This depends on which payment method you choose to use. Here's a look at some timelines:
1. Third-party vendors
If you're using a vendor like Flywire and Transferwise it usually takes 3-5 business days for payments to reflect against your loan. You'll have to account for international transfers and regulations that may be involved in the international transfer of funds.
2. ACH payments through the app
If you're paying off a USD loan from a US bank account, you can make a direct debit payment through the Prodigy Finance app (link).
This payment method allows you to track the status of your payment via the app. The entire process usually takes 8 business days. Here's a look at what some of those payment statuses mean:
- Initiated - You've started the payment process.
- Guaranteed - The third-party payment processor has received your payment.
- Received - We've got your payment and we've allocated it to your loan.
- Failed - Something went wrong with your payment and you'll need to start again or contact us at email@example.com.