Automatic payments terms & conditions
If you enroll in automatic payments with Oportun, you agree to the following:
- The Account Holder (“you”) authorizes Oportun, Inc. and their affiliates (“we,” “us,” and “our”) to automatically withdraw your loan payments from your specified deposit account (“Account”) via recurring electronic ACH debit entries in the amount and frequency as stated during the enrollment process (the “Authorization”). The effective date of the Authorization is the first scheduled date payments are withdrawn. These debits will continue until the amount due under your loan is paid in full or until the Authorization is cancelled. You also authorize us to initiate ACH debits or credits to your Account as necessary to correct erroneous transactions.
- You have the right to receive 10 days’ prior written notice from us of the amount and date of any debit that varies from the scheduled debit amount. However, if we debit your account for any amount in a range from $1 up to the scheduled debit amount, you agree that we do not have to send you such prior written notice, unless required by law. We will not debit your Account for more than the scheduled debit amount above.
- If any payment due date falls on a weekend or holiday, the debit will be processed on the next business day. If your Bank rejects any debit because you do not have an account with the Bank, we will cancel these recurring debits. If your Bank rejects any debit because there is not enough money in your Account, we will suspend these recurring debits and de-enroll you from recurring payments until you have paid all past due payments and any returned payment fees or any other fees due under your promissory note. Once your account is current, we will re-enroll you in recurring ACH payments under the Authorization, unless you tell us you do not wish to re-enroll, in which case we will cancel the recurring ACH payments.
- You represent that you are an authorized signer on the Account. You agree to notify us promptly of any changes to the Account and must provide us 7 days’ advance notice of any changes to the Account. You acknowledge that (1) ACH transactions to your Account must comply with United States law and (2) this Authorization is voluntary and is not required as a condition of obtaining your loan.
- How to cancel. You may cancel the Authorization by calling us toll-free at (888) 752-1207 during our business hours. You must notify us of the cancellation at least 3 business days before the payment due date. You may also cancel these recurring ACH payments by following your Bank’s stop payment procedures, but your Bank may charge you a fee. If you cancel, you must still make your loan payments on time.
To avoid any returned payment fees, you agree to have enough money in your Account to cover the amount of the scheduled debit. ACH debits could take up to 5 business days to be deducted from your Account.