When you apply for finance with PayItMonthly, we will ask your bank to confirm that the funds for your first instalment are available. Providing the funds are available, the bank then puts a hold on these funds. This is known as a pre-authorisation.
To check your identity, we ask the bank to confirm the funds are available, but we only actually take 1 penny before completing the credit check. This is important as it increases credit check acceptance if we have the right data for you.
If your application with us is not successful, we immediately tell the bank to release the remainder of the payment (the full amount minus the penny we have taken) which should be released back to you within 24 hours. The penny that we took will be refunded to you by us within 3 to 5 working days.