Repayment Options
Payroll and non-payroll repayment, and what the platform records.
Payroll and Non-Payroll Repayment
Payroll deduction is one route among several. Which one applies depends on the borrower’s income and on the lender they choose.
Direct Payroll Deduction
Eligible wage earners can authorize their employer to deduct the agreed installment from recurring pay.
The platform records:
- Borrower authorization
- Selected lender
- Loan facility
- Installment amount
- Payroll period
- Deduction status
- Remittance status
- Remaining balance supplied by the lender
Direct Lender Payment
Borrowers may pay the lender directly using payment instructions supplied by the lender.
Bank or Payment Provider
A bank, payroll provider, mobile-money provider, or other approved payment provider may process recurring payments.
Other Agreed Repayment Methods
The lender and borrower may agree to another appropriate repayment method.
CreditRefPro records repayment information. It does not receive, hold, or control loan proceeds or repayments.
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