Setting Up Auto-Debit for Your Chosen Mode of Payment for Loans on Blend PH

Applying for a loan and repaying a loan on Blend PH is always a breeze, thanks to various disbursement channels and the multiple modes of payment offered to borrowers on the platform. It is now even loads easier because we’ve set up the option to enable direct debits when making repayments.

By setting up auto-debiting on your repayment channel, you are giving Blend PH the authority to take regular payments from your account automatically so that you don’t have to think about when and how much to pay when your due date comes.

Automatic debiting or automatic payments are perfect for paying fixed amounts regularly such as your rent, mobile phone plan, utility bills, credit cards, and loans – such as the one you applied for at Blend PH.

Modes of payment on Blend PH

·         Checking account. A checking account from an authorized bank which you will use to issue checks for your loan repayment. Make sure that your checking account has enough funds come your repayment date to avoid running into problems.

·         Authority to deduct on your payroll account. This only applies to Banco de Oro or BDO account holders. This allows Blend PH to set off the payment schedule of the borrower against the receivables on his or her payroll account. Watch this space for future announcements on affiliated banks.

·         Salary deduction. An amount that the employer is authorized to take out of the borrower’s salary to pay off the money owed. 

How it works Blend PH takes advantage of person-to-person (P2P) payment technology. P2P payments allow people to transfer money from their bank account or credit card to another individual’s account via online means, ideally using the internet-powered computer or a smartphone. Typically, there are two approaches for initiating P2P payments. The first method involves users signing up for secure accounts on a third-party vendor and entering bank account or credit card details for transferring and accepting funds. The unique identifier for each user on the payment platform is his or her email address. Anyone who’s part of the network can send or receive money anytime. The other method involves customers using an online service or mobile application developed by a financial institution to carry out transactions. When a sender initiates a money transfer, the recipient receives a notification and is asked to accept the fund transfer. Account information such as email addresses or auto-generated numbers are usually necessary for such transfers to take place. What are the advantages of the new modes of payment involving auto-debit?

• You don’t need to open a new bank account. Because your checking account and payroll account already exists, you don’t need to go through the lengthy process of opening a new bank account just to repay your loans.
• No need to keep a maintaining balance. Because you won’t be required to open up a new bank account, you don’t have to keep a maintaining balance (other than the ones you already maintain). You also don’t need to worry about account dormancy, and neither should you worry about deductions for holding an account below the maintaining balance.
• You don’t need the approval of your HR for setting up automatic deductions. Because the transactions happen between your bank and Blend PH, there’s no need to go through your employer when setting up your repayments. This way, you’ll have full control over how you handle your dues.
• No need to queue in your bank. Remember that time when you used to line up at the bank and you’re still 10 customers away from the counter when it’s only 10 minutes until closing time? With today’s online banking technologies, you eliminate the stress involving over-the-counter transactions.
• You avoid late payments. This is perhaps the single most important bit about setting up deductions on your bank account automatically to pay for your Blend PH loans. Because it’s on auto-debit, you only have to think about having the right amount of money on your account come repayment time so that you can fully cover your dues.

How can you set up automatic deductions? To manage your payments automatically, you need to get an authority to deduct from your banking branch. Then you need to fill up the form and contact Blend PH for assistance. After filling it out, you need to return it to the bank, and they’ll do the rest. To change or cancel this setup, contact us at Blend PH, the organization you’ll making payments to, and discuss your needs directly. Alternatively, you can contact your bank and ask them to cancel it for you. Avoiding other fees Sometimes, you get yourself involved in sticky situations for whatever reason, and there will be times when you may not have the right amount of money in your bank account to cover a payment. When this happens, you can be charged extra fees. Always, always make sure that there’s enough money in your account to cover the necessary payments. Otherwise, the transaction will not go through and you’ll be charged late payment fees, non-payment, or when it gets worse, default. It is Blend PH’s job to say when your payments are due, so your bank does not have control over it. Best to contact Blend PH when it comes to your due dates. You see, Blend PH is continuously working hard in order to make it easier for people to transact in our thriving platform. With our new mode of payment auto-debiting scheme in place, and with technology paving the way for faster and more convenient person-to-person payments, it’s easier to make your repayments whether you’re using a checking account or a payroll account. For the complete details on the modes of payment or the auto-debit option for repayments, please do not hesitate to contact us on (02) 8293 3628 or (02) 5310 1743 during office hours or email our team at [email protected] and we’ll try to get back to you as quickly as possible. For everything else, do visit https://blend.ph and find the information you need on P2P borrowing or lending 24/7.