If I have a co-borrower, at what time would Loanio debit their account?
We will not attempt to debit your co-borrower′s account until we are unsuccessful in collecting money from your account three separate occasions. If we are unable to debit your account on the due date and two subsequent days (on the 9th and 19th late days), Loanio will then attempt to debit the amount, and all unpaid late and failed payment fees, from your co-borrower′s bank account on the 26th late day. Once your account is brought “current,” we will once again continue to debit your account at least three times before going back to your co-borrower’s bank account in subsequent months.
Related Questions
- Do I need to have sufficient fund in the debit account at the time I set a forward date instruction? What will be happened if there is insufficient fund in the debit account on the execution date?
- For people who wish to be enrolled on the EDA (Electronic Debit Account), does it have to be done at the exact time of the consolidation or can it be done a few days later?
- If I have a co-borrower, at what time would Loanio debit their account?
