When there is a failed payment due to insufficient funds, you will be immediately notified by email and a second payment attempt is rescheduled approximately 3-4 business days later. The same applies if the payment fails the second time as well.
If your bank account has closed, you will be notified by e-mail and/or phone call with instructions on how to add an updated bank account onto your Peerform account so that you can resume your payment schedule.
Once the payment is over 14 days late, it is subject to a late fee of $15 or 5% of the payment amount, whichever is greater.
To avoid late fees and negative reviews on your credit report, please make sure that you have enough funds in your bank account on the payment date.
When failed payments do occur, please be in communication with our customer service team who will help in any way they can.