transfer money to your Bondora account manually.
Bondora tip: You can set up a recurrent payment with your bank so you never miss a payment.
If you make a transfer before the due date, the amount will remain in your Bondora account as a prepayment and will be automatically linked to the contract when the payment date is reached.
Please note: Payment schedule dates may vary. If the payment date falls on a weekend or public holiday, the payment deadline is the following business day.
Bondora will also send out SMS and email reminders about approaching deadlines. Please note: Reminders are automatic and will be issued even if you have already paid.
Before making the transfer to your Bondora account, you should check the payment schedule and any unpaid invoices on your account. You can see how to view your payment schedule here.
For different options on repaying your loan, please read this article.